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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...
By: Laura Day DelCotto Issues with life insurance are a bit murky in bankruptcy filings. It is important to understand the nature of the debtor’s interest, vs other parties’ interests. Who is the owner of the policy? Who are the beneficiaries of the policy? Is there...
Valuations in Distress By: Laura Day DelCotto I wish a “freefall” chapter 11 bankruptcy was as awesome as when Jerry Maguire is driving through the Texas countryside after his handshake deal landing Cush. (Handshake deals are a whole ‘nother issue entirely!) ...
By: Dean A. Langdon When a small business falls on hard times, the owners often look for ways to start over. While no one can take away the entrepreneur’s business acumen, when creditors take back equipment, machinery, facilities or receivables, keeping a business...
CARES ACT Critical Deadline for Small Business Extended On March 26, 2020, Congress passed bipartisan legislation to extend various Covid-19 bankruptcy relief provisions included in the March 2020 CARES Act. The legislation was designed to extend bankruptcy relief to...
Due to the Covid-19 pandemic, some people have erroneously believed that the court systems are completely closed and that you cannot currently file for bankruptcy. Contrary to this misconception, bankruptcy courts are open in Kentucky but court hearings are being held...
At Least One Reason to Say No/Pay With Reservation By: Laura Day DelCotto We deal every day with borrowers who are behind in their monthly payments. Most often, we work with borrowers to attempt to restructure their payments. This would be done outside of any court...
Small Businesses will Benefit from the Chapter 11 Provisions Update 3/29/2021: This provision has been extended to June 2022. New legislation to extend an important provision to the CARES Act was just introduced. Should it be passed, the Subchapter V bankruptcy...
