Analysis - Strategy - Results

News Releases

The Administrative Office of the United States Courts (AOC) has issued several helpful videos about the basics of bankruptcy. To watch, please visit their website at: Here

Employees of DelCotto Law Group PLLC will be participating in the 2013 Central Kentucky Heart Walk to benefit the American Heart Association on Saturday, May 18, 2013. The 3 mile walk will be held at Keeneland Race Track. For more information or to join the DLG Team, please visit our team page at: Here

Associate Kent Barber was recently elected President of the Bankruptcy Section of the Fayette County Bar Association (FCBA). For more information about the FCBA, please visit their website: Here

Laura Day DelCotto spoke to the Glasgow Rotary Club on January 10, 2013. Information about her presentation can be found in the following Glasgow Daily Times article. [Read Article]

Attorneys Michael Gartland and Wes Harned co-wrote an article entitled Overview of §3545: The Family Farmer Bankruptcy Tax Clarification Act of 2012 which was recently published in the American Bankruptcy Institutes’ 2012 Legislation Committee Newsletter. [[Read Article]]

Attorney Laura Day DelCotto was named the Greater Lexington Paralegal Association’s 2012 Most Supportive Attorney. For more information, visit the GLPA’s website or contact Laura Day.

PAST NEWS RELEASES CLICK HERE TO VIEW

Chapter 11

When a client is facing possible bankruptcy or other financial crisis, DelCotto Law Group can present them with the available options in a seemingly bleak situation. The sooner legal aid is sought, the more options may still be available. Also known as reorganization, Chapter 11 bankruptcy allows time to repay debts and propose a repayment plan to creditors. Chapter 11 reorganization is the most complex of all bankruptcy cases and generally the most expensive. It should be considered only after careful analysis and exploration of all other alternatives. DelCotto Law Group prides itself on thinking through to the desired exit strategy before starting down the Chapter 11 path. The firm represents all of the constituencies in normal chapter 11 proceedings:

  • Debtors in possession
  • Creditors and equity holders
  • Creditor committees
  • Asset purchasers
  • Bankruptcy trustees/examiners

The key to a successful Chapter 11 bankruptcy case for debtors is as much forward- thinking and planning as is possible under the circumstances. The sooner a business or individual in financial distress seeks advice, both financial and legal, the more options will be able to be assessed as possible viable alternatives. For a business, a chapter 11 filing may be an attempt to stay in business while the bankruptcy court supervises the reorganization of the company's contractual and debt obligations. For individuals whose debt limits exceed those permitted to file a Chapter 13, Chapter 11 is a viable option. The court can grant complete or partial relief from a significant portion of the company's debts and its contracts, so that the company can make a fresh start. DelCotto Law Group is experienced in jumping into situations quickly, and is intentionally set up to remain free of potentially disqualifying conflicts of interest that can slow down or limit the process. Large firms who represent numerous bank clients often have potential conflicts of interest or can only obtain limited waivers which might restrict how aggressive they can be with an existing bank client. DelCotto Law Group is not a full- service firm, and normally can determine any possible conflicts on a very short time frame.

Chapter 11 Creditors and Equity holders

DelCotto Law Group represents creditors in Chapter 11 seeking recovery on their claims or involved in litigation in the bankruptcy forum. The Firm helps creditors regain collateral or property from the estate and assure that creditor’s claims are honored, and helps equity holders maximize their recoveries and understand their rights and obligations. DLG’s creditor representations include the following types of creditors:

  • Employees
  • Creditors (mostly non- traditional, non- bank lenders)
  • Equipment lessors
  • Mineral lessors
  • Vehicle lessors
  • Shareholders and LLC members
  • Directors and Officers

Chapter 11 Creditor Committees

DelCotto Law Group represents court-appointed creditor committees to maximize value and recovery of claims. The Firm streamlines the process to identify available assets and strategies to maximize the creditor recovery in a cost-efficient manner. Representing an unsecured creditors’ committee is a somewhat delicate balancing act of attempting to get some recovery for unsecured creditors without unnecessarily running up professional costs. DLG has experience in how to best handle committee engagements.

Chapter 11 Asset Purchasers

DLG also represents those interested in purchasing assets from bankruptcy estates. DelCotto Law Group’s attorneys lead buyers of assets through the complicated 363 sale process of court approvals and assist in structuring transactions to avoid post-bankruptcy/post-purchase liabilities.

Chapter 11 Bankruptcy Trustees/Examiners

Bankruptcy trustees or examiners can be appointed to evaluate the options of reorganization or liquidation in Chapter 11. Trustee services include recovering assets of bankruptcy estates and pursuing litigation such as traditional avoidance actions as well as complex litigation to recover for wrongdoing by former parties in interest such as directors and officers and other professionals. The lawyers of DelCotto Law Group work with trustees and examiners to assist them in satisfying their duties in the case and to maximize recoveries for the constituents.

DelCotto Law Group will always explore and assess all available courses of action and remedies to discern the best course for each client, whether debtor or other interested constituent in the process.

Articles of Interest

Image: Lexis Nexis

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PROVIDING LEGAL SERVICES FOR BUSINESSES AND INDIVIDUALS ALL ACROSS THE BLUEGRASS. Bankruptcy and debt relief services provided throughout Kentucky, including Bourbon, Boyle, Clark, Fayette, Franklin, Garrard, Harrison, Jessamine, Laurel, Lincoln, Madison, McCreary, Mercer, Pulaski, Rockcastle, Scott, Shelby, Wayne Whitley and Woodford Counties, as well as Cynthiana, Danville, Frankfort, Georgetown, Harrodsburg, Lancaster, Lawrenceburg, London, Monticello, Mount Vernon, Nicholasville, Paris, Richmond, Shelbyville, Somerset, Stanford, Versailles, Williamsburg, Winchester and Whitley City.
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