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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....
Buying a franchise may be an effective way to become a successful business owner. However, if you file for bankruptcy in Kentucky, there is a chance that you will lose your franchise during or after the case has been discharged. Let's take a deeper dive into what...
In 2021, Gartland Thacker DelCotto 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...
The widespread collapse of businesses could happen when economic times take a terrible downturn. The Great Depression saw many businesses close their doors, and don't assume a similar economic catastrophe becomes necessary to see entrepreneurs rush to file bankruptcy...
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 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...
Many small businesses in Kentucky and throughout the country have had a difficult couple of years. If your business took on more debt than it could afford, you may be considering filing for business bankruptcy. One option your company might have is a Chapter 11...
