By: Jamie L. Harris The coronavirus pandemic has caused widespread financial distress in the United States and across the world. Many Americans became unemployed due to the business shutdowns associated with the pandemic and small businesses faced dwindling operations and significant profit loss. Many individuals and businesses have felt that bankruptcy
Chapter 9 Bankruptcy on the Radar By: Laura Day DelCotto Chapter 9 bankruptcy for municipal entities is coming to the forefront. All public officials need to be educated and informed to fulfill their duties as fiduciaries. This is necessary for the public interests of the constituency they serve. Bond debt
By: Dean A. Langdon Chapter 13 bankruptcy offers individuals the ability to avoid a foreclosure or pay debts that are not discharged. This is accomplished by turning over their disposable income to a trustee for a period of 3 to 5 years, who then pays creditors. Debtors are expected to
The Rarely Used Chapter 9 is Reviewed during Pandemic By: Laura Day DelCotto Mitch McConnell has received much press over a comment he knows to be impossible. States lack the ability to file bankruptcy under the Bankruptcy Code absent a Congressional amendment. However, in Kentucky, every other type of local
By: Dean A. Langdon Carl Coslow guaranteed a $4.5 million debt to a bank for a company he owned. The company struggled, and in November 2014 it sold a division on installment terms, with payments being made over several years. Those payments were assigned to the bank. The bank agreed
By: Jamie L. Harris With so many Americans facing unemployment and furloughs, personal bankruptcy for many of those individuals may be inevitable. Individuals who have never had financial issues may find themselves forced into bankruptcy. First, bankruptcy courts are currently open. Hearings are currently being held via teleconference through May here in
No Breaching the Peace By: Laura Day DelCotto I’ve been around a long time and remember some great stories from my baby lawyer days about car, boat and equipment repossessions gone awry…. I thought this was pretty cut and dry, but everything old is new again, and that includes how
By: Laura Day DelCotto Bankruptcy Judge Robert Grossman in the Eastern District of New York recently issued one of the first substantive court decisions. This decision was regarding the new Small Business Reorganization Act. This is commonly called the “SBRA”, which became effective on February 19, 2020. The SBRA is
Debtors Can Elect to Use the SBRA Provisions Even if the Case Was Pending Before Effective Date By: Dean A. Langdon On February 19, 2020 the Small Business Reorganization Act (SBRA) became effective, providing a streamlined, simpler Chapter 11 bankruptcy process for companies or individuals who have less than $2,726,625
In Re Donnadio By: Dean A. Langdon The key focus in a Chapter 13 bankruptcy is the plan, because it determines how creditors will be treated during the case. Historically, each bankruptcy district had its own version of a plan, and provisions for treatment of creditors varied from district to
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