CHAPTER 13 NEW DEBT LIMITS

Based on the expiration of a law, there are now two separate debt limits for Chapter 13 cases. To file a Chapter 13 bankruptcy case, a debtor must have no more than $465,275 in unsecured debt and no more than $1,395,875 in secured debt (only noncontingent, liquidated debt is included in each instance).

For those clients interested in filing for chapter 13 or chapter 7 personal Bankruptcy please contact Jim Shenwick, Esq

Jim Shenwick, Esq  917 363 3391  jshenwick@gmail.com 

Please click the link to schedule a telephone call with me.

https://calendly.com/james-shenwick/15min

We held individuals & businesses with too much debt!

Small Business Bankruptcy Rules get Tighter after US law expiration Reuters

Reuters reports that the debt limit for Subchapter V Bankruptcy for small businesses, initially set at $2.7 million, was temporarily raised to $7.5 million by the Coronavirus Aid, Relief, and Economic Security Act passed in 2020. However, this limit has now reverted to $2.7 million following the expiration of the Coronavirus Aid law on Friday, June 21, 2024..  

The story can be found at https://www.reuters.com/legal/government/small-business-bankruptcy-rules-get-tighter-after-us-law-expiration-2024-06-21/

The reduced debt limit will reduce the number of small business that can file for SubV Bankruptcy. Hopefully lawmakers will increase the debt limit in the future. People or businesses with questionings about Subchapter V should contact Jim Shenwick, Esq.

Jim Shenwick, Esq  917 363 3391  jshenwick@gmail.com 

Please click the link to schedule a telephone call with me.

https://calendly.com/james-shenwick/15min

We held individuals & businesses with too much debt!

The SBA approved millions of loans during Covid. It now sits at the center of a bankruptcy wave. The Business Journals

The Business Journals is reporting that SBA Loans have created a wave of bankruptcy filing.  The story can be found at https://www.bizjournals.com/charlotte/bizwomen/news/latest-news/2024/06/sba-covid-eidl-loan-bankruptcy-congress-banks.html

Jim Shenwick, Esq  917 363 3391  jshenwick@gmail.com 

Please click the link to schedule a telephone call with me.

https://calendly.com/james-shenwick/15min

We held individuals & businesses with too much debt!

Asset Protection Planning

Many clients have contacted us recently regarding Asset Protection Planning. This post discusses Asset Protection Planning and the strategies used in it.

What is Asset Protection Planning? Asset protection planning refers to the legal techniques and strategies employed to protect an individual's assets from creditors or liabilities.

Is Asset Protection Planning legal? Yes, provided that the strategies used are not fraudulent conveyances or made with the intent to defraud creditors. In counseling clients who request Asset Protection Planning, we review the property they own, their existing and future liabilities, and their budget.

In counseling clients who request Asset Protection Planning, we review the property owned by the client, their existing liabilities, future liabilities, and their budget.

For example, if a client is married and owns a house, is the house held as tenancy by entirety with their spouse? If a client owns a house, are they living in it so they can claim the NYS homestead exemption? If they have a pension plan (such as IRA, SEP, or 401(k)), are those plans fully funded?

Other opportunities may exist as well.

However, if a client is subject to a pending lawsuit or claim, the Asset Protection Planning opportunities are limited. Those clients with questions about Asset Protection Planning should contact Jim Shenwick, Esq.

Jim Shenwick, Esq.

917-363-3391

 jshenwick@gmail.com

 

Please click the link to schedule a telephone call with me:

https://calendly.com/james-shenwick/15min

 

We help individuals and businesses with too much debt!