By BRADLEY D. McCORMACK A common question many people ask when contemplating bankruptcy is: “Do I have too much or too little of debt to file?” As a general rule, there are no debt limits that prevent a filing; you can always file for bankruptcy. The question is which type of bankruptcy do you qualify for because there are limits for specific versions of bankruptcy. As it stands now, the limits are: Chapter 7 (individual/company liquidation) – No limits Chapter 13 (personal reorganization) – $1,257,850 in secured debt, $419,275 in unsecured debt Chapter 11 (corporate reorganization) – No limits Subchapter V Chapter 11 (Small Business Reorganization Act – $7.5 million) The only recent change to the limits affected the Subchapter V Small Business cases. When first addressing bankruptcy and the COVID-19 Pandemic in March of 2020, Congress increased the Subchapter V debt limit from $2.7 million to $7.5 million through…
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The Sader Law Firm would like to congratulate Managing Member Neil Sader on earning in Missouri/Kansas Super Lawyers for a 16th consecutive year. He is recognized for his work in (1) Bankruptcy: Business; (2) Real Estate: Business; (3) Business Litigation; and, (4) Creditor Debtor Rights: Business. Each year, no more than 5% of the lawyers in the state are selected by the Super Lawyers research team for inclusion on the Super Lawyers list. Super Lawyers, a Thomson Reuters business, is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates, and peer reviews by practice area. The result is a credible, comprehensive, and diverse listing of exceptional attorneys. The Super Lawyers lists are…
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The Sader Law Firm would like to congratulate Managing Member Neil Sader on earning repeat honors in the 2022 Edition of The Best Lawyers in America, a leading U.S. News & World Report-sponsored peer review guide honoring attorneys. He is recognized as a leading Litigation – Bankruptcy practitioner in Kansas City, Missouri. Recognition by Best Lawyers is based entirely on peer review. The organization’s methodology is “designed to capture, as accurately as possible, the consensus opinion of leading lawyers about the professional abilities of their colleagues within the same geographical area and legal practice area.” A person receives recognition from Best Lawyers for his or her talent in the legal industry within specific practice areas. Since 1984, Neil has litigated a wide variety of business- and bankruptcy-related matters throughout state, federal and bankruptcy courts in Missouri and Kansas. He takes pride in how he and The Sader Law Firm have built a…
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