Fraser

JUNE 25, 2020

Creditors of a bankrupt company must be aware of the various deadlines and procedures that govern the chapter 11 process in order to protect and enforce their rights. For creditors to maximize their recoveries, they must stay informed and take action during a bankruptcy proceeding. The Petition Date. Proof-of-Claim Bar Date.

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PBWT

MARCH 7, 2021

It is well known in the restructuring world that a debtor in bankruptcy can’t get a PPP loan. But what if you’re a debtor and decide a PPP loan could save your business? The issue arose recently where a chapter 11 debtor already had DIP financing in place. The debtor is an event design company.

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Debtor Bankruptcy Loans Unsecured Creditor 65

Troutman Sanders

NOVEMBER 8, 2023

Ultimately, the plaintiff filed for chapter 7 bankruptcy protection, listed the defendant as an unsecured creditor, and obtained a discharge of her debt. The defendant offered a “pause” program that allowed the plaintiff to suspend service for up to nine months at a cost of $5 per month, which the plaintiff accepted.

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Creditors Chapter 7 bankruptcy Unsecured Creditor Debt collector 52

Sawin & Shea

APRIL 10, 2024

Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy.

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PBWT

DECEMBER 13, 2020

Because it was solvent at confirmation, the debtor proposed to pay secured creditors in full, with interest at the contract rate, and general unsecured creditors in full, with postpetition interest at the “legal rate,” or a rate determined by the Court that leaves the creditors unimpaired. [1]

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ABI

JANUARY 22, 2023

the United States Court of Appeals for the Ninth Circuit held that solvent-debtors are required to pay unimpaired creditors their bargained for post-petition interest rate. [1] 7] Generally, under the Bankruptcy Code, once a debtor files for bankruptcy, an unsecured claim no longer accrues interest. [8]

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ABI

JANUARY 22, 2024

In a Chapter 12 bankruptcy, the debtor generally proposes a plan for repaying creditors from future earnings. [1] 1] Under a Chapter 12 plan, secured creditors will generally be paid in full, while unsecured creditors will often receive less than full payment. [2] 7] In Farm Credit Services of America v.

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Secured Creditor Creditors Bankruptcy Unsecured Creditor 40

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. Unsecured Creditors Committee et al. , The debtor and his two brothers-in-law served as co-trustees of both trusts. A recent 10 th Circuit decision shows why. ” Id.

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ABI

JANUARY 23, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff Section 365(a) of title 11 of the United States Code (the "Bankruptcy Code") allows a bankruptcy trustee to assume and assign an executory contract of the debtor. [1] at *8 (citing Unsecured Creditors’ Comm. 15] Svenhard’s appealed. [16]

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PBWT

OCTOBER 28, 2020

2] The Fifth Circuit also instructed Judge Isgur to determine whether the creditors were entitled to post-petition interest at the contractual default rates under the “solvent-debtor” exception. [3] The solvent-debtor exception entitles the Class 4 Claimants to post-petition interest. 16-32202, (Bankr. at 6, 14. [3]

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Debtor Bankruptcy Unsecured Creditor Creditors 52

Burr Forman

JANUARY 26, 2022

In addition, he serves as the Atlanta Office Managing Partner while practicing in the firm’s Creditors’ Rights and Bankruptcy and Lending Practice Groups. Hall was named in the Bankruptcy & Creditors’ Rights, including Litigation specialty. Golden was named in the Bankruptcy & Commercial Litigation specialty.

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Lawyers Bankruptcy Unsecured Creditor Creditors 52

UK debt collections

NOVEMBER 16, 2021

Administrators for a failed Private School in Derbyshire have revealed that they were owed £51,536 by debtors for unpaid school fees at the time of closure. The church run Ockbrook School owed creditors more than £2 million pounds when it was forced to closes its doors due to financial issues this summer. in the bank.

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Unsecured Creditor Creditors Debtor Banks 59

PBWT

MAY 22, 2022

Since companies facing bankruptcy usually try to keep an anticipated filing quiet in order to prevent creditors from taking adverse actions, customers may unexpectedly lose control over their crypto assets. Furthermore, a debtor may use or sell its property either in the ordinary course of business or with court authorization.

