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When financial problems become severe, declaring bankruptcy is the common solution. People in debt may overcome their financial distress by taking advantage of bankruptcy protection. Not only do bankruptcies offer debt relief, but they also lead to a fresh start.
If you want to declare bankruptcy, there are some necessary steps you need to take before you get to a bankruptcy discharge. The bankruptcy process presents variations depending on the details of a case.
There are several factors that impact your experience with personal bankruptcy. One of them involves the list of exceptions that you can claim when you file for bankruptcy. Since bankruptcy laws vary from state to state, debtors may have the option to pick between state bankruptcy exemptions and federal bankruptcy exemptions, depending on state law. Take note that the federal government modifies the exemptions amount every three years.
As you can infer, there are states that limit bankruptcy filers to the state exemptions, but Oregon is not one of them. Oregon allows debtors to choose between its own exemptions and the federal bankruptcy exemptions when they file bankruptcy under Chapter 7 or Chapter 13. These are the chapters under which bankrupt individuals commonly file their bankruptcy petition. 7 is the liquidation bankruptcy chapter 7 and 13 is the reorganization bankruptcy chapter.
You need to take into account that there are different types of bankruptcy. For instance, if a joint petition for bankruptcy is filed by a married couple, these exemptions can be doubled according to federal law. This is usually not the case for state exemptions.
What Are the Federal Exemptions?
- Homestead
The federal homestead exemption is used to shield your primary place of residence. It may cover any property used as a principal residence, be it a house, a condominium unit, or even a mobile home. Just like state homestead exemptions, this protection doesn’t extend to investment property. Second homes are nonexempt.
- Personal Property
When it comes to federal exemptions, personal property includes exemptions for a motor vehicle, trade tools, and jewelry. Exempt property may also cover items such as furniture, appliances, clothing, and household effects. Federal personal property exemptions have both a limit per item included and an overall limit. Make sure you are careful with your calculations. Incidentally, federal exemptions also protect life insurance policies and health aids among other things.
- Wildcard
Wildcard exemptions in bankruptcy cases pertain to a dollar amount that can be applied by the debtor toward any asset. It can be used in conjunction with another exemption to fully cover the value of a certain asset. If the federal homestead exemption can cover more than what you need to protect your home, bankruptcy law allows you to deduct up to a particular amount of the remainder to boost your wildcard exemption.
- Other Types
Reasonably necessary child or spousal support payment may be exempted, as well as many forms of government benefits, including Social Security, unemployment benefits, and all forms of public assistance. There is also an exemption for life insurance payments. Meanwhile, retirement accounts that are exempt from taxation are also covered, although there’s a cap applied to both traditional IRAs and Roth IRAs.
In case you’re receiving payment for damages from a personal injury lawsuit, much of it can probably be exempted in a bankruptcy case. Compensation that you get based on the loss of your future earning capacity can be exempted in bankruptcy proceedings, e.g. being a victim of a crime or the wrongful death of a loved one. You can pretty much keep a capped amount of personal injury damages, save for those addressing pain and suffering or financial losses.
Learn about Your Bankruptcy Options! Contact an Oregon Bankruptcy Attorney Today!
If you’re interested in filing for bankruptcy to get out of debt, it’s best to have a bankruptcy lawyer review your case so that you can be guided on how to best move forward with your bankruptcy filing. Bankruptcy lawyers can advise their clients on everything from filling out bankruptcy forms before filing to starting afresh after bankruptcy.
For assistance on filing bankruptcy, call us at Northwest Debt Relief Law Firm to speak with one of our experienced Oregon bankruptcy attorneys.
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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed by President Trump on March 27, 2020
We hope that all are safe and doing well in these uncertain times. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed by President Trump on March 27, 2020, contains several changes to the Bankruptcy Code, which are detailed below.
1) a) With respect to personal bankruptcy, the CARES Act amends the definition of “income” in the Bankruptcy Code for Chapters 7 and 13 cases so that coronavirus-related payments from the federal government will be excluded from being treated as income. b) Coronavirus-related payments made by the federal government under the CARES Act will be excluded from the disposable income calculation for purposes of confirming a Chapter 13 Plan. c) Finally, chapter 13 debtors will now be able to extend their plan payments for up to seven years instead of five years (under the prior law).
