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. § 11] See id at *1. [12] 14] See 11 U.S.C. §

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ABI

JANUARY 13, 2021

American Bankruptcy Institute Law Review Staff. . In March of 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in response to the Covid-19 pandemic. [i] xii] Pursuant to certain regulations, the Administrator excluded debtors in bankruptcy cases from the program.

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ABI

JANUARY 13, 2022

In In re Barnet , the United States Court of Appeals for the Second Circuit held that a foreign debtor must satisfy traditional debtor eligibility requirements for a debtor’s foreign proceeding to be recognized under Chapter 15 of Title 11 of the United States Code (the “Bankruptcy Code”). [1] 1] In re Al Zawawi, No.

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Debtor Bankruptcy Creditors 40

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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PBWT

OCTOBER 19, 2021

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. BR Healthcare Solutions (the “Debtor”) operated a nursing home under the name Karnes City Health & Rehabilitation Center near San Antonio.

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PBWT

JULY 23, 2020

Our February 26 post [1] reported on the first case dealing with the question whether a debtor in a pending Chapter 11 case may redesignate it as a case under Subchapter V, [2] the new subchapter of Chapter 11 adopted by the Small Business Reorganization Act of 2019 (“SBRA”), which became effective on February 19. [3]

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ABI

JANUARY 19, 2024

In evaluating the Texas Business & Commerce Code and title 11 of the United States Code (the “Bankruptcy Code”), the United States Bankruptcy Court for the Southern District of Texas, in In Re Burts Construction, Inc., the “Debtor”) $1.5 The loan was secured by a lien on “all assets of the debtor, including all accounts.” [1]

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PBWT

DECEMBER 13, 2020

Cuker Interactive, LLC filed a Chapter 11 bankruptcy petition on December 13, 2018, in the United States Bankruptcy Court for the Southern District of California. 2002), the Ninth Circuit held that the “interest at the legal rate” due to general unsecured creditors of a solvent chapter 11 debtor is the federal judgment rate. [6]

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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. The debtor had married into a family that owned real estate assets in New Mexico, Colorado and Arizona and lived off income from two spendthrift trusts formed by his late wife.

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PBWT

AUGUST 24, 2020

I don’t know if Congress foresaw, when it enacted new Subchapter V of Chapter 11 of the Code [1] in the Small Business Reorganization Act of 2019 (“SBRA”), that debtors in pending cases would seek to convert or redesignate their cases as Subchapter V cases when SBRA became effective on February 19, 2020, but it was foreseeable.

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PBWT

MARCH 3, 2022

For instance, while most judicial districts have United States Trustees, which are funded by a special fee charged to debtors, the judicial districts of Alabama and North Carolina instead have Bankruptcy Administrators, which are funded by general appropriations to the judiciary. Trustee program is funded by debtor-paid fees.

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ABI

JANUARY 22, 2023

2] On March 5, 2020, Art Van Furniture, LLC (“Art Van'') “publicly announced that it was liquidating and going out of business.” [3] 3] Subsequently, on March 8, 2020, Art Van filed its petition for relief under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) to implement a sale of the business.

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PBWT

AUGUST 18, 2020

Yet, as has been widely reported, debtors in chapter 11 cases are not allowed to receive PPP loans. [1] If enacted, bankruptcy judges could permit debtors to obtain PPP loans. These loans would be granted superpriority status, receiving the highest priority as administrative expense claims against a debtor's estate.

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Loans Debtor Bankruptcy Education 62

PBWT

APRIL 17, 2022

Equitable mootness is judge-made doctrine that arises during appeals of bankruptcy court orders, most often appeals of orders confirming chapter 11 plans. Plan proponents argue that reversal on appeal would wreak havoc on a debtor’s bargained-for reorganization. The debtor sought dismissal on the ground of equitable mootness.