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Debt Free Colorado

JANUARY 27, 2022

They then exercise control over the merchandise sold to satisfy creditors. They will sell them and use the revenues to pay for the bankruptcy’s fees , charges, and expenditures before paying creditors. ” The Trustee has the authority to seize and liquidate non-exempt property to benefit creditors. .”

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Bankruptcy Chapter 7 bankruptcy Unsecured Creditor Debtor 75

ABI

JANUARY 12, 2022

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] i] The trustee or debtor in possession must cure any defaults to assume a contract or lease. [ii]

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Debtor Bankruptcy Unsecured Creditor Secured Creditor 40

PBWT

JANUARY 29, 2023

A big question in these cases is whether there will be any money to satisfy unsecured creditor claims. If there are funds to distribute, then the creditors’ claims will become more valuable, and the cases will become even more interesting. One way these debtors will bring value into their estates is through litigation.

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Foster Swift

JULY 8, 2020

A Chapter 13 bankruptcy plan requires a debtor to satisfy unsecured debts by paying all “projected disposable income” to unsecured creditors over a five-year period. In a recent case before the U.S. 1] Read More › Tags: 6th Circuit Court of Appeals , Chapter 13.

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Chapter 13 bankruptcy Unsecured Creditor Unsecured Debt Debtor 52

ABI

JANUARY 19, 2024

held that a secured creditor has the right to receive monetary payment for property sales based on its lien on “accounts.” The Bankruptcy Court further held the secured creditor's prepetition lien on accounts did not extend to proceeds from court-approved postpetition sale of real property. the “Debtor”) $1.5

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PBWT

JANUARY 30, 2023

The concept of “property of the estate” is important in bankruptcy because it determines what property can be used or distributed for the benefit of the debtor’s creditors. The Debtors filed for bankruptcy in July 2022, at which point there were approximately 60,000 such Earn Accounts. See 11 U.S.C. §

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FFGN COLLECT NY

SEPTEMBER 8, 2022

Let’s say your company has a corporate debtor that owes your company a sizable debt. You are concerned that the debtor is in poor financial condition, and that by the time a lawsuit commences and a judgment is obtained, the debtor will not have any assets available to satisfy the outstanding debt.

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PBWT

JULY 25, 2021

Some courts permit debtors to designate vendors crucial to their business as “critical vendors.” ” These vendors supply debtors with necessary goods or services. Debtors are permitted to pay them amounts owing when a bankruptcy case is filed. The debtors had prepetition contracts with the creditor defendants.

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Debtor Bankruptcy Unsecured Creditor Creditors 65

Taurus Collect

DECEMBER 29, 2022

Under the law, creditors cannot communicate with the debtor if they have filed for bankruptcy. Several times debtors’ obligations are way higher than their assets and resources. If that is the case, it becomes impossible for them to pay back all their creditors. Do the math.

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ABI

JANUARY 13, 2021

Under title 11 of the United States Code (the “Bankruptcy Code”), a trustee appointed to a debtor’s estate may avoid transfers made within two years before the date of the filing if the debtor received less than reasonably equivalent value in exchange. [i] vi] The Debtor made tuition payments totaling approximately $54,000.

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Debtor Bankruptcy Unsecured Creditor Healthcare 40

Jimerson Firm

FEBRUARY 11, 2022

When a property owner files for bankruptcy, a “Notice of Commencement of Case” will be sent to all creditors listed in the owner’s bankruptcy petition to let them know that the bankruptcy has been filed and to provide deadlines for key events in the bankruptcy. See 11 U.S.C. § See 11 U.S.C. In re Gencor Industries, Inc. ,

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Construction Bankruptcy Secured Creditor Debtor 98

Hudson Weir

APRIL 15, 2021

This may include stock, cash, raw materials, debtors, fixtures and fittings, vehicles or intellectual property. In the case of insolvency or liquidation, a floating charge would give the lender priority over unsecured creditors in the order of repayment. Fixed charge debenture.

