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By: Jamie L. Harris If you or your company is facing a sizable lawsuit, then you may be considering various bankruptcy options. First, if a judgment has already been entered, you will need to decide if you plan on appealing the judgment or not. For many, an appeal...
If you are in a commercial partnership, there may come a time where bankruptcy is the only solution. There are several types of commercial bankruptcies that you can file depending on your situation. This blog post will give an overview of the best option for your...
By: Laura Day DelCotto Times have changed. In the past, troubled companies often had some limited unencumbered assets to pay unsecured creditors. “Unencumbered assets” means cash, litigation claims, tangible and intangible assets that did not have liens on them. Times...
By: Dean A. Langdon Chapter 13 bankruptcy (in or outside of Kentucky) is meant to offer debtors the opportunity to keep property they might lose in a Chapter 7 bankruptcy by paying their creditors over 3 to 5 years. The trade-off is turning over all “projected...
By: Laura Day DelCotto It is most commonly understood that “student loans are not dischargeable” when a debtor files bankruptcy such as chapter 7. This has been the general rule for quite some time. Trying to discharge a student loan obligation under the “undue...
Many Kentucky business owners make tough decisions that affect shareholders, operations, income statements and payroll. Recent worldwide events have adversely impacted small businesses and corporations in multiple industries. For instance, if a meatpacking plant...
By: Laura Day DelCotto I noticed this week that there were two recent senior living-related chapter 11 bankruptcy filings. One in New York and the other in Delaware. This could be one looming example of types of nation-wide fall outs from industry-wide COVID changes....
Bankruptcy in Lexington, Kentucky, isn't just for individuals to get relief from some debt. It also helps small business owners who struggle with debt by closing the business and paying off creditors. Small business owners can file the same bankruptcy as individual...
By: Dean Langdon Chapter 13 bankruptcy is often used by individuals to stop a foreclosure sale of their home and give them a chance to catch up the past due payments. Sometimes debtors abuse the bankruptcy process by filing Chapter 13 to stop a sale, then dismiss...
Before accepting a Lexington business' Chapter 11 bankruptcy filing, a bankruptcy court judge must be certain that the filing is made in good faith. The good-faith requirement is intended to prevent abuse of Chapter 11 bankruptcy by using it for other than its...