2) A. The Small Business Debtor bankruptcy provisions were modified such that small business debtors with debt up to $7.5 million will now be eligible to file for bankruptcy, rather than the old limit of $2,725,625 in debt.
B. Under the chapter 11 reorganization plan, small business debtors can now retain their equity or member interests in an LLC even if creditors are not being paid in full. The law requires a small business debtor to pay their “projected disposable income” over the next 3 to 5 years to creditors who were owed money at the time of the bankruptcy filing. Under the new law, a creditors’ committee is not formed, but the small business debtor will only have 90 days to file a reorganization plan, with very limited right to extend. Additionally, a “standing trustee” will be responsible for oversight of the small business debtor instead of a creditor committee. The standing trustee will be selected by the U.S. Department of Justice from a list of preapproved turnaround professionals.
People with questions about the CARES act should contact
Jim Shenwick 212-541-6224 [email protected]
Resources for COVID-19 Information
COVID -19 Has Changed How We Live Our Lives What We Can Do to Survive and Flourish
Why are we easily misled about the truth?
Why Smart People Believe Coronavirus Myths, (the following is a clip form BBC.com/future)
We’ve debunked several claims here on BBC Future, including misinformation around how sunshine, warm weather and drinking water can affect the coronavirus. The BBC’s Reality Check team is also checking popular coronavirus claims, and the World Health Organization is keeping a myth-busting page regularly updated too.
You might also like:
- What is Covid-19’s real death rate?
- How fear of the coronavirus warps our minds
- What Covid-19 means for the environment
At worst, the ideas themselves are harmful – a recent report from one province in Iran found that more people had died from drinking industrial-strength alcohol, based on a false claim that it could protect you from Covid-19, than from the virus itself. But even seemingly innocuous ideas could lure you and others into a false sense of security, discouraging you from adhering to government guidelines, and eroding trust in health officials and organizations.
There’s evidence these ideas are sticking. One poll by YouGov and the Economist in March 2020 found 13% of Americans believed the Covid-19 crisis was a hoax, for example, while a whopping 49% believed the epidemic might be man-made. And while you might hope that greater brainpower or education would help us to tell fact from fiction, it is easy to find examples of many educated people falling for this false information.
Economic Stimulus Payments:
IRS COVID-19 RESOURCE
The Treasury and IRS launch new tool to help non-filers register for Economic Impact Payments
IRS.gov feature helps people who normally don’t file get payments:
The Treasury Department and the Internal Revenue Service have a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. NOTE FROM DIANE – IN ORDER TO AVOID SCAMS NEVER USE ANY OTHER PORTAL.
second tool next week provides taxpayers with payment delivery date and provide direct deposit information
Small Business Loans:
US Chamber of Commerce: COVID-19 Emergency Loans: Small Business Guide
COVID-19 Information and Resources for Legal Professionals:
Check back regularly as this section is being updated (by Findlaw).
Law Firm Management During Covid-19
- Keeping Your Law Firm Operational During an Outbreak
- Reassuring Clients During a Crisis
- Employer Liability for Covid-19 Exposure (With Links to Relevant Federal Guides)
- More…
- Unexpected Financial Emergency in Law School? Here Are Your Options
- Is It Easier to Get Rid of Student Loan Debt in Bankruptcy Than We Thought?
- More…
Resources and Tips for Remote Working
- Tips for Staying Productive When Working From Home
- How to Effectively Manage Remote Staff
- How to Keep Your Wireless Network Secure When Working From Home
- More…
MUSINGS FROM DIANE:
Quality information is king. Never take medical advice from someone who wants something from you. Nor should you rely on reports from politicians – most only have one goal – that is to be reelected. Instead, rely on the scientists.
This is a difficult time for everyone, but the good news is that our actions show we care about others. We are following common sense social distancing. We are staying in touch with our friends and family, but in ways not to expose those who are vulnerable.
This too we shall survive, just like those who came before us survived wars, other pandemics and economic depressions. Humans are resilient and adapt to challenges.
Be kind to each other.
The post Resources for COVID-19 Information appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy & Foreclosure Attorney.
The Alexandria Bankruptcy Court Trustee Hearings are now by Telephone. Bankruptcy Trustee hearings are now telephonic. That’s the policy of the Alexandria VA bankruptcy court, effective April 9, 2020. (Richmond and Norfolk, too.) People who file bankruptcy are required by law to “appear” in front of the bankruptcy trustee to answer question. (For most people, […]
The post Bankruptcy Hearings: Now Telephonic by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed - .
