By: Laura Day DelCotto As we all know by now, the “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) includes some bankruptcy-specific provisions. These provisions provide enhanced relief for individuals and businesses negatively impacted by the coronavirus pandemic and shutdowns. Of great importance to small businesses, the CARES Act amended
By: Laura Day DelCotto Clients who are considering whether to file for bankruptcy usually leave our office with their “homework.” We know that they grumble under their breath about the magnitude of work involved in locating the most accurate information that is available. A recent case serves as an important reminder
Saving Money for Small Businesses By: Laura Day DelCotto The Small Business Reorganization Act (also commonly known as the “SBRA”) came at the exact right time. With everything else that has gone wrong in 2020, this is hopefully something that went right. Time will tell as the bankruptcy courts across
By: Jamie L. Harris The coronavirus pandemic has caused widespread financial distress in the United States and across the world. Many Americans became unemployed due to the business shutdowns associated with the pandemic and small businesses faced dwindling operations and significant profit loss. Many individuals and businesses have felt that bankruptcy
Chapter 9 Bankruptcy on the Radar By: Laura Day DelCotto Chapter 9 bankruptcy for municipal entities is coming to the forefront. All public officials need to be educated and informed to fulfill their duties as fiduciaries. This is necessary for the public interests of the constituency they serve. Bond debt
By: Dean A. Langdon Chapter 13 bankruptcy offers individuals the ability to avoid a foreclosure or pay debts that are not discharged. This is accomplished by turning over their disposable income to a trustee for a period of 3 to 5 years, who then pays creditors. Debtors are expected to
By: Laura Day DelCotto We write often about one of the oldest sayings in the financial restructuring business: “Cash is King.” Without liquidity, all bets are off as to what viable options may exist for going forward. Yet in the cannabis industry, there is a different cash problem: too much
The Rarely Used Chapter 9 is Reviewed during Pandemic By: Laura Day DelCotto Mitch McConnell has received much press over a comment he knows to be impossible. States lack the ability to file bankruptcy under the Bankruptcy Code absent a Congressional amendment. However, in Kentucky, every other type of local
By: Dean A. Langdon Carl Coslow guaranteed a $4.5 million debt to a bank for a company he owned. The company struggled, and in November 2014 it sold a division on installment terms, with payments being made over several years. Those payments were assigned to the bank. The bank agreed
By: Jamie L. Harris With so many Americans facing unemployment and furloughs, personal bankruptcy for many of those individuals may be inevitable. Individuals who have never had financial issues may find themselves forced into bankruptcy. First, bankruptcy courts are currently open. Hearings are currently being held via teleconference through May here in
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