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Category Archives: Bankruptcy

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Digital Assets Collapse Forcing Brokerages Into Bankruptcy

By Law Offices of Carol M. Galloway, P.A. |

Sometimes, commercial bankruptcies cause a chain reaction that results in more commercial bankruptcies and finally, consumer bankruptcies. The latest crypto collapse has resulted in a major crypto brokerage, Voyager Digital, filing for Chapter 11. Voyager Digital’s bankruptcy was preceded by its association with the crypto hedge fund, Three Arrows Capital, which defaulted on loans… Read More »

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Cryptocurrency

Bankruptcy Claims Traders Offer Crypto Holders An Exit

By Law Offices of Carol M. Galloway, P.A. |

We wrote last month about the crypto market, two high-profile bankruptcies, and the shockwave it could create for crypto investors who are now barred from selling or accessing their accounts on these brokerages. Why can’t they access their accounts? The account holders are now the equivalent of creditors in a bankruptcy filing by two… Read More »

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Bankruptcy17

Understanding Chapter 7 Bankruptcy Exemptions In Florida

By Law Offices of Carol M. Galloway, P.A. |

If you file for bankruptcy under Chapter 7, some of your estate MAY be liquidated to repay your creditors. In most bankruptcy cases, the trustee finds very little to liquidate and consumers are allowed to protect or exempt some of their assets from liquidation. All states have various bankruptcy exemptions. In this article, we’ll… Read More »

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Bankruptcy Filings Continue To Rise In 2022

By Law Offices of Carol M. Galloway, P.A. |

In 2020 and 2021, millions of Americans were on the verge of declaring bankruptcy when government bailouts helped forestall these bankruptcy filings and gave folks enough time to right their economic ship. Most of those who needed to file pandemic-related bankruptcies filed them in 2021. However, in 2022, we saw a major rise in… Read More »

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Bankr30

Possible Changes To Chapter 13 Bankruptcy Could Help Consumers

By Law Offices of Carol M. Galloway, P.A. |

A bill with bipartisan support has been introduced in the Senate by Iowa Senator Charles Grassley (SB 3823) that would increase the debt limits for Chapter 13 bankruptcy and simplify filings. Right now, the debt limits are $1,257,850 for secured debts and $419,275 in unsecured debts. The new legislation proposes a total cap of… Read More »

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BankruptcyFiling

Bankruptcy Fraud: What Is That?

By Law Offices of Carol M. Galloway, P.A. |

The Department of Justice announced in March that a man was convicted of bankruptcy fraud. Bankruptcy fraud is not a press-friendly topic as it is generally boring when compared with all of the other criminal acts that happen every day. You won’t see bankruptcy fraud cases covered by CVN or other media outlets. Nonetheless,… Read More »

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Bank16

As Corporate Bankruptcies Mount, Employees Could Soon Follow

By Law Offices of Carol M. Galloway, P.A. |

The novel coronavirus quarantine hit the service and retail industries the hardest with many strip malls, actual malls, retailers, and restaurants closing shop to avoid bleeding what little they had left. This has left their employees between a rock and a hard place. One of the most difficult questions to ask when an employer… Read More »

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BankruptcyCouple

Weinstein Ordeal Costs Hollywood Stars Millions

By Law Offices of Carol M. Galloway, P.A. |

The third circuit court of appeals has handed down a ruling that could cost Hollywood stars millions. The money is tied up right now in Harvey Weinstein’s bankruptcy. The Hollywood producer became famous overnight after it became known that Weinstein had forced himself on potential actresses. His trial ended in a guilty verdict in… Read More »

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Bankruptcy17

What Are Exemptions In Bankruptcy?

By Law Offices of Carol M. Galloway, P.A. |

Bankruptcy exemptions allow those in Chapter 7 to protect some of their most prized assets from liquidation. Remember, in Chapter 7 bankruptcy your assets are liquidated to repay creditors. On the other hand, Chapter 7 bankruptcy requires that you pass a means test to show that you don’t have enough money to pay your… Read More »

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Student Loans And Bankruptcy

By Law Offices of Carol M. Galloway, P.A. |

If you’ve heard people say, “You can’t discharge student loans in bankruptcy,” then you should know that sometimes folk wisdom is accurate. Federal student loans are backed by a guarantee that the loan cannot be discharged in bankruptcy. But there are exceptions. In this article, we’ll discuss what happens to your student loans in… Read More »

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