PBWT

MAY 20, 2021

United States Bankruptcy Judge Harlin Hale recently dismissed the National Rifle Association’s Chapter 11 petition as not filed in good faith. On January 7, 2021, the NRA petitioned for Chapter 11 bankruptcy in the Northern District of Texas (the “Petition”). & Sea Girt LLC, Debtors. ,

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ABI

JANUARY 22, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff Section 1112 of title 11 of the United States Code (the "Bankruptcy Code") provides that upon request from a party in interest, a bankruptcy court may dismiss a chapter 11 case for "cause." [1] 20] [1] 11 U.S.C. New JJCI"). [5]

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PBWT

JUNE 22, 2021

1] The Bankruptcy Code generally excludes student loan debt from the general discharge individual debtors are entitled to receive upon the conclusion of their case. 11 U.S.C. § It requires courts to consider the “totality of the circumstances” in each individual debtor’s case. [4] § 523(a)(8).

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ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . In In re Marlena Joy Pizzo , the United States Bankruptcy Court for the District of South Carolina held that a debtor may voluntarily contribute to her retirement plan while paying creditors under a bankruptcy plan. [1] 6] The court referred to 11 U.S.C.

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Troutman Sanders

JANUARY 18, 2023

Throughout the latter half of 2022, filing for bankruptcy became a reality for many high-profile crypto firms. Indeed, in November 2021, the total cryptocurrency market capitalization reached an all-time high of approximately $3 trillion. That figure has decreased substantially, and today hovers around $850 billion — a 70% drawdown.

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ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . Section 523 of Title 11 of the United States Code (the “Bankruptcy Code”) generally provides that a student loan cannot be discharged unless it would impose “undue hardship” on the debtor. [1] 1] See 11 U.S.C. § 13-41680, 2021 WL 1732255, at *1 (Bankr.

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ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . In In re De Bauer , a bankruptcy court in Florida held that a debtor who was not a permanent resident of the United States was entitled to the Florida homestead exemption. [1] 9] Moreover, the Debtor’s daughter is married to a U.S. Jenna Kirkland.

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ABI

JANUARY 12, 2022

American Bankruptcy Institution Law Review Staff. . In general, a student loan may not be discharged under title 11 of the United States Code (the “Bankruptcy Code”) unless the debtor demonstrates “undue hardship.” [1] 4] Ultimately, the debtor accumulated $653,843.22 John’s University School of Law.

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Student loans Student Loans Debtor Loans 40

ABI

JANUARY 19, 2024

John's University School of Law American Bankruptcy Institute Law Review Staff Section 727(b) of title 11 of the United States Code (the “Bankruptcy Code”) provides that a Chapter 7 debtor’s bankruptcy discharge eliminates the debtor’s liability for “all debts that arose before the date of the order of relief.” [1]

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ABI

JANUARY 13, 2022

1] In In re Al Zawawi , a bankruptcy court in Florida held that a foreign debtor does not have to meet the US debtor-eligibility requirements for a foreign representative to obtain Chapter 15 recognition of a foreign proceeding. [2] 13].

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Debtor Bankruptcy Creditors 40

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Title 11 of the United States Code (the “Bankruptcy Code”) contains certain provisions addressing “single asset real estate” or “SARE.” [i] ii] Consequently, the designation of a debtor as a SARE may have significant ramifications in a case.

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ABI

JANUARY 12, 2022

American Bankruptcy Institute Law Review Staff. In In re Brinskele , a bankruptcy court in California held that a judgment lien against Edward A. 5] The Spouse quit-claimed his interest in certain real property in Marin County, valued at $1,595,000.00, to the Debtor on April 23, 2012. [6] John’s University School of Law.

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PBWT

OCTOBER 30, 2022

The ramifications of uneven increases to fees in chapter 11 bankruptcies continue to ripple through federal courts. Trustee fees chapter 11 debtors had to pay in virtually every district in the U.S. Trustee program, especially in large bankruptcy cases. Trustee program, especially in large bankruptcy cases.

