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.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

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] 8] The Pension Fund declared a default under the agreement on December 13, 2019. [9]

Unsecured Creditor 40

Unsecured Creditor Bankruptcy Debtor Creditors 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.

Bankruptcy 65

Bankruptcy Debtor Creditors Unsecured Creditor 65

PBWT

OCTOBER 28, 2020

But this left open the question of whether make-whole claims are subject to disallowance by the Bankruptcy Code, and thus whether non-payment would constitute impairment under the rationale of Ultra II. The exception is rooted in the principle that the solvent debtor must pay its creditors in full before the debtor may recover a surplus.

Debtor 52

Debtor Bankruptcy Unsecured Creditor Creditors 52

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff An unpaid secured lender with a prepetition mortgage does not have a right to receive payment of proceeds from a postpetition sale of real property. the “Debtor”) $1.5 2] In 2022, the Debtor commenced a chapter 11 bankruptcy case. [3]

Secured Creditor 40

Secured Creditor Bankruptcy Debtor Collateral 40

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.

Bankruptcy 109

Bankruptcy Debtor Creditors Unsecured Creditor 109

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.

Debtor 65

Debtor Bankruptcy Unsecured Creditor Creditors 65

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. .”

Bankruptcy 75

Bankruptcy Chapter 7 bankruptcy Unsecured Creditor Debtor 75

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.

Debtor 40

Debtor Bankruptcy Unsecured Creditor Healthcare 40

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]

Debtor 40

Debtor Bankruptcy Unsecured Creditor Secured Creditor 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. ,

Construction 98

Construction Bankruptcy Secured Creditor Debtor 98

Sawin & Shea

SEPTEMBER 21, 2022

One common question that filers have regarding the Chapter 13 process involves income increases and whether they affect payment plans. Additionally, if your Chapter 13 plan pays back all of your unsecured creditors, the court will likely not require you to make increased payments. Can I Keep the Money From My Side Hustle?

Chapter 13 bankruptcy 94

Chapter 13 bankruptcy Bankruptcy Unsecured Creditor Lawyers 94

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]

Debtor 40

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.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Sawin & Shea

NOVEMBER 1, 2023

Non-exempt items could be taken, liquidated, and the proceeds used to help pay your creditors something. Chapter 13 Medical Debts & Bankruptcy Chapter 13 bankruptcies work by setting up a three- to five-year payment plan so you can make more affordable payments based on what the law says you have to pay under a couple of tests.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

CICM

JULY 14, 2023

Have you issued a letter before action and provide a deadline for payment? It can be in cases where you know the debtor has funds and the threat of insolvency is likely to make them respond. This blog can better inform you on the legal processes involved and things to consider before you take legal action on collecting payments.

Unsecured Creditor 52

Unsecured Creditor Credit Management Collection Agencies Collections Agency 52

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.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Student loans 52

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]

Unsecured Creditor 40

Unsecured Creditor Debtor Bankruptcy Creditors 40

Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. Which creditors can they pay? Which ones will not get the payment they’re owed? Under ordinary business terms, that’s sensible.

Bankruptcy 52

Bankruptcy Unsecured Creditor Debtor Creditors 52

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.

Bankruptcy 52

Bankruptcy Debtor Unsecured Creditor Creditors 52

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.

Unsecured Creditor 59

Unsecured Creditor Debt Recovery Creditors Retail 59

UK debt collections

JUNE 30, 2022

The score combines the expert judgment of Allianz Trade’s Collection specialists worldwide and over 40 administrative indicators relating to: (i) local payment practices ; (ii) local court proceedings and (iii) local insolvency proceedings.

Debt Recovery 83

Debt Recovery Trade Unsecured Creditor Collections 83

Hudson Weir

MAY 13, 2021

From intellectual property and copyright, to factored debts and mortgage payments, fixed charges can represent a broad range of tangibles and intangibles. The charges cover assets such as stock, moveable machinery, and debtors. Insolvency proceedings follow a set pattern, determining the order in which creditors are reimbursed.

Unsecured Creditor 52

Unsecured Creditor Lender Creditors Banks 52

PBWT

SEPTEMBER 1, 2020

1] Though limited to an explication of Section 1129(b)(1)’s prohibition on unfair discrimination against a class of dissenting creditors, Judge Ambro’s “rough justice” remark will echo in all areas of bankruptcy law among practitioners who prioritize pragmatism over perfectionism. should benefit from. subordination.”

Bankruptcy 65

Bankruptcy Creditors Unsecured Creditor Trade 65

BN Lawyers

MARCH 23, 2020

Work with Creditors. Most creditors (lenders, suppliers, employees) will be aware of the distress facing the entire service industry. Many creditors will be willing to work with businesses. Creditors face their own pressures. To the extent possible, payments to creditors should be delayed while negotiations are ongoing.

Bankruptcy 67

Bankruptcy Creditors Lender Lawyers 67

Debt RR

DECEMBER 13, 2019

Debts can quickly cripple a business, and negotiating more favorable terms with creditors is usually the best way out. Many businesses are both debtors and creditors. Creditors can cut their losses, and everyone can come to an agreement on how to move forward with a deal that benefits everyone involved.

Chapter 7 bankruptcy 43

Chapter 7 bankruptcy Bankruptcy Creditors Retail 43

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. Taurus Collections (UK) Ltd.

Bankruptcy 52

Bankruptcy Unsecured Creditor Creditors Debtor 52

Debt Free Colorado

DECEMBER 9, 2021

Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 and Chapter 7. Creditors are prohibited from contacting you after your petition is filed. Your budget determines your monthly payment. Chapter 7 bankruptcy is appropriate for unsecured debtors.

Chapter 13 bankruptcy 75

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75