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ABI

JANUARY 19, 2024

The United States Court of Appeals for the Second Circuit held that only a party to an assumed contract can assert a cure claim against the debtor in In re George Wash. 4] Under the Ground Lease, Debtor was responsible for hiring and paying contractors for developing the retail portion of the George Washington Bridge Bus Station. [5]

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Debtor Bankruptcy Unsecured Creditor Retail 40

Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. This plan states that you’re committed to paying back something to creditors in monthly installments, and you detail the minimum amount you’ll pay as well as the duration of the plan.

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PBWT

MARCH 2, 2021

” [1] Critically, the plan leaves all unsecured creditors unimpaired. There are only a handful of examples, and for many debtors it is not an option. We posit a few of those here: Broad Creditor Support. Leaving trade creditors unimpaired, while not legally required, is an essential pragmatic consideration.

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Sawin & Shea

SEPTEMBER 21, 2022

Additionally, if your Chapter 13 plan pays back all of your unsecured creditors, the court will likely not require you to make increased payments. Bankruptcy attorneys specialize in assisting debtors with their finances and the filing process. All you need to do is contact your bankruptcy trustee and inform them of the increase.

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Chapter 13 bankruptcy Bankruptcy Unsecured Creditor Lawyers 94

ABI

JANUARY 10, 2020

In In re Hamilton-Gaertner , a North Carolina Bankruptcy Court found that the debtor’s proposed Chapter 11 plan satisfied the good faith requirement of section 1129(a)(3) of the Bankruptcy Code, despite certain expenses typically indicative of bad faith. [1] 1] The debtor was a physician who earned approximately $400,000 per year. [2]

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Unsecured Creditor Debtor Bankruptcy Creditors 40

Sawin & Shea

JANUARY 12, 2022

Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. There are exemptions depending on the property and how essential it is, but anything considered nonexempt will likely be sold to help pay off your creditors. In Chapter 13 Bankruptcy: Chapter 13 bankruptcies work a little differently.

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Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Student loans 52

PBWT

AUGUST 29, 2021

1] In VeroBlue , the bankruptcy court entered an order confirming a plan that awarded control of the reorganized debtor to the majority equity holder, Alder Aqua, Ltd. Of the $12 million paid under the Plan to creditors [. the “Sponsor”). [2] the “Sponsor”). [2] Without the equitable mootness doctrine, [. ]

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Debtor Unsecured Creditor Creditors Secured Creditor 65

ABI

JANUARY 12, 2022

In In re Roman Catholic Church of Archdiocese of Santa Fe , the United States Bankruptcy Court for the District of New Mexico, held, in a matter of first impression, that bankruptcy courts have authority to confer derivative standing on creditors or committees to assert claims. [1] the only trustee. [3] the only trustee. [3] has allowed it.

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Debtor Bankruptcy Unsecured Creditor Creditors 40

PBWT

OCTOBER 20, 2020

In an important affirmation of the rights and duties of a creditors’ committee, Bankruptcy Judge David T. The debtor declined to pursue any claims to recover these transfers because it believes such claims have no merit. such limitations or conditions as the court prescribes, a debtor in possession shall have all the rights.

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Bankruptcy Debtor Unsecured Creditor Creditors 52

CICM

JULY 14, 2023

It can be in cases where you know the debtor has funds and the threat of insolvency is likely to make them respond. However, if the Statutory Demand does not prompt payment and you proceed to insolvency, you may not recover your full debt if you are an unsecured creditor.

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Sawin & Shea

NOVEMBER 1, 2023

Non-exempt items could be taken, liquidated, and the proceeds used to help pay your creditors something. Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors. However, each state has a statutory structure that determines what assets you can hold onto thoroug the bankruptcy process.

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UK debt collections

MAY 20, 2022

But five unsecured creditors – owed a total of £347,860 – are unlikely to see the return of any of their money. In an update, published last week, the liquidators said HM Revenue & Customs is owed £1,499,849 and that money will be available to pay some of this claim, with £275,000 having already been paid back.

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