Michael McLaughlin LLC offers professionalism and understanding for individuals facing tough choices about bankruptcy. For over 38 years, Mr. McLaughlin has worked with bankruptcy, from the most complex, to the most challenging.
How Long Have You Been Representing Clients Who Are Going Through The Bankruptcy Process?
I’ve been representing clients in bankruptcy matters for 33 years. I started out working with a small bankruptcy and collection firm headed by my father, where I worked on cases with creditors’ rights issues and filed Chapter 7, Chapter 13, and Chapter 11 bankruptcies. Early on in my career, I also served as a Chapter 7 trustee…Read More
- The Automatic Stay: Using Bankruptcy To Prevent Foreclosure In New Jersey
- Are There Cases Where You Recommend That Your Clients Not File For Bankruptcy?
- Have Bankruptcies Actually Decreased In The US Since COVID Began In 2020?
- What Are Some Major Considerations When Contemplating A Bankruptcy Filing After COVID-19?
- How Big Of A Problem Is Personal Debt In The US Since COVID Began In 2020?
- What Does The Covid-19 Bankruptcy Relief Extension Act Do For Small Businesses And Individuals Who Want To Take Advantage Of Filing Bankruptcy Now?
- If I’m Married, How Will A Bankruptcy Affect My Spouse?
- Did The Consolidated Appropriations Act Amend The Bankruptcy Code To Permit PPP Loans For Certain Debtors?
- What Are Some Significant Provisions Of The Consumer Bankruptcy Reform Act Of 2020 Introduced Before Congress By Senator Elizabeth Warren?
- What Can Be Done If A Debtor Is Fraudulently Disposing Of Assets As We Are Attempting To Collect?
- If I Decide To File For Bankruptcy, What Am I Required To Do Before And After?
- How Does Filing For Bankruptcy Affect My Credit Report?
- What Constitutes A High Income And What Factors Could Impact This As It Relates To Being Able To File A Chapter 7 Or A 13 In New Jersey?
- What Are High Allowable Expenses?
- What Is Considered A Preferential Payment When It Comes To Bankruptcy?
- Would Payments Under An Agreed Upon Payment Schedule Be Considered A Preferential?
Who Do You Assist With Chapter 11 Bankruptcy?
A Chapter 11 bankruptcy is a multi-party case where the interests of creditors and debtors are affected by application of the Bankruptcy Code. For example, there may be a creditor that has a $150,000 judgment against an entity that remains unpaid; there may be a landlord who is trying to understand their rights after a tenant has filed for bankruptcy; there may be a secured party or bank that’s loaned money to a debtor with some ability to assert their security interest on assets. The Debtor may be an entity such as an LLC, corporation, or partnership that is trying to seek a resolution of debt through the Chapter 11 process. In the Chapter 11 context, an attorney wears many different hats depending on the goals and objectives of the parties they represent…Read More
What Is The Means Test As It Relates To My Bankruptcy?
The means test is a formula that is utilized to determine whether an individual qualifies for Chapter 7 bankruptcy or whether they are considered above median income, requiring them to file a Chapter 13 bankruptcy. The means test became effective in until October, 2005 when the bankruptcy laws were changed. It is essentially a screening process that is designed to capture higher income earners and direct them to filing a Chapter 13, if they’re above median income Debtors…Read More
What Expenses Are Allowed In The Means Test?
The means test incorporates certain deductions such as mortgage expense, secured debt, food, utilities, and other expenses similar to that which are calculated based upon the IRS national standards and local standards. For instance, the mortgage expense would in New Jersey is based on a standard of living in the state but also actually varies depending on the county in which you reside. Other expenses that would be applicable include alimony and child support payments, unreimbursed medical expenses, child education and other expenses that a household has to pay. They are all part of the that are embedded in the bankruptcy software, which are utilized to reach a conclusion whether an individual or joint debtors’ family is an above or below median income case…Read More