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Recent Blog Posts

Obtaining Debtor-in-Possession (DIP) Financing During Chapter 11

For companies bordering on financial collapse, Chapter 11 bankruptcy can offer relief through protection from creditors and a debt restructuring plan that provides a way to return to solvency. But the reorganization process requires access to capital. This is why debtor-in-possession (DIP) financing is critical. It allows the debtor, who remains in possession of the […]

Facing Adversary Proceedings That Challenge Discharge of Debts

The goal of a bankruptcy is to obtain a fresh financial start by having some or all of your debts discharged — namely, wiped out. However, there may be reasons that a creditor or the bankruptcy trustee objects to the discharge of certain debts or to all of them. This sometimes results in an adversary […]

How Different Types of Debt Are Reorganized in Chapter 11

Chapter 11 offers financially troubled companies relief from unsustainable levels of debt and a path for returning to profitability. In this type of bankruptcy, the debtor — or in rare cases, a creditor — proposes a plan outlining how debts will be partially repaid over a set period of time. A plan will be confirmed […]

Creating a Chapter 11 Plan That Is Likely to Win Confirmation

Chapter 11 Bankruptcy Plan

A Chapter 11 plan is essentially a contract between a company and its creditors, governing how the company’s debt will be reorganized and managed during the Chapter 11 case. Every plan must go through court approval, which generally requires that it be workable and in the best interests of creditors. In fact, creditors who believe […]

Does Subchapter V Allow Corporations to Discharge Debts Based on Fraud?

Subchapter V Bankruptcy

The Small Business Reorganization Act of 2019 created Subchapter V, designed to allow small companies to reorganize without Chapter 11’s usual expenses, delays and complex procedures. Subchapter V applies to both individual and corporate debtors, but not always equally to both. Federal courts are in conflict over the ability of corporations to discharge certain types […]

Assumption or Assignment of Executory Contracts and Unexpired Leases in Chapter 11

Chapter 11 bankruptcy for debtors and creditors

An important aspect of Chapter 11 bankruptcy for debtors and creditors is the treatment of executory contracts and unexpired leases. Chapter 11 gives the debtor in possession, or in some cases the bankruptcy trustee, significant power to decide the fate of such agreements, in which both parties still have unfulfilled obligations. The debtor might assume […]

Advantages of an Individual Debtor Choosing Chapter 11 Instead Chapter 13

Chapter 11 vs Chapter 13

A common misconception is that only businesses can use Chapter 11 for debt reorganization. But in fact, individuals seeking bankruptcy protection can use Chapter 11 to get back on their feet financially by completing a repayment plan over an extended period of time. Chapter 11 can sometimes be a more advantageous alternative than Chapter 13, […]

The Impact of Chapter 11 Bankruptcy on Employees’ Wages and Benefits

Paycheck

The goal of a Chapter 11 bankruptcy is to keep an insolvent company in business and by securing protection from creditors and reorganizing debt. This means creating a plan that allows the company to meet its expenses, including overhead costs like wages and benefits for employees. The decisions made during a Chapter 11 can fall […]

Common Adversary Proceedings in Bankruptcy Court

Adversary proceedings

An adversary proceeding in bankruptcy is essentially a case within a case. It is a formal legal action initiated by one party against another party in the bankruptcy to settle a related dispute. Either party files a complaint detailing the reasons for seeking relief and the other party has the opportunity to respond. The proceeding […]

When Is a “Chapter 22” an Effective Remedy for a Company?

Business Bankruptcy

The informal term “Chapter 22” is used to describe a second Chapter 11 filing after a company falls short of emerging successfully from the first one. This can happen for various reasons, often related to unfulfillment of assumptions or expectations underlying the original Chapter 11 plan. Unlike other types of bankruptcy, there is usually no […]

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