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The debt purchaser in In re McIntosh argued that because it was enforcing a debt that was not listed correctly on the debtor’sbankruptcy schedules, it was entitled to assume the debt had not been discharged. As background, in 2002, the debtor and her then-spouse jointly filed a “no asset” Chapter 7 bankruptcy petition.
When a firm files for bankruptcy, SIPC provides insurance coverage that will help replace or restore the customers’ cash and investments. Should a firm file for bankruptcy, customers’ investments held in custodial wallets might be considered property of the bankrupt company.
It is well known in the restructuring world that a debtor in bankruptcy can’t get a PPP loan. But what if you’re a debtor and decide a PPP loan could save your business? The issue arose recently where a chapter 11 debtor already had DIP financing in place. The debtor is an event design company.
Cuker Interactive, LLC filed a Chapter 11 bankruptcy petition on December 13, 2018, in the United States Bankruptcy Court for the Southern District of California. 1998), wherein a Bankruptcy Appellate Panel likewise held that solvent debtors must pay postpetition interest to unsecuredcreditors at the federal judgment rate. [8]
A construction project to a screeching halt when a property owner files for bankruptcy, creating a serious risk of substantial losses for the contractor, as well as subcontractors and suppliers. What Happens When a Property Owner Files for Bankruptcy? The Impact of Bankruptcy on the Construction Contract. See 11 U.S.C. §
You’ve undoubtedly heard of bankruptcy. Some people swear they’ll never file bankruptcy, while others regularly use it as a tool. Our competent bankruptcy attorney at Dray Legal can explain this in more detail. Our competent bankruptcy attorney at Dray Legal can explain this in more detail.
It should come as no surprise, therefore, that the economic downturn has led to a surge in corporate bankruptcy filings. According to data from Epiq Global, 722 companies sought bankruptcy protection around the U.S. For creditors to maximize their recoveries, they must stay informed and take action during a bankruptcy proceeding.
Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. Which creditors can they pay? This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first.
Bankruptcy Court for the District of Iowa, absent a plan provision providing otherwise, those funds revert to the debtors. In In re McCrorey , the debtors confirmed a chapter 13 plan, which required them to make payments for 60 months and provided no payments to unsecuredcreditors. According to the U.S.
In 2022, there were several high-profile crypto bankruptcy filings. A big question in these cases is whether there will be any money to satisfy unsecuredcreditor claims. If there are funds to distribute, then the creditors’ claims will become more valuable, and the cases will become even more interesting.
Now you hear the dreaded news: Your non-paying customer is filing for bankruptcy. However, if the debtor owes a significant amount, you may want to consider pursuing the debt in bankruptcy court. A Chapter 11 commercial bankruptcy filing is a serious legal matter that brings its own unique set of time constraints.
Are you considering bankruptcy? Bankruptcy is a challenging, life-altering experience. . If you are considering consulting with an attorney about your debt-relief options, it is essential to remember that each type of bankruptcy comes with its advantages and disadvantages. . Advantages of Chapter 7 Bankruptcy.
The concept of “property of the estate” is important in bankruptcy because it determines what property can be used or distributed for the benefit of the debtor’s creditors. A recent decision from the United States Bankruptcy Court of the Southern District of New York illustrates such a situation.
In December of last year, we wrote about the Fifth Circuit’s two decisions – Ultra I , from January 2019, and Ultra II , from December, which replaced Ultra I – regarding make-whole claims in the Ultra Petroleum bankruptcy cases. The Fifth Circuit remanded this question to the Bankruptcy Court. You can find it here.
It is well-settled that if you are a debtor in chapter 11, you do not have the unfettered right to convert the case to a chapter 7 liquidation. UnsecuredCreditors Committee et al. , The debtor and his two brothers-in-law served as co-trustees of both trusts. A recent 10 th Circuit decision shows why. Thuma of the U.S.
Meek have been recognized in the January 2022 issue of Lawdragon’ s “500 Leading Bankruptcy & Restructuring Lawyers” List. Lawdragon says, “The start of the pandemic brought expectations for mountains of commercial bankruptcy work. Golden was named in the Bankruptcy & Commercial Litigation specialty.
Filing for Chapter 13 bankruptcy can be both challenging and stressful. An increase in income will likely impact your Chapter 13 repayment plan, and you are obligated to report wage increases to your bankruptcy trustee. For experienced Chapter 13 bankruptcy attorneys in Indiana , contact the offices of Sawin & Shea, LLC.
Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. While filing for bankruptcy is often the best course of action if you are overwhelmed by debt and struggling to stay afloat, it’s important to understand what debts can and cannot be discharged in bankruptcy.
You have to deal with bad debts and clients who have filed for bankruptcy. Read on to understand what to do when a client files for bankruptcy. Under the law, creditors cannot communicate with the debtor if they have filed for bankruptcy. Discern the bankruptcy type. Cut off contact. Do the math.
A Chapter 13 bankruptcy plan requires a debtor to satisfy unsecured debts by paying all “projected disposable income” to unsecuredcreditors over a five-year period. In a recent case before the U.S. 1] Read More › Tags: 6th Circuit Court of Appeals , Chapter 13.
Some courts permit debtors to designate vendors crucial to their business as “critical vendors.” ” These vendors supply debtors with necessary goods or services. Debtors are permitted to pay them amounts owing when a bankruptcy case is filed. The debtors filed for chapter 11 on June 10, 2019.
American Bankruptcy Institute Law Review Staff. . In In re Marlena Joy Pizzo , the United States Bankruptcy Court for the District of South Carolina held that a debtor may voluntarily contribute to her retirement plan while paying creditors under a bankruptcy plan. [1] John’s University School of Law.