The Alexandria Bankruptcy Court Trustee Hearings are now by Telephone. Bankruptcy Trustee hearings are now telephonic. That’s the policy of the Alexandria VA bankruptcy court, effective April 9, 2020. (Richmond and Norfolk, too.) People who file bankruptcy are required by law to “appear” in front of the bankruptcy trustee to answer question. (For most people, […]
The post Bankruptcy Hearings: Now Telephonic by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed - .
The Alexandria Bankruptcy Court Trustee Hearings are now by Telephone. Bankruptcy Trustee hearings are now telephonic. That’s the policy of the Alexandria VA bankruptcy court, effective April 9, 2020. (Richmond and Norfolk, too.) People who file bankruptcy are required by law to “appear” in front of the bankruptcy trustee to answer questions. (For most people, […]
The post Announcement: Bankruptcy Hearings: Now Telephonic by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed - .
April 1, 2020
From: NY Post
By: Thornton McEnery
A Brooklyn taxi operator who got his first medallion in the 1970s has filed for bankruptcy as the coronavirus ravages an already struggling industry, The Post has learned.
Joe Pross, who started driving a taxi in 1975 and now runs a fleet of 42 cabs, filed for Chapter 11 bankruptcy protection for his Crown Heights-based medallion company, Walker Service Corp., on March 27, court papers show.
Pross, 75, declined to be interviewed for this story. But his Brooklyn federal court bankruptcy filings underscore how vulnerable taxi operators were prior to the coronavirus crippling tourism and forcing thousands of New Yorkers inside.
Walker Service Corp. appears to be the first medallion owner to file for bankruptcy protection since the pandemic shut down the city, but it’s not likely the last, industry experts say.
“This industry was on the brink before this happened, and this virus has just pushed it totally over the edge,” said Matthew Daus, a former TLC commissioner who’s now a lawyer with Windels Marx. “I hope we don’t see more bankruptcies, but I’m afraid a lot of people might go under and file for bankruptcy protection. This will be worse than 9/11 economically, especially for the black cars and luxury livery.”
In an affidavit filed with his bankruptcy papers, Pross says his medallions — “once worth millions” — plummeted in value as ride-hailing apps and Uber and Lyft grew in popularity, leaving him and his wife struggling to pay off loans they took out on their medallions to build the business.
By 2019, before the coronavirus even hit, Pross’ fleet was pulling in $29,400 a month — far short of the $105,610 a month he needed to repay $18.7 million in medallion loans, court papers show.
In late February, his lender, Virginia-based Pentagon Federal Credit Union, issued notices of default on six loans and demanded $158,186 within 30 days to rectify the situation.
Pross says he tried to negotiate repayment. Then the coronavirus hit — slamming the brakes on taxi revenue even as drivers and operators continue to face expenses for parking, dispatchers, mechanics and administrative workers.
“The current COVID-19 pandemic has now rendered the debtors with virtually no income to operate its businesses as the debtors have recently suspended operations during the COVID-19 pandemic for March, April and possibly May 2020,” Pross’ filing says.
As The Post reported on March 15 - before Gov. Cuomo even ordered restaurants shut down and non-essential workers stay home — taxi drivers were making as little as $50 a week as people afraid of contagion avoided public spaces.
“The drivers are coming back asking if I can pay their gas because their fares didn’t even cover it. We can’t go on like this,” a taxi operator who asked not to be named told The Post on Wednesday.
Pross’s affidavit also blames Walker’s debt holder, PenFed, saying it has been playing hardball by “shockingly” refusing to extend its 30-day payment deadline.
PenFed acquired $290 million worth of medallion loans, including Pross’s, as part of its 2019 merger with New York-based Progressive Credit Union, according to reports at the time.
The credit union declined to comment on how many medallion loans it currently possesses, but insisted its working hard to keep taxi operators in business.
The credit union declined to comment on how many medallion loans it currently possess, but insisted it’s working hard to keep taxi operators in business.
“PenFed actively works with our members experiencing financial hardships, including taxi medallion borrowers who have requested relief,” a PenFed spokesperson said in a statement. “PenFed has an extensive team in New York working to help members who need assistance during this challenging time.”
