Entries by reva1

Main things to know about the Small Business Reorganization Act (SBRA)

Chapter 11 bankruptcy is one of the most popular options for businesses to seek relief when they are struggling financially. But, it is often an expensive and cumbersome process, which dissuades small businesses from pursuing it. That’s a main reason why Congress passed the Small Business Reorganization Act of 2019 — to make it easier […]

Forgivable Loans and the CARES Act

The federal government passed several emergency aid bills during the COVID-19 pandemic that were meant to help people survive during what was one of the most challenging times in U.S. history. The first of these aid bills was called the CARES Act. Passed in March 2020, there were many aspects to the multi-trillion-dollar package. Multiple […]

How the CARES Act shields homeowners from foreclosure and eviction

The CARES Act, passed in the early stages of the COVID-19 pandemic, was a massive aid package that was meant to provide financial relief to individuals and businesses struggling during the pandemic and mandatory government shut-downs.  With much of the country forced to shut down during the outbreak of the pandemic, people were left scrambling […]

Quick overview of Chapter 11 Sub Chapter V for Small Businesses

Chapter 11 bankruptcy is commonly known as a “reorganization” bankruptcy. It’s a tool that any individual that meets the requirements, or business, no matter what type of organization it is, can use if they are having trouble meeting their debt obligations. While individuals can use Chapter 11 bankruptcy, it’s typically used by corporate entities that […]

Impact of the CARES Act Mortgage Forbearance Rules and Loan Modifications

The CARES Act was passed in March 2020 not long after the COVID-19 pandemic exploded in the United States. It’s a $2.2 trillion economic stimulus package that Congress passed and then-President Donald Trump signed to provide economic relief to people all around the country who were struggling financially. There were many provisions in the CARES […]

Update on Student Loan Forgiveness

Student loan forgiveness has been a highly-debated topic for the last few years, as the federal government under both former President Donald Trump and current President Joe Biden has initiated various programs to delay repayments or forgive outstanding debt altogether. Since the onset of the COVID-19 pandemic four years ago, there have been many twists […]

What is the Corporate Transparency Act?

Enacted back in 2021, the Corporate Transparency Act, or CTA, was passed with the aim of enhancing transparency in various ownership and entity structures to combat illicit activities such as tax fraud and money laundering. As a result of the CTA, more information will be captured about how specific entities that operate within or access […]

Priority of Claims in Bankruptcy

Embarking on the intricate landscape of bankruptcy involves unraveling the complex web of claims and their prioritization. In this comprehensive guide, we’ll explore the nuances of the priority of claims in bankruptcy proceedings, shedding light on how creditors are categorized and paid. From secured debts to unsecured priority claims, join us on this journey through […]

Bankruptcy and Adversary Proceedings

In the realm of bankruptcy, adversary proceedings stand as crucial legal actions that can significantly influence the course of a bankruptcy case. Babi Legal offers insights into the intricacies of these proceedings, unraveling their importance, procedural aspects, and the broader impact they have on federal rules of bankruptcy and litigation. Whether you’re a debtor seeking […]

Preferential Transfers In Bankruptcy

Navigating the intricate terrain of bankruptcy, the concept of preferential transfers takes center stage. In the financial intricacies of insolvency, understanding what constitutes a preferential transfer and its implications is paramount. What Is a Preferential Transfer? A preferential transfer in bankruptcy involves a payment made to a creditor shortly before filing for bankruptcy, potentially favoring […]