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Bankruptcy Debtor Government Judgment 65

ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . In Moyal v. 2] After the action was removed to SDNY, MGKG filed for bankruptcy in Germany. [3] 15] Rather, the court indicated that a showing that Germany’s bankruptcy laws and policy aligned with that of America was sufficient to warrant granting comity. [16].

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ABI

JANUARY 12, 2022

American Bankruptcy Institute Law Review Staff. . Subject to court approval, a trustee or debtor in possession may assume or reject an executory contract or unexpired lease of a debtor under section 365 of title 11 of the United States Code (the “Bankruptcy Code”). [i] John’s University School of Law.

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Debtor Bankruptcy Unsecured Creditor Secured Creditor 40

ABI

JANUARY 28, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff One of the requirements a debtor must meet in order to be eligible for Subchapter V of Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) is that it must be "engaged in commercial or business activities." [1]

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Public Citizen

JULY 20, 2021

As you may know, most student loans are notoriously difficult to discharge in bankruptcy. Homaidan (CA2 July 15, 2021). In that decision , the Second Circuit has joined the Fifth and Tenth Circuits and held that private student loans are dischargeable in bankruptcy. " See 11 U.S.C. § 523(a)(8)(A)(i).

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Student loans Student Loans Bankruptcy Loans 53

PBWT

NOVEMBER 10, 2021

The debtors had paid the law firm $90,000 in the 90 days before the chapter 11 filing. The firm moved to dismiss, alleging the complaint failed to state a claim upon which relief could be granted under Federal Rules of Bankruptcy Procedure 7008 and 7012. .’” 2021 Bankr. 11 U.S.C. § ” Id.

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Bankruptcy Law Firms Debtor Construction 52

ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . The Bankruptcy Court for the Western District of North Carolina, in In re Dockins , held that the funds from a 401(k) retirement account that was inherited by a debtor before she filed for bankruptcy was not property of the bankruptcy estate. [1]

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PBWT

APRIL 6, 2021

It is well-settled that if you are a debtor in chapter 11, you do not have the unfettered right to convert the case to a chapter 7 liquidation. 20-33, 2021 WL 941435 (B.A.P. The debtor and his two brothers-in-law served as co-trustees of both trusts. A recent 10 th Circuit decision shows why. Thuma of the U.S. 365 (2007).

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ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . In In re McPherson , a Maryland bankruptcy court held that when a prepetition contract contains an arbitration clause, the bankruptcy court must defer to the arbitration as to the prepetition noncore claims. [1] John’s University School of Law.

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PBWT

FEBRUARY 7, 2021

A seat at the table: this is what you likely want when your financial interests are drawn into a bankruptcy court proceeding. This is especially true if you’re a creditor in a chapter 11 case. Debtor Fred Jay Bressler, M.D. filed for bankruptcy under chapter 11, subchapter V of title 11 of the Bankruptcy Code.

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Creditors Bankruptcy Unsecured Creditor Unsecured Debt 73

PBWT

AUGUST 29, 2022

A bankruptcy court ruled that a creditor didn’t need to seek derivative standing to sue a liquidating trustee. The creditor, himself a trustee of the debtor’s employee stock-option plan, had standing to sue without prior court permission because his suit wasn’t brought on behalf of the bankruptcy estate.

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PBWT

MARCH 3, 2022

uniform Laws on the subject of Bankruptcies throughout the United States.” ” While Congress has general authority to establish a bankruptcy system, bankruptcy laws must be “uniform.” ” But not every aspect of the bankruptcy system is the same across every judicial district. In Siegel v.

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Bankruptcy Debtor Creditors 65

ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . The Small Business Reorganization Act of 2019 (“SBRA”) created a new subchapter V of chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”). [1] 2] Under Subchapter V, an individual may be a debtor if they are a “person” with less than $7.5

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PBWT

MAY 4, 2021

Debtors who ignore instructions from the Bankruptcy Court do so at their own peril, as a recent case from the First Circuit Court of Appeals illustrates. ” [1] Otherwise, debtors risk dismissal of their petition and denial of a discharge.