Pross is hoping to come out of bankruptcy with reduced loans so he can continue to run the business through his main business, Utica Taxi, which operates the cars and garages and employs the dispatchers and other workers, filings show.
But with coronavirus deaths in New York nearing 2,000 and growing, the main business also faces the threat of going under.
“The proliferation of ride-sharing apps such as Uber and Lyft … combined with the economic devastation associated with the COVID-19 pandemic, may eventually render Utica Taxi bankrupt as well,” Pross’ affidavit said.
Coronavirus Aid, Relief, and Economic Security Act “CARES Act – the Payroll Protection Program
Brief Summary of the Payroll Protection Program Portion of the CARES ACT:
(BBB webinar 3/29/20 Jonathan Gallagher, DEO, Shelley Adday. CHRO)
How it can benefit your business:
Paycheck Protection Program “PPP”, $350B loan program for businesses. The intention is to provide unsecured (and forgivable) loans to small businesses with the goal to keep employees on the payroll.
- Term period is 2/15/20 through 6/30/20
- 100% government guaranteed
- Can be 100% forgivable if utilized for specific expenses
- Retroactive back to 2/15/20. If the business laid-off employees, they can be rehired with no penalty and potentially include the number of employees into the forgivable calculation.
Who can apply for the loan:
- Any business with less than 500 employees
- Includes sole proprietors
- All businesses that could qualify for an SBA loan before the COVID-19 crisis
Loan Details:
- The loan amount is the lesser of $10M or 2.5X your average monthly payroll expenses.
- Interest is capped at 4% and payments can be deferred up to 6 – 12 months
- No credit check, no personal guarantee
- Must have been in business and paid employees before 2/15/20
PPP – Loan Forgiveness for funds used within the 8 weeks following the loan origination:
The loan may be forgiven UP TO 100%. which includes:
- Payroll costs (during the 8 weeks following the origination date)
- can include mortgage interest on commercial properties purchased before 2/15/20
- if renting (must have signed the lease before 2/15/20) can add the rents for the 8 weeks following the origination of the loan
- All utility payments (during the 8 weeks following the loan origination).
PPP – Calculation for maximum loan amount:
The loan application is based on the prior 12 months:
Add together:
- Payroll costs – wages to employees and certain independent contractors (if acting like regular employees), employee’s income cannot exceed $100,000 annually
- employer contributions to health insurance
- Employer contributions to retirement
Above payroll costs divide by 12 = monthly “payroll costs”
Monthly payroll costs X 2.5 = maximum loan amount
Valuation of Forgiveness of the Loan:
Valuation shall be in the immediate 8 weeks following the origination of the loan. Assume there will be a requirement to support payments.
EIDL Loan (Economic Injury and Disaster Loan) and PPP loan
The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.
You caan apply for both, but you cannot double dip, that means you cannot use both funds for the same purpose.
Resources:
Better Business Bureau webinar: CARES Act and Families First Cononavirus Response Act
MUSINGS FROM DIANE:
Whenever there is new law, or a new interpretation of an existing law – SLOW DOWN. The truth is no one really knows what it means or what the consequences will be if you act. The process is the following: new law is created (either through the legislative process or the courts), creative lawyers decide to apply the new law to certain facts, the court may or may not agree with the lawyer’s interpretation and come out with a decision that does or or does not follow the new law. One of the parties may appeal and the case goes up to a higher court. Years later there is a “final” decision until the law changes again.
When it comes to the new law dealing with COVID-19, no one, including the people who wrote the law, really know how that law will be interpreted and applied. Many times you can ask the drafters of the law and they will give opposing opinions on what something means. So, be very cautious in taking the advice from anyone, including a lawyer, how to interpret this extremely complicated law, and the others that will definitely follow. Take is slow before acting.
The post CARES ACT – Sources and Summaries for Payroll Protection Program appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy & Foreclosure Attorney.
Included in the 2 trillion dollar Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a provision that allows homeowners with government guaranteed loans (Fannie Mae and Freddie Mac) to request up to 12 months of mortgage payment forbearance.
Under the CARES Act a homeowner may ask for 6 months of loan payment forbearance that is renewable for another 6 months. In other words, a qualified homeowner can go an entire year without making a single mortgage payment.
What exactly is a mortgage payment forbearance?
Well, it simply means that a payment does not have to be made presently, but eventually the skipped payment must be repaid.
How are skipped payments to be paid?
