PBWT

MARCH 7, 2021

It is well known in the restructuring world that a debtor in bankruptcy can’t get a PPP loan. The debtor’s motion to dismiss drew creditor opposition. But the court concluded that allowing the debtor out of bankruptcy to seek a PPP loan made sense. The bankruptcy stayed the arbitration against the debtor.

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PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. v] The Court explained further, “[a]ny ambiguity in the text of §362(a)(3) is resolved.

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Debt Free Colorado

MARCH 3, 2023

Find Out the 10 Common Questions About Bankruptcy with Colorado Bankruptcy Lawyers. The decision to file for bankruptcy is a significant one, and we are here to assist you in determining whether bankruptcy is the best course of action for your circumstances. Do bankruptcies come in different types?

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Taurus Collect

DECEMBER 29, 2022

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.

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The Creditors Rights

MARCH 15, 2016

Congress enacted § 1328(f) of the Bankruptcy Code when its passed BAPCPA. For some unknown reason, HSBC never responded to the debtors’ objection, and the bankruptcy court entered an order disallowing HSBC’s secured claim. The Ninth Circuit in In the Matter of Blendheim , 803 F.3d 3d 477 (9 th Cir. 3d 747 (8 th Cir.

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Collection Industry News

SEPTEMBER 29, 2020

Just in Time: New Bankruptcy Relief for Small Businesses. million) to take advantage of a new way to restructure under chapter 11 of the Bankruptcy Code. million) to take advantage of a new way to restructure under chapter 11 of the Bankruptcy Code. million of third-party debt is set to expire early 2021. By Jerrold L.

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PBWT

JULY 8, 2020

These claims are entitled to priority for actual and necessary goods and services supplied to a debtor in bankruptcy. The goods or services must result in a benefit to the bankruptcy estate. In Whistler’s bankruptcy case, Nabors filed an administrative expense claim in the amount of $4.32 § 503(b)(1)(A).

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PBWT

MARCH 2, 2021

. – 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.

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Mich Bankruptcy Blog

AUGUST 3, 2020

Once a Chapter 7 debtor receives a discharge of personal debts, creditors are enjoined from taking action to collect, recover, or offset such debts. However, unlike personal debts, liens held by secured creditors “ride through” bankruptcy. Read More › Tags: 6th Circuit Court of Appeals , Chapter 7.

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ABI

JANUARY 12, 2022

American Bankruptcy Institute Law Review Staff. In general, under principles of equitable subordination, a court may subordinate the claims of a creditor for conduct that is unfair to the other creditors of a bankruptcy estate. 3] According to Knox, LHCL’s secured debt should be subordinated below Knox’s judgment. [4]

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Sawin & Shea

JANUARY 25, 2022

Dealing with debt can be scary and overwhelming, especially if you don’t know what will happen if you miss too many payments and default or have to file bankruptcy. While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation.

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PBWT

OCTOBER 27, 2021

In many chapter 11 cases, creditors’ committees can play a vital role in maximizing the recoveries of unsecured creditors. But the powers of creditors’ committees are circumscribed by both the Bankruptcy Code and case law. Bankruptcy Judge Joseph N. ’" Id. 3d 96, 100 (2d Cir. ’" Id.

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Sawin & Shea

NOVEMBER 15, 2023

If you’re struggling with financial hardship, filing for bankruptcy can be an effective way to get back on your feet. But filing for bankruptcy in Indiana doesn’t mean every outstanding debt you’ve ever incurred gets wiped away. Declaring bankruptcy will discharge most types of debt but not others. What do we mean by this?

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Collection Industry News

DECEMBER 21, 2020

Court of Appeals for the Ninth Circuit recently reversed an award of summary judgment in favor of a defendant debt collector against claims that it violated the federal Fair Debt Collection Practices Act (FDCPA) by attempting to collect a debt that was discharged in bankruptcy and no longer owed. Wells Fargo Bank , N.A., 3d 502 (9th Cir.

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Hudson Weir

FEBRUARY 12, 2021

The course of action taken will depend partly on whether a bankruptcy order has been made against the deceased person before their death. If a bankruptcy order has already been made then the bankruptcy process will usually carry on on as normal, although there may be some adjustments. loans from family members).

