Stay up to date with important news, special announcements, and resources to help you along the way.
United States Bankruptcy Court Northern District of Ohio Eastern Division
On February 2, 2021, the U.S. Bankruptcy Court for the Northern District of Ohio issued a judgement on In re Horvath, a case in which Debtors reopened a Chapter 7 bankruptcy case ten years after the lien had originally been filed in order to avoid a renewed lien.
Does Bankruptcy Attorney Negligence Restrict a Debtor's Lien Avoidance?
In a recent opinion, Judge Russ Kendig of the U.S. Bankruptcy Court Northern District of Ohio highlighted the importance of an attorney’s investigative obligations.
Fed Sounds Alarm on Commercial Real Estate and Business Bankruptcy
Many businesses are struggling with debt or reduced demand in the wake of the COVID-19 pandemic. As of May 2020, it was estimated that more than 100,000 businesses had closed permanently since March.
Must Small Businesses Be ‘Currently Engaged’ in Business for Subchapter V Debt Relief?
The Small Business Reorganization Act (SBRA) was passed in 2019 to expedite the bankruptcy process for small business debtors and reduce costs. This act did not change existing chapter 11 provisions in the Bankruptcy Code, but rather it added new subchapter V terms that streamline the reorganization path for entities with total debts under about $2.7 million.
Eleventh Circuit Authorizes the SBA To Exclude Debtors From Receiving PPP Loans
On March 27, 2020, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act provided the U.S. Small Business Association (SBA) with the authority to issue loans under the Paycheck Protection Program (PPP.)
“Excessive Caution” in a Bankruptcy Case Could Limit Creditors’ Fee Allowance Request
In late 2020, the U.S. Bankruptcy Court for the Northern District of Iowa clarified Section 506(b) of the Bankruptcy Code. The Court’s decision imposes the responsibility on lenders’ counsel to “exercise restraint” in billing judgments, suggesting that a creditors’ fees should not exceed the debtors’ in a bankruptcy hearing.
Safe Harbor-Protected Transactions: Detroit Judge Challenges Second Circuit Ruling Based on Supreme Court Decision
In 2018, a Supreme Court Case clarified when the safe harbor applies. In its ruling, the Court unanimously agreed the safe harbor does not protect allegedly fraudulent transfers “in which financial institutions act as mere conduits.” The American Bankruptcy Institute, however, highlighted how recent litigation pokes holes in this conclusion, particularly when it comes to the definition of a financial institution.
Is Your Protection as an Estate Representative Based on a Court’s Discretion?
The Barton Doctrine dates back to an 1818 Supreme Court decision, dictating when a litigant can bring a lawsuit against an estate trustee. Throughout the 20th century, court rulings extended this coverage to include a range of fiduciaries granted authority by a bankruptcy court, like bankruptcy attorneys, accountants, and debtors’ counsel.
How Business Bankruptcies Work
Bankruptcy often serves as a last resort for business owners, but it can also make a difference long before desperate measures are required. Business bankruptcy may be the best situation if your personal assets appear to be at risk.
Everything You Need to Know About Chapter 11 Bankruptcy
Chapter 11 bankruptcy, most commonly used by corporate entities, involves the reorganization of a debtor’s business dealings, assets, and debts. Chapter 11 is perhaps the most complex form of bankruptcy under U.S. bankruptcy laws, so it makes sense that you might have a few questions about how long it takes, how it affects employees, and what it means for a business moving forward.
How to File for Bankruptcy After Coronavirus Shut Down Your Business
Many small businesses across the country are struggling to survive the challenges posed by the COVID-19 pandemic. If your business is searching for options and time to turn around operations or develop new business lines, bankruptcy can create that space and time.
What Are the Types of Bankruptcy for Businesses?
Business bankruptcy might bring to mind bleak images of financial ruin that involve the loss of all valuable property. In reality, bankruptcy takes many forms—and in several situations, it’s a viable solution to the burden of debt that overshadows many business operations.
What to Expect From the Anticipated Surge of Business Bankruptcies in Nevada
Businesses of all sizes and spanning a range of industries are suffering the economic fallout of COVID-19. This can be seen not only in layoffs and furloughs, but also in increased business closures and bankruptcies. A Bloomberg report published in early July revealed that nearly 200 businesses cited COVID as a factor in declaring bankruptcy. Unfortunately, this is only the beginning.
Student Loan Debt
Student loan debt is at an all time high, but too many people’s surprise, it is helping the U.S. Economy - according to a new report released by the White House Council of Economic Advisers.
Caesars Bankruptcy Venue Determined
On Wednesday, January 28, 2014, Delaware Bankruptcy Judge Kevin Gross ruled the reorganization of Caesars Entertainment Corp.’s largest operating unit will take place in Chicago.
Ninth Circuit Rules on Debtor’s Ability to Recover Reasonable Attorney’s Fees for Stay Violations
On October 14, 2015, the Ninth Circuit Court of Appeals (the “Court”) issued an opinion that addressed the timeframe for which debtors in bankruptcy can recover attorney’s fees for seeking damages for violations of the automatic stay.
Debtors Must Provide Clear Evidence to Argue a Bankruptcy Appeal’s Mootness
The appeal followed the confirmation of a Chapter 11 reorganization plan filed by corporate debtors operating nursing homes. Under the plan, the debtors agreed to reject leases for unprofitable locations, restructuring their business around cost-effective facilities.