April 2017 Archives

Priority Claims in Chapter 13 Bankruptcy

Chapter 13 is a type of bankruptcy often used by debtors to save their home by paying mortgage arrears over time. However, when filing Chapter 13, a debtor is obligated to pay priority claims in full through the bankruptcy as well. Priority claims include domestic support obligations such as child support, certain types of taxes, claims for personal injuries from a motor vehicle accident when driver was intoxicated, and other types of claims are priority claims. In certain circumstances, this obligation could make retaining the home more difficult since instead of paying just the mortgage arrears, these priority claims must be paid as well. However, it could also make keeping the home easier since it may be more affordable by stretching these payments out over five years.

Bankruptcy Court Approves Circus Sale

As reported by the New York Times, Big Apple Circus, which began operating in 1977, filed bankruptcy and closed in the summer of 2016. A 1.3 million dollar bid by Big Top Works to buy the debtor's assets was recently approved by the Bankruptcy Court. The circus will return in the fall of 2017. Prior to filing, a fund raising drive was used in an attempt to keep the circus going, but it fell short of its needed goals. http://www.vivacityny.com/new-york-times-big-apple-circus-sold-to-the-highest-bidder-will-return-this-fall-the-new-york-times/

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