in March 2023, the U.S. government announced that it was stepping in to protect their depositors, even beyond the normal Federal Deposit Insurance Corporation (FDIC) limits. However, a jointly released statement from the Department of the Treasury, Federal Reserve, and FDIC...
If the individual's income exceeds the median and they have some money left over after accounting for living expenses, they usually will not qualify for Chapter 7 bankruptcy and must proceed under Chapter 13. The income limits can change every year and are based on U.S. Census Bureau data....
Regardless of whether a creditor has a judgment or not, there are limits to what it can do to collect a debt. The actions of debt collectors are limited by the federal Fair Debt Collection Practices Act(“FDCPA”), the Pennsylvania Fair Credit Extension Uniformity Act (“PFCEUA”), and ot...
The recently passed BAPCPA limits the ability of a debtor to file under Chapter 7. The debtor can only file for “liquidation bankruptcy” if his or her median income is below the state median income; if it is higher, and the person can afford to pay out $100 monthly to liquidate debt...
Bankruptcy 363 Sales and Successor Liability: Limits to Selling "Free and Clear" of All Cl... Structuring, Documenting, and Noticing Bankruptcy Sales to Avoid Post-Closi... May 13, 2020 • CLE • CLE On-Demand This CLE course will discuss when a Bankruptcy Code Section 363(f) sale...
A Chapter 13 bankruptcy plan requires a debtor to satisfy unsecured debts by paying all “projected disposable income” to unsecured creditors over a five-year period. In arecent casebefore the U.S. Court of Appeals for the Sixth Circuit (the “Sixth Circuit”), the court grappled with whet...
Pennsylvania Median Income for the 2023 Bankruptcy Means Test Philadelphia Bankruptcy Attorney, Dan Mueller The Pennsylvania median income increased again for most families as of May 15, 2023, meaning more debtors will qualify for Chapter 7 Bankruptcy in 2023. For Chapter 13 debtors, the median inco...
There are no debt or income limits for Chapter 11 bankruptcy. You can file regardless of how much you owe, or how much you make. You need a total combined total of secured and unsecured debt below $2,750,000 for Chapter 13 bankruptcy eligibility. You’re required to have a ste...
Filing an income tax return after filing for bankruptcy does not have to be a problem, as long as you know what to watch out for, including when and how to file.
Discussion of bankruptcy involves income, profit, losses, and the occurrences of unusual expenses, as pointed out by Ivanova et al. (2024). When the revenues are less than the expenses in any enterprise, the “financial stress” begins. If the financial stress persists, the undesirable “bankru...