There are basically three options here:
- Reinstatement: Make a one-time payment for the amount due.
- Repayment Plan: Pay extra each month on the amount due.
- Loan Modification: Rewrite the mortgage loan to pay the amount due over the remaining term of the loan.
Other remedies.
In addition to allowing for a payment forbearance, FHA and Freddie Mac loans will also receive the following benefits:
- Waiving assessments of penalties and late fees,
- Halting all foreclosure sales and evictions of borrowers living in Freddie Mac-owned homes until at least May 17, 2020,
- Suspending reporting to credit bureaus of delinquency related to forbearance,
- Offering loan modification options that lower payments or keep payments the same after the forbearance period.
Not sure if you have a Fannie Mae or Freddie Mac Loan?
Us the Fannie Mae lookup tool and Freddie Mac lookup tools to see if you have a government guaranteed loan.
USDA Rural Housing Development Loans.
A similar loan deferment program is also being sponsored by the USDA home loans.
Contact Your Mortgage Company:
Bank of America
Phone: 1-800-669-6607
Cenlar FSB
Phone: 1-800-223-6527
Chase
Phone: 1-800-848-9380
Freedom Mortgage
Phone: 855-690-5900
Lakeview Loan Servicing, LLC
Phone: 1-855-294-8564
LoanCare, LLC
Phone:800-410-1091
Mr. Cooper a/k/a Nationstar
Phone: 1-855-375-4001
NewRez
Phone:1-866-317-2347
PennyMac
Phone: 1-800-777-4001
PHH Mortgage Services
Phone: 888-820-6474
Wells Fargo
Phone: 1-800-357-6675
Image courtesy of Flickr and sergio santos
The unfolding of the COVID-19 virus episode has been the weirdest experience in my lifetime. I remember the courthouse bombing by Timothy McVeigh in Oklahoma City and commercial jets hitting the Twin Towers on 9/11, but those were one day events.
The corona virus is different because it continues from day to day and all of us are potential victims. You see young people dying on breathing machines and you realize your family is not safe.
At first the virus seemed like just a bad version of the flu and I dismissed it, but as I kept reading news reports I realized this was different and it was heading our way. Then it became apparent that all my staff would soon be working from home.
Our attorneys have always been able to work from home, but not the paralegals. I scrambled to purchase computers and then raced to my tech vendor set them up. Thankfully we got the job done just before daycare services closed so all our staff can work from home.
On March 19th our Chapter 13 Trustee, Kathleen Laughlin, held a Zoom conference with 32 attorneys across the state, and she explained that her court hearings would continue on Zoom. Last week the Chapter 7 trustees declared that their hearings would be conducted by telephone. So, the good news is that court hearings will go during this period of social distancing.
Four years ago I started a one-man campaign to allow clients to sign bankruptcy petitions using digital signatures. This blog was instrumental in getting that message across, and two years ago our brave judge, Thomas Saladino, agreed that it was time to allow debtors to sign their bankruptcy petitions digitally.
Nebraska is the first and only state to implement a permanent rule allowing digital signatures. In a state that spans 450 miles across, that rule change has allowed us to serve clients in all 93 Nebraska counties.
Now that attorneys nationwide cannot personally meet with clients to sign petitions, 43 bankruptcy courts recently issued temporary orders allowing for digital signatures and more are expected to allow it soon. This blog lead the way.
I participated in four bankruptcy hearings by Zoom last week, and I now interview new clients via Zoom right in their living room. Then I conducted a case signing using Zoom and shared my screen with the client who could see me typing in his responses and he could view the same documents I viewed on my screen. He said it was amazing, and it really was.
In many ways, the COVID-19 crisis has forced us to become better communicators and to utilize technology that was at our fingertips all along. Sometimes it takes a crisis to move forward. I doubt we will ever go back to the old ways again.
So, our firm is open. We are answering every call and responding to every email. Sometimes I work in my office apart from other employees, and sometimes I work in my home office. But wherever I or my staff works, we are all working full time every day and we can service new and existing clients thanks to our technology investments.
It’s going to be a wild year. Today we are scared. Tomorrow we start to pick up the pieces of our businesses and protect what remains from the claims of creditors. Whatever comes, our firm stands ready to serve.
Updated daily, this blog will keep you informed on the latest bankruptcy news! 
Learn more about how Bankruptcy works and what you need to know.