Because of the serious burden medical debts have placed on Americans, many are turning to bankruptcy as a potential option. However, while bankruptcy can help, it’s important to understand how the process works, especially concerning your medical debt. Can You File Bankruptcy on Medical Bills? Does Bankruptcy Clear Medical Debt?
In an important affirmation of the rights and duties of a creditors’ committee, Bankruptcy Judge David T. 1] Prior to filing for bankruptcy in 2018, the Roman Catholic Church of the Archdiocese of Santa Fe reportedly made transfers totaling more than $150 million to certain trusts. In In re Fox , 305 B.R. 912 (10th Cir.
If you’re struggling with overwhelming debt, you may be wondering if bankruptcy is the right solution for your financial situation. One of the most common questions people have is “How Much Debt is Needed to File for Bankruptcy?” However, that doesn’t mean bankruptcy is the best option for everyone with debt.
. – a North Carolina-based department store chain – and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code. Less than 24 hours later, Bankruptcy Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas entered an order confirming Belk’s Chapter 11 plan.
In many chapter 11 cases, creditors’ committees can play a vital role in maximizing the recoveries of unsecuredcreditors. But the powers of creditors’ committees are circumscribed by both the Bankruptcy Code and case law. The debtor operated 28 franchise restaurants primarily in the Sun Belt region.
Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. For experienced bankruptcy lawyers in Indiana, contact Sawin & Shea, LLC.
John's University School of Law American Bankruptcy Institute Law Review Staff In In re PG&E Corp. , the United States Court of Appeals for the Ninth Circuit held that solvent-debtors are required to pay unimpaired creditors their bargained for post-petition interest rate. [1] 1] In January 2019, PG&E Corp.
American Bankruptcy Institute Law Review Staff Member. . Under title 11 of the United States Code (the “Bankruptcy Code”), a trustee appointed to a debtor’s estate may avoid transfers made within two years before the date of the filing if the debtor received less than reasonably equivalent value in exchange.
American Bankruptcy Institute Law Review Staff. . Subject to court approval, a trustee or debtor in possession may assume or reject an executory contract or unexpired lease of a debtor under section 365 of title 11 of the United States Code (the “Bankruptcy Code”). [i] John’s University School of Law.
These claims are entitled to priority for actual and necessary goods and services supplied to a debtor in bankruptcy. For a claim to qualify for administrative expense status, a debtor must request that the claimant provide goods and services post-petition or induce the claimant to do so. § 503(b)(1)(A). 3d 432 (5 th Cir.
1] In VeroBlue , the bankruptcy court entered an order confirming a plan that awarded control of the reorganized debtor to the majority equity holder, Alder Aqua, Ltd. Of the $12 million paid under the Plan to creditors [. the “Sponsor”). [2] the “Sponsor”). [2] from the $13.5 2021 U.S. ” Id. [4]
John’s University School of Law American Bankruptcy Institute Law Review Staff Section 365(a) of title 11 of the United States Code (the "Bankruptcy Code") allows a bankruptcy trustee to assume and assign an executory contract of the debtor. [1] at *8 (citing UnsecuredCreditors’ Comm. 11] Id.
American Bankruptcy Institute Law Review Staff Member. Luxurious lifestyles alone do not violate the good faith requirement for proposing a plan of reorganization under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). 1] The debtor was a physician who earned approximately $400,000 per year. [2]
1] Though limited to an explication of Section 1129(b)(1)’s prohibition on unfair discrimination against a class of dissenting creditors, Judge Ambro’s “rough justice” remark will echo in all areas of bankruptcy law among practitioners who prioritize pragmatism over perfectionism. should benefit from.
Ultimately, the plaintiff filed for chapter 7 bankruptcy protection, listed the defendant as an unsecuredcreditor, and obtained a discharge of her debt. The defendant offered a “pause” program that allowed the plaintiff to suspend service for up to nine months at a cost of $5 per month, which the plaintiff accepted.
John’s University School of Law American Bankruptcy Institute Law Review Staff Under chapter 12 of title 11 of the United States Code (the “Bankruptcy Code”), a family farmer or fisherman can restructure its debts. In a Chapter 12 bankruptcy, the debtor generally proposes a plan for repaying creditors from future earnings. [1]
American Bankruptcy Institute Law Review Staff. . In In re Roman Catholic Church of Archdiocese of Santa Fe , the United States Bankruptcy Court for the District of New Mexico, held, in a matter of first impression, that bankruptcy courts have authority to confer derivative standing on creditors or committees to assert claims. [1]
John’s University School of Law American Bankruptcy Institute Law Review Staff An unpaid secured lender with a prepetition mortgage does not have a right to receive payment of proceeds from a postpetition sale of real property. the “Debtor”) $1.5 2] In 2022, the Debtor commenced a chapter 11 bankruptcy case. [3]
Chapter 13 bankruptcy is an invaluable financial tool for those struggling with overwhelming debt, and it can pave the way for a fresh start. Unlike Chapter 7 , Chapter 13 bankruptcy allows you to avoid liquidating your non-exempt assets. What Is a Chapter 13 Bankruptcy Filing?
1] Facing litigation by, among others, the Attorney General for the State of New York, the National Rifle Association and an affiliate filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in Texas. [2] of UnsecuredCreditors v. Tags: Bankruptcy Litigation John’s University School of Law.
It can make the difference between being able to work out an arrangement with a landlord or equipment lessors and needing to file for a chapter 11 bankruptcy to save your business. A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy.
The United States Court of Appeals for the Second Circuit held that only a party to an assumed contract can assert a cure claim against the debtor in In re George Wash. 4] Under the Ground Lease, Debtor was responsible for hiring and paying contractors for developing the retail portion of the George Washington Bridge Bus Station. [5]
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