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Category Archives: Bankruptcy

The IRS, Bankruptcy and You

By David Markarian |

Federal income tax discharge. In certain circumstances, individual income taxes may be discharged in bankruptcy. It is important to understand the crossover effect between Bankruptcy Code section 507(a)(7)(A)(i) and Bankruptcy Code section 523(a)(1)(a). By reading these sections together, one can discern that income taxes arising from a tax year for which the tax return was… Read More »

THE ABC’S OF THE ABC: How does an ASSIGNMENT FOR THE BENEFIT OF CREDITORS work?

By Julianne Frank |

As lawyers representing companies experiencing financial distress, our first mission is diagnosis. Like a physician we have to first understand the nature of the disease before we can determine the best medicine to administer. There are instances where Chapter 11 is not the appropriate tool. The company that cannot be restructured under Chapter 11… Read More »

Test your Bankruptcy Acumen: Part One

By Julianne Frank |

In the course of my 35 years of bankruptcy practice, I find that there are certain questions or issues that seem to be common concerns of those considering a bankruptcy filing. I also find that  prospective clients arrive with preconceived notions about the answers to these questions, or have received bad information from unreliable… Read More »

When is Exempt not Exempt? The Case of the Rare Bird

By Julianne Frank |

The answer to that question could fill volumes but most recently it has encountered a new twist. That twist is embodied in the following fact scenario: You file bankruptcy and list a particular asset, your home, for example, as exempt[1]. Your trustee and creditors have a limited window to object to that exemption. The… Read More »

The Florida LLC as an Asset Protection Tool: Think Twice

By Julianne Frank |

We often hear from a client that they want us to form an LLC for them, because they read somewhere…usually on the internet…that it is the “ perfect asset protection tool”.  As you will see, this is another example of how important it is to be believe nothing you hear and half of what… Read More »

A New Front in Foreclosure Wars – Statements in Bankruptcy

By David Markarian |

By Dave Markarian A new trend is emerging in the ongoing skirmishes between home mortgage lenders and homeowners involved in lengthy mortgage foreclosure proceedings, in which homeowners defending foreclosure actions have previously sought and received Chapter 7 bankruptcy protection. In an increasing number of cases, lenders are seeking to re-open homeowners’ closed bankruptcy cases… Read More »

The “Means Test” – What It Really Means

By David Markarian |

We would like to deconstruct one of the misconceptions in filing for Chapter 7 Bankruptcy under the “The Means Test”. The “Means Test” was designed to limit the use of Chapter 7 bankruptcy to only those who truly can’t afford to pay their debts. The bankruptcy “Means Test” determines whether an individual’s income is low enough… Read More »

Chapter 12: Fishing for Secrets

By Julianne Frank |

One of the least known attributes of bankruptcy is the benefits it can afford to the distressed farming or fishing operation. There is a form of bankruptcy – Chapter 12 – that is designed exclusively for that purpose. It happens to be one of the most flexible and feature-abundant forms of reorganizing bankruptcy. Unlike… Read More »

Chapter 11 Diagnostic Tools: How We Determine if a Distressed Business is Salvageable

By David Markarian |

By Julianne Frank & David Markarian Chapter 11 is a powerful medium. Using it, the debtor can often reduce loan balances on secured (collateralized) debt to the distress value of the collateral, pay very small amounts of unsecured debts (general payables) over very long periods of time, completely eliminate debt owed to certain creditors,… Read More »

Saving the Troubled Business

By Julianne Frank |

You own a small business and it is struggling. Can you save it and your investment? There are several versions of restructuring and reorganization under both Federal and state laws, and with careful planning you can: stop collection activity (including foreclosures and other lawsuits), force lenders to reduce principal and alter terms of loans,… Read More »

Markarian & Hayes
Markarian & Hayes is located in Palm Beach, Wellington & Vero Beach, Florida and serves clients across Florida from Vero Beach to the Florida Keys, including those in and around Palm Beach, West Palm Beach, Pahokee, Delray Beach, Loxahatchee, Coral Springs, Boca Raton, Boynton Beach, Lake Worth, Deerfield Beach, South Bay, Pompano Beach, Hobe Sound, Stuart, Port St. Lucie, Sebastian, Fort Pierce, Hollywood, Tampa, Tallahassee, Orlando, Martin County, Broward County, Hillsborough County, Leon County, Palm Beach County, Fort Lauderdale, Miami-Dade County and Sebastian. The firm’s lawyers also have a long history representing clients’ interests throughout the Caribbean.
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