Archive for the ‘Bankruptcy and Debt Restructuring’ Category

CGA Law Firm voted Best Law Firm in York County 2020 All of us at CGA Law Firm sincerely appreciate the residents of York County voting us “Best Law Firm” for 2020. The confidence you demonstrate each year with your overwhelming votes continues to warm our hearts and inspire us to do our very best. Our team of approximately 70 professionals offers depth of experience, passion and skill. Although CGA is based in York, the Firm serves clients throughout South Central PA, often as a more convenient and cost effectivealternative to “big city” firms. When you hire a CGA attorney, you… read more »

COVID-19 Update: The CARES Act and Bankruptcy Last month, March of 2020, The CARES Act was passed in light of the impacts of COVID-19. Specifically, there were changes affecting  Bankruptcies – both current and prospective cases. The CARES Act (the “Act”) excludes Coronavirus related payments from the definition of disposable income and the Bankruptcy Estate, i.e. the government stimulus check. Receiving the stimulus check within 6-months of filing a Chapter 7 Bankruptcy will therefore not disqualify a Debtor from filing a Bankruptcy under Chapter 7. While the Act does not explicitly state this applies to Chapter 13, most Trustees, even… read more »

No charge, no obligation conversation In the face of business shut downs and layoffs, many are left wondering how they are going to pay their bills and make ends meet. Small businesses and individuals are left with questions about their specific financial circumstances and what the future holds. Free Telephone ConsultationsOn Tuesday, March 31, 2020 from 8:30 to 11:30am, CGA Law Firm is offering a chance to have those questions answered at no charge. Attorney Lawrence Young will make himself available as a public service for a no charge, no obligation conversation to discuss each caller’s most pressing concerns. Larry is not only… read more »

Haven Act of 2019 In August of 2019, Congress rewarded our Veterans for their service by approving the “Honoring American Veterans in Extreme Need Act of 2019”, aka the “HAVEN Act”. The purpose of the Act is to exempt from the calculation of monthly income certain benefits paid by the Department of Veterans Affairs and the Department of Defense. The Act modified the definition of “Current Monthly Income” under the Bankruptcy Code to exclude VA benefits, in general.  What does this mean for our clients? In Bankruptcy, there are certain factors considered for whether our individual, consumer clients qualify for… read more »

CGA Bankruptcy Chair, Lawrence V. Young, Esq. Offers Free Telephone Consultations to Public In the face of business shut downs and layoffs, many are left wondering how they are going to pay their bills and make ends meet. Small businesses and individuals are left with questions about their specific financial circumstances and what the future holds. Free Telephone ConsultationsOn Tuesday, March 31, 2020 from 8:30 to 11:30am, CGA Law Firm is offering a chance to have those questions answered at no charge. Attorney Lawrence Young will make himself available as a public service for a no charge, no obligation conversation to discuss… read more »

COVID-19 Update: Facing a Lack of Cash Flow As the Chair of the CGA Bankruptcy Department, I am already getting calls from individuals and small businesses about how to handle the lack of cash flow. Businesses have been forced to close, and those that are open are doing less business. Individuals have been told to go home, and unemployment benefits (if you are eligible to receive them) are not the same as your regular paycheck.  The question I am being asked is “what do I do now?”  The easy answer is to take care of yourself and your family, and stay away from… read more »

Article by: Haley Rohrbaugh, Esquire A common misconception about Consumer Bankruptcy is that it devastates your credit. When I meet with potential clients for an initial consultation, most are surprised to find that a Bankruptcy filing will actually improve their credit score. Credit limit usage. Using more than 50% of allowed credit limits will negatively affect a consumer’s credit score. (For example, a credit card with a $1,000.00 credit limit holding a balance due of $500+ will cause credit scores to decrease); and Debt-to-income ratio. Having high levels of debt compared to household income will also decrease credit scores. However,… read more »

Article by: Larry Young, Esquire Title 11 of the United States Code is the Bankruptcy Code, enacted pursuant to Congress’s constitutional authority to make a uniform law respecting bankruptcy. Most people understand that the overall concept of bankruptcy is to get a discharge from debts and to get what the Bankruptcy Code refers to as a “fresh start.” Most people are also aware of what is normally dischargeable: credit cards, utility bills and medical bills, as well as mortgage and car loan deficiencies. Most people however, are unaware of the limitations that exist on the ability to obtain a discharge…. read more »

Article by: Brent C. Diefenderfer The York County Tax Claim Bureau has published notice that the Judicial Sale will take place on June 20, 2013 at 9:00 a.m. If your property is on this list, it is important for you to understand that if you do nothing before the sale, that you will likely lose your property.   The Judicial sale is distinguishable from the “Tax Upset Sale” that occurs in the fall every year because at the judicial sale, properties are sold “free and clear” of mortgages and other encumbrances.  The properties are sold in order that the County’s municipal… read more »

Article by: Brent C. Diefenderfer The travails of the housing market in recent years are well documented. The prevalent symbols of this downturn are the “underwater” homeowners, who owe more on their mortgages than their homes are worth. About 4.6 million such homeowners have mortgages backed by Fannie Mae or Freddie Mac, and fully 80% of those owners haven’t missed any mortgage payments. One way out of the predicament of the underwater owner is the short sale, in which the owner sells the home for less than the balance remaining on the mortgage. It is not a perfect solution that… read more »