debt Archives - Kane & Papa Law

How is the Coronavirus effecting Bankruptcy Filings?

admin2020-12-22T15:51:07+00:00

We have the most up to date information for individuals to navigate this critical decision regarding the Coronavirus pandemic. According to Alex Gaily, a financial reporter; The novel coronavirus impacts all aspects of our daily lives, from social distancing to unemployment, as people worldwide try to figure out their “new normal” and their finances along with it. Amid financial uncertainty due to COVID-19, you may be considering filing for bankruptcy. From June 30, 2018, to June 30, 2019, there were nearly 500,000 Chapter 7 bankruptcy filings in America, significantly less following the Great Recession. From 2009-2012, there were over 1 million [...]

Bankruptcy 101

2020-10-14T20:29:18+00:00

Many individuals and companies are finding themselves in difficult financial situations as a result of COVID-19. Some may ask themselves, "Is filing for bankruptcy an option for me or my business?" Here are some terms and laws to come familiar with regards to bankruptcy and how it works. According to The Legal Information Institute at Cornell Law School; Bankruptcy law provides for the reduction or elimination of certain debts. It can provide a timeline for the repayment of nondischargeable debts over time. It also permits individuals and organizations to repay secured debt--typically debt with real estate or personal property like vehicles [...]