29 October

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EIDL Loans and Personal Liability

Posted by amlaw

EIDL Loans and Personal Liability During the toughest days of the COVID-19 pandemic, the Small Business Administration (SBA) offered a lifeline to many businesses in the form of Economic Injury Disaster Loans (EIDL loans). These loans allowed many small businesses to continue operating, despite the unprecedented financial challenges. In many cases, though, borrowers were required to sign a personal guarantee. This means that if the business cannot repay the loan, the individual who signed the guarantee is personally liable for the debt, putting their personal assets, such as their home or savings, at risk. This personal guarantee can lead to significant...

06 July

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Chapter 7 and Chapter 13 Bankruptcy: What are the Differences?

Posted by amlaw

in Bankruptcy

Chapter 7 and Chapter 13 Bankruptcy: What are the Differences? Declaring bankruptcy can be complicated. One of the most important choices you will have to make is deciding on the type of bankruptcy to file. The two common types of bankruptcies for individuals are Chapter 7 and Chapter 13. They get their respective names from the chapters of the United States Bankruptcy Code describing them. While both Chapter 7 and Chapter 13 bankruptcy aim to address financial distress, they differ significantly in eligibility requirements, debt repayment plans, and long-term impacts on credit and assets. Generally, the type of bankruptcy you choose will...

25 October

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Filing for Bankruptcy: When It Makes Sense and When It Does Not

Posted by amlaw

in Bankruptcy

A Big Bankruptcy Benefit: Assuming or Rejecting an Unexpired Lease Under Section 365 of the Bankruptcy Code

Filing for Bankruptcy: When It Makes Sense and When It Does Not Life is unpredictable. Sometimes, a divorce, job loss, or health scare may lead to a sudden financial catastrophe. Other times, the slow and insidious accumulation of personal, business, or credit card debt might lead to financial distress. In such situations and others – gambling loss, mortgage delinquencies, judgments, medical bills, etc. – filing for bankruptcy may be the best option available. It allows you to eliminate or greatly reduce your debts while giving you a fresh financial start. Other benefits include stopping credit collection and wage garnishment. It may...

17 August

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Is it Fraud? How to Determine Bankruptcy Fraud

Posted by amlaw

in Bankruptcy

Is it Fraud? How to Determine Bankruptcy Fraud-Moretsky Law

Is it Fraud? How to Determine Bankruptcy Fraud A discharge order is the holy grail of bankruptcy. It marks the elimination of certain outstanding debts, giving debtors a fresh economic start while prohibiting creditors from legally undertaking or continuing any debt collection activity against them. There are, however, specific categories of debt known as “exceptions” that do not qualify for a discharge. Section 523 of the Bankruptcy Code describes certain debts as non-dischargeable, meaning the debts remain due and owing after discharge. Some common exceptions include most tax obligations, student loans, domestic support obligations, and debts arising from fraud or misrepresentation. While most...

06 April

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A Big Bankruptcy Benefit: Assuming or Rejecting an Unexpired Lease Under Section 365 of the Bankruptcy Code

Posted by amlaw

in Bankruptcy

A Big Bankruptcy Benefit: Assuming or Rejecting an Unexpired Lease Under Section 365 of the Bankruptcy Code Imagine a situation where a commercial tenant files a Chapter 11 bankruptcy. Section 365 of the Bankruptcy Code allows the debtor-tenant to assume or reject an unexpired lease or assign it to a third party. At first blush, it might seem entirely beneficial to the tenant and disastrous for a landlord. However, the Bankruptcy Code offers some protection to landlords. Let’s walk through a common example to demonstrate the options available to a debtor-tenant and landlord in the event the tenant files for chapter 11 bankruptcy...

10 July

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Let’s Discuss Bankruptcy Reorganization for Small Businesses…Again

Posted by amlaw

in Bankruptcy

Let’s Discuss Bankruptcy Reorganization for Small Businesses...

27 February

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BANKRUPTCY HELP FOR SMALL BUSINESSES

Posted by amlaw

in Bankruptcy, Small Business Law

Small businesses have long struggled to reorganize under the bankruptcy law. Often times, they have intentionally steered clear of filing for bankruptcy protection because of the daunting costs and long shot odds of successful reorganization. The Small Business Reorganization Act of 2019, enacted on August 23, 2019 and taking effect this month, may prove to be the best thing that happened to small business when it comes to reorganization. It created a new subchapter V for chapter 11 small business debtors. I am excited about the prospect of using this tool for two significant reasons. First, it should streamline the existing...

11 January

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Does Filing for Bankruptcy Affect Your Retirement Accounts? Thoughts on IRA’s, 401(k)’s, 403(b)’s, etc. with Estate Planning in Mind

Posted by amlaw

in Bankruptcy

We aim to lead in each practice and area of law we work in. Coming from in-depth understanding of the law and the industry, capitalizing on extensive experience, we provide hands-on advice that speaks the language of our client’s business. Whether in aviation, sales and distribution, antitrust, corporate and M&A, finance, employment, energy, IP, litigation, TMT, real estate, or any other area of law, our clients can expect excellence and commitment to their objectives. Ensuring the operational functioning of the organisation, the development of external relations, management of press relations and constant communication with the press....