The SBA is sending out e-mails that seem to indicate that even though the signature block for the borrower is a corporate entity or LLC, the individual signing is also somehow liable in a personal capacity. But they also confirm that loans up to $200,000 require no personal guaranty. The…
Section 524(c) of the Bankruptcy Code sets forth the procedures in which a discharged debt may be reaffirmed. Creditor’s solicitation to reaffirm a discharged debt which does not comply with 524(c) is a violation of the discharge injunction. In re Latanowich, 207 BR 326, (Bankr.D.Mass.1997). Any time you are asked…
The Federal Reserve is meeting today and widely expected to start to reduce interest rates. I last heard that there was a 55% likelihood for a .50 cut. Frankly, I’d expect a .25 cut. But if they want to reach a goal of 100 basis points cut by year end,…
Want to get out of debt by the end of the year? It’s possible. Really! How, you ask? File Chapter 7. These bankruptcy cases only last three months – 90 days. Wouldn’t it be nice to stop trying to juggle everything? Feeling overwhelmed with your finances? We often can help. …
This month, lots of debt collectors are filing cases. You may have been served recently. First, don’t ignore it. If you ignore a summons, it’s easy for the debt collector to get a judgment and start to garnish your wages or bank accounts. Don’t do it. We call that “low…
Right now, there is a lot of confusion regarding our federal student loan program. There are multiple federal cases and several injunctions that have pretty much frozen federal student loans. A couple things are still working. Total and Permanent Disability discharges of federal student loans, and filing bankruptcy on them.…
Bankruptcy is all about full disclosure. Tell the trustee or court whatever assets you have and in return you receive a full discharge of most debt. The reason I say most debt is because there are rules re: IRS debt, student loan debt and secured debt such as vehicles, 401k…
The debt limits of a Chapter 13 bankruptcy are dropping considerably tomorrow, June 21, 2024. The Bankruptcy Courts are reverting back to a two part test that limits eligibility to a maximum of $465,275 for unsecured debt and $1,395,875 for secured debt. Importantly, there is no talk of an extension…
We will be speaking at the Orlando Student Loan and Bankruptcy Workshop on June 7, 2024 along with Laurie K. Weatherford, Chapter 13 Trustee, Orlando Division, and Robert and Tammy Branson. For our fellow attorneys who practice bankruptcy, this is not one to miss. The cost to attend is only…
FTX wants to pay customers back but based on crypto prices at the time of its bear market bankruptcy. So, not good. In paperwork filed on December 27, FTX proposed prices for around 500 crypto assets. This includes: Bitcoin at $16,871 Ethereum at $1,258 BNB at $286 Any objections must…