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ABI

JANUARY 19, 2024

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 loan was secured by a lien on “all assets of the debtor, including all accounts.” [1]

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BN Lawyers

MARCH 23, 2020

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.

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Burr Forman

JANUARY 7, 2022

From Burr & Forman’s Jacksonville office: Armando Nozzolillo is a member of the firm’s Creditors’ Rights and Bankruptcy practice group.

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Bankruptcy Creditors Secured Creditor Manufacturing 52

Debt RR

APRIL 22, 2021

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.

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Consumer Financial Services Law

JANUARY 31, 2020

The Facts As the Third Circuit explained, “the center of this bankruptcy appeal is “‘America’s first sports car’: The Chevrolet Corvette.” After repossession, Denby-Peterson filed an emergency Chapter 13 Bankruptcy petition in the Bankruptcy Court for the District of New Jersey. 542(a), but denied the request for sanctions.

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Hudson Weir

SEPTEMBER 11, 2023

Ultimately, under the terms of secured loans, lenders can recover debt by taking ownership of the company asset or assets in question, then selling them. Naturally, this could have significant implications for directors’ financial situation and in some cases, it leads to bankruptcy.

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ABI

JANUARY 16, 2020

American Bankruptcy Institute Law Review , Staff Member. Under section 363 of title 11 of the United States Code (the “Bankruptcy Code”), a trustee or debtor-in-possession may sell the debtor’s assets. xviii] The bankruptcy court’s holding is compatible with similar cases on collusive bidding. By: Ross Weiner. i] Wallach v.

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PBWT

AUGUST 29, 2021

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. 2] Immediately after confirmation of the plan, the pre-petition senior secured lender received $6 million out of a $13.5 the “Sponsor”). [2] from the $13.5

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CICM

JUNE 9, 2021

The priority of payments in a company insolvency determines where creditors rank in terms of likely return. Below is a non-exhaustive list of priority: Secured creditors – with a fixed charge. Preferential creditors – employees of the company owed arrears of wages and holiday pay. Unsecured creditors. 10 creditors.

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Debt RR

DECEMBER 13, 2019

Businesses that file for Chapter 11 bankruptcy have all of their affairs (debts, assets, or otherwise) reorganized by a judge. It’s a last-ditch effort to avoid a Chapter 7 liquidation bankruptcy. Retailers Gymboree, Charlotte Russe, Payless, Roberto Cavalli, and Diesel filed Chapter 7 bankruptcies in 2019. Secured Creditors.

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ABI

JANUARY 12, 2022

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] Tags: Bankruptcy Taxation John’s University School of Law.

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PBWT

FEBRUARY 7, 2021

A seat at the table: this is what you likely want when your financial interests are drawn into a bankruptcy court proceeding. This is especially true if you’re a creditor in a chapter 11 case. filed for bankruptcy under chapter 11, subchapter V of title 11 of the Bankruptcy Code. In re Fred Bressler , No.

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Burr Forman

JULY 24, 2020

James works in the Creditors’ Rights and Bankruptcy Group in the firm’s Birmingham office. James also sits on the firm’s diversity committee and is highly involved in the firm’s diversity initiatives.

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Collection Industry News

DECEMBER 21, 2020

proposed sweeping legislation that would overhaul consumer bankruptcy law. The proposed changes generally make it easier for consumers to access the bankruptcy system and discharge their debts. Below is a discussion of 10 critical changes proposed in the Consumer Bankruptcy Reform Act of 2020 (CBRA). and Jerrold Nadler (D-N.Y.),

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ABI

FEBRUARY 26, 2025

Johns University School of Law American Bankruptcy Institute Law Review Staff In In re Celsius Network LLC , the U.S. 1] Prior to the bankruptcy filing, approximately 600,000 Account Holders [2] joined Celsiuss optional crypto lending program (Earn Program), depositing their digital assets into the Earn Accounts. [3] 1] See 647 B.R.

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ABI

JANUARY 21, 2020

military salary, less a 7.65% adjustment for Social Security and Medicare and a 15% administrative adjustment. [2] military salary, less a 7.65% adjustment for Social Security and Medicare and a 15% administrative adjustment. [2] By: Carole Ann Liscio. John’s University School of Law. from the City and $153,581.10 from the military. [6]

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