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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...
attorneys and staff know the importance of giving back to their community. Here’s an example of how they do that: In the middle of July, there is a world-class car show at Keeneland – the Keeneland Concours d’Elegance....
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...
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...