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Burr Forman

DECEMBER 18, 2020

Restaurants were hit particularly hard by the COVID-19 pandemic in 2020 due to closures, restrictions on capacity and already-thin margins that precede the economic downturn. The CARES Act expanded the debt cap to $7,500,000.

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PBWT

MAY 14, 2020

9] Similarly in Deirdre Ventura , Bankruptcy Judge Robert Grossman found no statutory impediment to the debtor’s redesignating her case as a Subchapter V case. [10] 11] [1] [link] [2] In re Progressive Solutions, Inc. , 11] [1] [link] [2] In re Progressive Solutions, Inc. , 21, 2020). [3] March 5, 2020). [5]

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Debtor Bankruptcy 52

Fraser

JUNE 25, 2020

economy officially entered a recession in February, 2020, one month before COVID-19 shut down much of the economy. As chapter 11 bankruptcies continue to increase (many analysts are forecasting the “ wave ” of filings to grow), more businesses and individuals will be impacted by the fallout. The Petition Date.

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ABI

JANUARY 13, 2022

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] 1] Debtor Holly R. at *11–*12. [12] at *11–*12. [12] 17]. . . . [1]

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Bankruptcy Debtor 40

ABI

JANUARY 13, 2021

the “Debtor”) operated a motel until 2015, when it began to develop plans to demolish the property and build an upgraded motel. [2] 2] However, in 2016, the City of Dana Point alerted Debtor to several municipal violations. [3] 2] However, in 2016, the City of Dana Point alerted Debtor to several municipal violations. [3]

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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. , § 1112(b)(1).

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Fraser

JULY 21, 2020

What’s worse—and which often comes as a big surprise—is when a business gets sued by the debtor or bankruptcy trustee seeking to recover payments made by the debtor before the bankruptcy. The SBRA created a new “subchapter V” to Chapter 11 of the Bankruptcy Code , which provides small business debtors an easier path through bankruptcy.

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Creditors Bankruptcy Debtor Construction 56

ABI

JANUARY 12, 2022

Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” 7] The debtor disagreed and filed a cross motion for Summary Judgment. [8]. 1] In Hull v. State Higher Educ.

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Student loans Student Loans Loans Debtor 45

PBWT

JUNE 23, 2020

and most of its affiliates filed for bankruptcy on May 22, 2020. On June 11, citing volatile trading activity in its common stock, Hertz sought emergency approval from the Bankruptcy Court to sell up to $1 billion of authorized but unissued shares of its common stock pursuant to an existing shelf registration. [1] 20-11218 (Bankr.

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Debtor Bankruptcy Retail Trade 52

ABI

JANUARY 12, 2022

Section 524(g) of title 11 of the United States Code (the “Bankruptcy Code”) allows a debtor in a Chapter 11 case to establish a trust for the purpose of settling personal injury claims against the debtor based on exposure to asbestos-containing products. [1] 1] 11 U.S.C. § 13-31914, 2021 WL 4156247, at *11 (Bankr.

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PBWT

AUGUST 13, 2020

On Friday August 7th, the NAACP filed a motion to intervene in the chapter 11 bankruptcy cases of Purdue Pharma L.P. and its affiliated debtors (collectively, “ Debtors ”). [1] 11] And according to recent WSJ reporting, the DOJ is seeking as much as $18.1 August 7, 2020) (“ Motion ”). [2]

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PBWT

FEBRUARY 10, 2022

“[E]nsnared between his involvement in a business that is legal under the laws of Arizona but illegal under federal law,” one debtor’s chapter 13 petition was recently dismissed due to his undisputed violations of the Controlled Substances Act. Pursuant to 11 U.S.C. § ” The U.S. LEXIS 256 (D.

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Bankruptcy Manufacturing Debtor Retail 68

ABI

JANUARY 13, 2021

Under section 365(d)(3) of title 11 of the United States Code (the “Bankruptcy Code”), a trustee or debtor in possession must generally pay rent in accordance with the terms of an unexpired lease. ii] On February 17, 2020, debtor Pier 1 Imports, Inc. May 10, 2020). [ii] By: Matthew Kipnis. 196, 197 (Bankr.

