Author Archives: Michael J. Berger
How Often Can You File for Bankruptcy?
If we have learned anything during the pandemic era, it is that things are more fragile than they seem. Global economies can be stopped in their tracks, threatening the financial health of millions of individuals. Many people who filed for bankruptcy in the past may find themselves in dire financial straits due to COVID-induced job […]
COVID-19 Complicates Estimation of Future Income for Subchapter V Reorganizations
The Small Business Reorganization Act (SBRA) offers a simpler and more affordable alternative to the traditional Chapter 11 bankruptcy process, which historically has been of little use to modest-sized companies. The SBRA procedure, known as Subchapter V, allows such businesses to create three- to five-year repayment plans based their “projected disposable income.” However, the recession […]
Which Set of California Bankruptcy Exemptions Are Most Favorable?
There is a common misconception that you must give up all your property in a Chapter 7 bankruptcy. In reality, filers usually can retain all or most of their assets by taking advantage of federal or state bankruptcy exemptions. In California, bankruptcy filers must use one of the state’s two different sets of exemptions. Which […]
The Importance of Business Valuations in Chapter 11 Bankruptcies
When a business seeks debt reorganization under Chapter 11, assessments must be made of the assets, debts, claims and general worth of the company. These valuations are difficult in normal times. The recession caused by the COVID-19 pandemic has added greater complexity. With the upheaval in financial markets, it is all the more critical to […]
What Can Your Creditors Take if You File for Bankruptcy?
For those in financial distress, bankruptcy provides a means of eliminating overwhelming debt and starting fresh. One question people considering bankruptcy protection often ask is: will I lose all my possessions? The short answer is no. There are limits to what creditors can take, since certain property may be declared exempt from their claims. There […]
How Does Filing for Bankruptcy Affect Your Credit Rating?
If you are facing insurmountable debt, bankruptcy may be the best option for righting yourself financially and getting a fresh start. The downside is that a bankruptcy filing will stay on your credit report for a lengthy period of time. However, there are ways that bankruptcy can put you on a better financial footing that […]
Understanding Bankruptcy Fraud and Its Consequences
While the bankruptcy law is intended to give people a fresh start by wiping out their debts, at the same time it contains protections against abuse of the system. Debtors filing for bankruptcy are required to completely and accurately disclose their assets, income, debts and other finances. The law includes sanctions for a debtor who […]
Tips for Dealing with the Emotional Stress of Bankruptcy
Of course, no one wants to go into bankruptcy, and the stress surrounding the decision to do so is understandable. But when you are faced with crushing debt, harassing calls from collection agencies and continual financial uncertainly, you may be left with no other logical choice. You need to know that you are not alone. […]
How Chapter 13 Helps You Pay for Your Bankruptcy Attorney
When you are considering filing for bankruptcy protection, you have to decide whether the best option is Chapter 7 or Chapter 13. Either way, the assistance of a qualified attorney is vital to a successful outcome, which raises another question. How do you pay legal fees when you’re bankrupt? The answer may lie in the […]
New Law Increases California Homestead Exemption up to $600,000
There is good news for California homeowners who are considering filing for bankruptcy protection. A new state law raises the homestead exemption — the amount of home equity that can be shielded from creditors in a Chapter 7 or Chapter 13 — to a minimum of $300,000 and a maximum of $600,000. The increase was […]
