Debt

Options Besides Bankruptcy During Covid-19

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

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Money Crunch: Municipal Debt Coming Due

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

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Saving for Retirement in a Chapter 13 Bankruptcy

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

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States in Bankruptcy? Not So Much

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

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Personal Bankruptcy During the Covid-19 Pandemic

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

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Good Reminder About Repossessions:

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

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Small Business Reorganization Act: Let the Cases Begin

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

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Chapter 11 SBRA Provisions

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

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The National Chapter 13 Bankruptcy Plan Form

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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