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By: Laura Day DelCotto The primary goal of filing bankruptcy is commonly understood to be the receipt of a discharge of debt, and having a “fresh start” in life. There are probably thousands of cases that state this legal proposition, including Supreme Court cases...
Per Bankruptcy Code section 104, the dollar amounts in the Bankruptcy Code are adjusted every three years to account for inflation. The next increase will take effect April 1, 2022 and include increases for the debt limits to chapter 12 and chapter 13 bankruptcy...
By: Dean A. Langdon Thousands of households had the opportunity to get a break on their mortgage payments during the Covid-19 pandemic. Foreclosures on many residential mortgages were prohibited, which certainly helped avoid a homelessness crisis during the pandemic....
In 2021, DelCotto Law Group PLLC filed more chapter 11 bankruptcy cases in the Eastern District of Kentucky than any other firm. [1] Chapter 11 bankruptcy provides an opportunity for corporations to restructure their organizations through implementation of a repayment...
Chapter 13 bankruptcy permits individuals with regular income to file a three to five-year repayment plan to address their debts. There are several advantages to filing Chapter 13 bankruptcy as opposed to Chapter 7 bankruptcy. Here are (5) five primary reasons...
Bankruptcy Judge Charles R. Merrill issued an opinion[1] on January 10, 2022 that proceeds from the pre-petition sale of a homestead not being exempt under the federal exemption 11 U.S.C. §522(d)(1. This provides, in relevant part, for an exemption in “the debtor’s...
By: Dean A. Langdon DelCotto Law Group has many small business owners as clients. When a small business borrows funds, the lender often requires a personal guarantee from the business owners. A recurring issue is what happens to the guarantee if a business falters or...
By: Laura Day DelCotto In our many chapter 11 coal-industry cases over the years, the surety bonding company always plays a very major role in the case. The bonding company issues are detailed and fact-intensive, dealing with multiple bonds, bond collateral, permits,...
By: Laura Day DelCotto I don’t think I ever knew that there is an “American Gambling Association” but it does exist. The Association recently estimated that over 45 million Americans will be betting on NFL football games during the 2021 season. Much of this gambling...
If you have ever had a vehicle repossessed, you are probably aware that typically the lender sells the vehicle and will pursue you for any deficiency balance from the sale of the vehicle. For example, if you financed a vehicle for $25,000 and it sold for $15,000, then...