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PBWT

MARCH 28, 2022

As a result of Purdue Pharma’s proposed plan of reorganization, and the ongoing opioid epidemic that continues to grip the nation, the debate over non-consensual third-party releases has gone mainstream despite being a popular tool for debtors for decades. See 11 U.S.C. § Nonetheless, on December 16, 2021, the U.S.

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Debtor Bankruptcy Manufacturing Retail 65

Burr Forman

JULY 2, 2021

7, July 2021. On April 9, 2021, he proposed allocating $14 billion toward initiatives to fight climate change, including large cash injections for environmental regulation and science research. The post Toxins-Are-Us: Bankruptcy Treatment of Environmental Liabilities appeared first on Burr & Forman.

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PBWT

OCTOBER 27, 2021

In many chapter 11 cases, creditors’ committees can play a vital role in maximizing the recoveries of unsecured creditors. But the powers of creditors’ committees are circumscribed by both the Bankruptcy Code and case law. 21-00833-5-JNC, 2021 WL 4695327 (Bankr. Bankruptcy Judge Joseph N. ’" Id.

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Creditors Debtor Collateral Unsecured Creditor 59

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff Endo Pharmaceuticals (“Endo”) develops, manufactures, markets, and distributes prescription pharmaceutical products. 11] If the automatic stay applied, it would prevent the D.C. 11] If the automatic stay applied, it would prevent the D.C.

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Collection Industry News

SEPTEMBER 29, 2020

Just in Time: New Bankruptcy Relief for Small Businesses. A unique opportunity for Chapter 11 restructuring of small businesses with up to $7.5 million of third-party debt is set to expire early 2021. million) to take advantage of a new way to restructure under chapter 11 of the Bankruptcy Code. By Jerrold L.

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PBWT

NOVEMBER 28, 2021

Bankruptcy Court for the District of Delaware, Woods and Wu fraudulently obtained a Paycheck Protection Program (“PPP”) loan on behalf of Urban Commons Queensway, LLC, which indirectly operates the Queen Mary, a cruise ship turned hotel docked near Long Beach, CA. Debtors. .” “Messrs. ” EHT US1, Inc.,

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PBWT

DECEMBER 19, 2021

In re U-Haul, 21-bk-20140, 2021 Bankr LEXIS 3373 (Bankr. 10, 2021 ). The debtor is a well-known truck rental company. Years before the debtor filed for bankruptcy, a class action lawsuit was filed against it. In June 2021, the debtor filed for chapter 11. MW2] The bankruptcy court disagreed.

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PBWT

MARCH 2, 2021

. – a North Carolina-based department store chain – and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code. Less than 24 hours later, Bankruptcy Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas entered an order confirming Belk’s Chapter 11 plan.

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PBWT

FEBRUARY 1, 2021

Bankruptcy Judge Karen B. Ruling on plaintiff-debtor Southland Royalty Company LLC’s motion for partial summary judgment, Judge Owens found that Halliburton did not obtain a lien on Southland’s production of oil, natural gas, or their proceeds. 21, 2021, Bankr. Perfect your liens on time or you may lose them.

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PBWT

OCTOBER 19, 2021

Bankruptcy Judge Craig A. Gargotta rejected a debtor’s attempt to use “CARES Act” funds, which it did not actually qualify for, to pay creditors in its chapter 11 case. ” [1] In March of 2020, the Debtor filed for chapter 11.

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Consumer Financial Services Law

JULY 21, 2021

Bankruptcy Court for the Eastern District of North Carolina. The bankruptcy court order held mortgage servicer Newrez, LLC (“Newrez”) and the holder of the mortgage note at issue in civil contempt for failing to abide by the terms of the individual debtors’ confirmed chapter 11 plan (the “Plan”). July 6, 2021).

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