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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Unsecured Creditor Bankruptcy Debtor Creditors 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]

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Debtor Bankruptcy Unsecured Creditor Secured Creditor 40

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]

Debtor 52

Debtor Bankruptcy Unsecured Creditor Creditors 52

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

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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Unsecured Creditor Debtor Bankruptcy Creditors 65

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

Burr Forman

JANUARY 26, 2022

In his bankruptcy practice, Eric focuses on representing creditors, including financial institutions, special servicers, private equity groups, and other non-traditional lenders as well as other secured and unsecured creditors in state and federal court litigation, chapter 11 bankruptcy cases, and in out-of-court workouts and resolutions.

Lawyers 52

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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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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Bankruptcy Debtor Unsecured Creditor Creditors 65

PBWT

FEBRUARY 7, 2021

Debtor Fred Jay Bressler, M.D. Two mortgage companies held more than $800,000 in secured claims, and 33 creditors had unsecured claims totaling about $1.1 The plan proposed to pay unsecured creditors $300,000 over five years and to make regular mortgage payments to the secured creditors.

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Creditors Bankruptcy Unsecured Creditor Unsecured Debt 73

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

ABI

JANUARY 19, 2024

the “Debtor”) $1.5 The loan was secured by a lien on “all assets of the debtor, including all accounts.” [1] 1] In May of 2020, Allegiance filed a UCC-1 Financing Statement with the Texas Secretary of State to perfect its lien on the debtor’s assets. [2] 2] In 2022, the Debtor commenced a chapter 11 bankruptcy case. [3]

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Debt Free Colorado

JANUARY 27, 2022

In Chapter 7 bankruptcy proceedings, the phrase “non-exempt property” refers to a debtor’s estate property that does not qualify for a statutory exemption. ” The Trustee has the authority to seize and liquidate non-exempt property to benefit creditors. .” portion of the debtor’s home’s equity.

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Bankruptcy Chapter 7 bankruptcy Unsecured Creditor Debtor 75

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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Unsecured Creditor Debtor Judgment Creditors 52

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

Fraser

JUNE 25, 2020

The petition date is the date on which a debtor files a chapter 11 bankruptcy proceeding. The debtor is required to serve all known creditors with notice of the commencement of the chapter 11 case. Such relief may include a request to pay some unsecured creditors (such as employees or “critical vendors”) ahead of others.

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Creditors Bankruptcy Unsecured Creditor Debtor 72

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. The debtor operated 28 franchise restaurants primarily in the Sun Belt region.

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Creditors Debtor Collateral Unsecured Creditor 59

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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Bankruptcy Debtor Creditors Unsecured Creditor 65

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

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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Unsecured Creditor Lender Creditors Secured Creditor 52

Jimerson Firm

FEBRUARY 11, 2022

The bankruptcy automatic stay prohibits all creditors from proceeding with collection actions, lawsuits, and enforcement of judgments against the debtor. Instead, the property owner debtor will have the opportunity to either assume or reject the executory construction contract as part of the bankruptcy. See 11 U.S.C. §

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Construction Bankruptcy Secured Creditor Debtor 98

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

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

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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Unsecured Creditor Credit Management Collection Agencies Collections Agency 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]

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Unsecured Creditor Debtor Bankruptcy Creditors 40

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] from the $13.5 ” Id. [4] 2015) (Krause, J.,

Debtor 65

Debtor Unsecured Creditor Creditors Secured Creditor 65

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 12, 2022

would pose an existential threat to a debtor and one where the attorney general of a state is specifically seeking dissolution of a debtor under the state’s laws.” [10] of Unsecured Creditors v. Here, the court dismissed the NRA’s Chapter 11 filing. [9] a money judgment. 1] See In re Nat'l Rifle Ass'n of Am. , 2021). .

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Bankruptcy Unsecured Creditor Debtor Creditors 40

PBWT

OCTOBER 20, 2020

Thuma of the United States Bankruptcy Court for the District of New Mexico has confirmed that a bankruptcy court may confer derivative standing on a committee to assert estate claims if a debtor in possession declines to assert them. [1] 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

Sawin & Shea

NOVEMBER 1, 2023

Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors. After you have completed your Chapter 13 payment plan, if there is any remaining unsecured debt, it will be discharged with a few exceptions like some taxes, most student loans, and child support.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 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.

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Unsecured Creditor Debt Recovery Creditors Retail 59

UK debt collections

JUNE 30, 2022

This stands in contrast to other European countries, such as France (10 th , 36, stable), and Spain (11 th , 36, -1 point), where collecting debt remains extremely complicated when the debtor has become insolvent, especially as far as unsecured creditors are concerned” , explains Maxime Lemerle, Lead analyst for Insolvency Research at Allianz Trade.

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Debt Recovery Trade Unsecured Creditor Collections 83

Sawin & Shea

JANUARY 12, 2022

Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. That money will go to your Chapter 13 trustee, who will then distribute it amongst your creditors. It can also force unsecured creditors to take what the bankrutpcy law says you can afford to pay, many times cents on the dollar.

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Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Student loans 52

PBWT

JULY 8, 2020

These claims are entitled to priority for actual and necessary goods and services supplied to a debtor in bankruptcy. For a claim to qualify for administrative expense status, a debtor must request that the claimant provide goods and services post-petition or induce the claimant to do so. million for pre-demobilization expenses and $2.65

Bankruptcy 52

Bankruptcy Unsecured Creditor Secured Creditor Debtor 52

Hudson Weir

MAY 13, 2021

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. Creditors holding fixed and floating charges are defined as “secured lenders”. Floating charges are dynamic – as the name suggests.

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Unsecured Creditor Lender Creditors Banks 52

ABI

JANUARY 13, 2021

9] Pillars responded, requesting that the bankruptcy court deny the Debtor’s request. [10]. The bankruptcy court permitted the Appellant’s claim to proceed because the Debtor mistakenly cited the June 26, 2009, sale agreement in its answer. [11] of Unsecured Creditors of Color Tile, Inc. 13] See id. 39, 56 (S.D.N.Y.

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Bankruptcy Unsecured Creditor Debtor Creditors 40