When a debtor files bankruptcy under Chapter 11, the bankruptcy court does not automatically appoint a trustee.
Unlike Chapter 7, where the court appoints a trustee to investigate the debtor's assets, liquidate assets, and...more
9/18/2020
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Debtors-in-Possession ,
Liquidation ,
Perjury ,
Reorganizations ,
Trustees
We have previously informed you that if you are a small business that needed to file bankruptcy to save your company, then you may be able to take advantage of Subchapter V of Chapter 11 of the Bankruptcy Code.
The new...more
It is a cardinal sin to attempt to collect a debt or repossess collateral after a borrower files bankruptcy.
Bankruptcy triggers the automatic stay – a command, not a suggestion, that collection activity ceases. This is a...more
8/18/2020
/ Adjournment ,
Attorney's Fees ,
Automatic Stay ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 7 ,
Commercial Bankruptcy ,
Creditors ,
Criminal Prosecution ,
Embezzlement ,
Popular
We previously informed you that if you are a small business that needed to file bankruptcy to save your company, you may be able to take advantage of Subchapter V of Chapter 11 of the Bankruptcy Code.
Subchapter V was part...more
Many businesses in bankruptcy or heading that way – particularly retail establishments – face an uncertain future as states and cities move from closures to phased re-openings.
No one knows with certainty when the economy...more
We previously informed you that if you are a small business that needed to file bankruptcy to save your company, then you may be able to take advantage of Subchapter V of Chapter 11 of the Bankruptcy Code....more
We previously informed you that if you are a small business that needed to file bankruptcy to save your company, you may be able to take advantage of Subchapter V of Chapter 11 of the Bankruptcy Code. Subchapter V was part of...more
Under the Bankruptcy Code, filing a bankruptcy petition automatically halts efforts to collect pre-petition debts from the debtor outside of bankruptcy.
This is the "automatic stay," and it is a command, not a suggestion....more
1/21/2020
/ Appeals ,
Automatic Stay ,
Bankruptcy Court ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Dismissals ,
Federal Rules of Bankruptcy Procedure ,
Motion for Relief from Automatic Stay ,
Reaffirmation ,
Right To Appeal ,
Ritzen Group Inc v Jackson Masonry LLC ,
SCOTUS ,
Time-Barred Claims
Bankruptcy court is not the first place that comes to mind when a lender thinks about full recovery on a loan.
Usually, debtors file bankruptcy because they can't pay all their creditors in the ordinary course of business....more
Suppose you own farmland or retail commercial space and you lease your property.
What happens to your lease if the lessee files bankruptcy? And what must be done if your lessee wants to continue to honor your lease...more
8/5/2019
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Commercial Leases ,
Commercial Tenants ,
Eviction ,
Landlords ,
Motion for Relief from Automatic Stay ,
Property Surrender ,
Sale of Assets ,
Section 365 ,
Tenants
Since 2012, ten states and the District of Columbia have legalized marijuana for adult recreational use.
Another 23 states have legalized some form of medical marijuana use. At the federal level, the Agriculture...more
Recently, we discussed In re CHL, a case involving a real estate developer in Chapter 11.
We focused on the importance of the Disclosure Statement as a prerequisite to a debtor's ability to move forward with a plan of...more
In my last article, I discussed how the Fourth Circuit Court of Appeals affirmed the denial of a Chapter 7 debtor’s discharge because the debtor intentionally lowballed the value of his interest in a real estate investment...more
7/6/2018
/ Adversary Proceedings ,
Appeals ,
Bankruptcy Code ,
Business Assets ,
Chapter 7 ,
Commercial Bankruptcy ,
Congressional Intent ,
Debtors ,
Dischargeable Debts ,
False Statements ,
Judgment Creditors ,
Lamar Archer & Cofrin LLP v Appling ,
Oral Communications ,
Reaffirmation ,
SCOTUS ,
Tax Returns
In an article last year, we informed you about a ruling from the United States Bankruptcy Court for the Eastern District of North Carolina, in In re Royal, holding that debtors seeking modification of a confirmed Chapter 13...more
The United States Supreme Court recently decided a case that impacts lenders and other creditors in Chapter 11 bankruptcy proceedings. The Supreme Court held that a bankruptcy court may not approve a “structured dismissal” of...more
4/10/2017
/ Absolute Priority Rule ,
Appeals ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Consent ,
Czyzewski v Jevic Holding Corp ,
Reversal ,
SCOTUS ,
Structured Dismissals ,
WARN Act
Recently, the North Carolina Court of Appeals, in the case of KB Aircraft Acquisition, LLC v. Berry, et al., clarified the time limit for bringing claims under the North Carolina Uniform Voidable Transactions Act (“UVTA”). ...more
The United States Supreme Court recently decided a case that will be a powerful tool for lenders dealing with borrowers who engage in schemes to avoid payment of their debts, such as an improper transfer of their assets...more