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Bankruptcy Debtor Retail Creditors 45

ABI

JANUARY 12, 2022

1] In 2012, the Archdiocese of Santa Fe (“Debtor”) along with its 90 parishes began restructuring its assets after creating the Archdiocese of Santa Fe Real Estate Corporation (“RE Corp.”). [2] 2] Debtor then created a real estate trust and a financial assets trust, both effective January 1, 2013, and made RE Corp. the only trustee. [3]

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Debtor Bankruptcy Unsecured Creditor Creditors 40

ABI

JANUARY 13, 2022

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] 1] Subchapter V provides “an expedited process for small business debtors to reorganize quickly, inexpensively, and efficiently.” [2] 21]. . . [1]

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ABI

JANUARY 26, 2023

1] In In re Szczyporski, the United States Court of Appeals for the Third Circuit held that the shared responsibility payment is a tax entitled to priority under Title 11 of the United States Code (the “Bankruptcy Code”). [2] 3] The IRS filed a proof of claim against the Debtors for unpaid taxes and interest, including a $927.00

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Troutman Sanders

FEBRUARY 16, 2023

Gooch ( In re Skaggs ) awarded the debtor $25,000 in attorneys’ fees based on a letter he received concerning a discharged debt. In October of 2000, a cell phone provider obtained a judgment against debtor Morton Skaggs. In March 2020, Skaggs contacted the defendant law firm, Stephen W. The court in Skaggs v. Gooch, P.C.,

Bankruptcy 52

Bankruptcy Collections Law Firms Judgment 52

Troutman Sanders

SEPTEMBER 4, 2020

On August 31, 2020, the Tenth Circuit affirmed the United States Bankruptcy Court for the District of Colorado’s holding that certain student loans not guaranteed by a governmental unit may be discharged in bankruptcy. 523(a)(8)(A)(ii) which excepts “an obligation to repay funds received as an educational benefit, scholarship, or stipend.”

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Student loans Student Loans Loans Education 78

UK debt collections

NOVEMBER 4, 2021

Of the 1,938 bankruptcies in the quarter, the Insolvency Service report that only 11% have arisen because of creditor petitions. Whilst we should acknowledge the two-month grace period to protect debtors from interest and enforcement action, the Insolvency Service have reported some 15,499 Breathing Space registrations in the quarter.

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Bankruptcy Debtor Creditors 89

ABI

JANUARY 13, 2021

1] In In re Brown , the United States Bankruptcy Court for the Southern District of New York denied a non-debtor ex-spouse’s request for a stay pending appeal of an order expunging her claim to concealed marital assets. [2] 5] Five years later, the Debtor commenced a voluntary chapter 7 bankruptcy proceeding. [6]

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ABI

JANUARY 13, 2021

American Bankruptcy Institute Law Review Staff. Under section 1521 of title 11 of the United States Code (the “Bankruptcy Code”), a bankruptcy court may enter an order enforcing a foreign restructuring in the United States. [1] First, the location of those who actually manage the debtor. By: Priya Suresh.

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Collection Industry News

MARCH 2, 2021

A paper run when I was 11 with my brother for extra pocket money; I think my mum encouraged us to get it. I did stay with my parents for six weeks during our first lockdown in early 2020, but that was by choice, and I was still working and paying rent and bills for my old apartment. 11:30 a.m. — Daily Total: $42.30

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Debtor Student loans Student Loans Education 40

PBWT

MAY 14, 2021

Since 2016, chapter 15 filings have increased by almost 25% (in 2020, there were a total of 236 filings). as long as the foreign debtor’s petition meets the requirements of section 1517 of the Bankruptcy Code. Trustee under a chapter 7 of chapter 11 case (with certain exceptions). public policy. patents under U.S.

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Debtor Bankruptcy Creditors Trade 65