Business

Chapter 11 Bankruptcy: An Option for Individuals

By: Laura Day DelCotto The vast majority of Chapter 11 bankruptcy filings are by businesses:  LLCs, closely held corporations, and large public company filings.  We read about them almost daily in the news.  This is how we have come to mostly think about Chapter 11 in the US: a large

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The Fiscal Health of Healthcare Providers

By: Laura Day DelCotto The American Hospital Association recently reported some statistics that we observe in our practice here in Kentucky.  Nationwide, hospitals have been closing at the rate of about 30 per year.  Bankruptcy tracking statistics mirror the AHA report.  Twenty one hospitals or other health care facilities filed

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Is Chapter 7 Bankruptcy An Option For My Company?

By: Jamie Harris For many small business owners of distressed companies, Chapter 7 bankruptcy may provide some necessary relief.  In evaluating whether your company could benefit from Chapter 7, the first issue is whether you want to continue to operate your business.  Chapter 7 is a liquidating bankruptcy where the

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Payroll Tax Liability of Business Owners

By: Dean Langdon As a business owner, you probably know you can be personally liable if federal employment taxes aren’t paid. But just being a business owner doesn’t mean you are automatically responsible.  For federal withholding taxes you must be a person who is required to remit the taxes and

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Sixth Circuit BAP on Chapter 12

By: Dean Langdon Farming is tough, and family farmers are dealing with several years of low prices and weather-related issues. As we head into planting season, family farmers should be aware that Chapter 12 may help them reorganize and have a brighter future. On March 13th, the Bankruptcy Appellate Panel

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Personal Finance 101: The New Hip Employee Benefit

By: Laura Day DelCotto This is one of the best ideas I have seen in quite some time, so I want to share.  Here’s hoping more employers will find their own creative ways to jump on the bandwagon, and more employees will brainstorm some similar concepts and ask for corporate

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Second Municipal Bankruptcy of 2018: How Many More to Come

By: Laura Day DelCotto Chapter 9 municipal bankruptcies remain rare in comparison to all other types of bankruptcy filings. There are still less than 500 total cases nationwide since the 1930s when chapter 9 was enacted. While public finance and the municipal bond market seem to remain stable, it’s interesting

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Fiscal Distress in Kentucky Counties: What’s Next?

Laura Day DelCotto ©2017 The 2016 US Census Report was sourced in the recent Lexington Herald- Leader article, reporting that Kentucky has the distinction of containing about 30% of the Top 30 poorest counties in the United States.   This really shouldn’t come as any surprise to anyone who keeps up

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Legal Claims as Assets in Chapter 11

By: Dean Langdon It’s not unusual for a company in financial distress to be involved in some sort of litigation, with claims being asserted back and forth between one or more parties. One of the benefits of filing bankruptcy is the automatic stay, which stops prosecution of most legal actions

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Healthcare Bankruptcies More Than Triple in 2017

By: Laura Day DelCotto Becker’s Hospital Review quoted the November 28, 2017 Bloomberg article indicating that hospitals, specialty medical providers, and other healthcare-related companies are experiencing increased financial distress for a number of reasons.   Ongoing and constant regulatory changes are challenging to deal with on an operating level, especially for

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