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Author Archives: Michael J. Berger

Bankruptcy Options for Small Businesses in Financial Distress

Navigating financial challenges is a common part of running a small business. But when the burden of debt becomes too heavy to bear, owners have legal alternatives to shutting down the enterprise. The primary bankruptcy options that allow small businesses to stay in operation are Chapter 11 and Chapter 13. Which option is best suited […]

Overcoming Creditors’ Objections to Chapter 11 Plan Confirmation

Chapter 11 bankruptcy is a legal remedy that allows businesses, both large and small, to reorganize and continue their operations while relieving some of their financial difficulties. The U.S. Bankruptcy Code requires that under a Chapter 11 reorganization plan, each creditor will receive at least as much as they would have in a Chapter 7 […]

What Is a Willful and Malicious Injury That Can Exclude a Debt from Bankruptcy Discharge?

Bankruptcy is a legal remedy that allows individuals and businesses to discharge most of their debts. However, there are some types of debts that are not dischargeable in bankruptcy, including those that are based on willful and malicious injury by the debtor. This exclusion of these debts in Chapter 7, Chapter 11 and Chapter 13 […]

Things You Should Not Do Before Filing for Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a debt forgiveness remedy that allows individuals to discharge most of what they owe creditors, such as credit card debt, medical bills and personal loans. Though some people think of bankruptcy as a last resort, if used effectively it can steer you out of financial straits and set you on a […]

The Value of Restructuring Support Agreements in Chapter 11 Cases

When a company in financial distress seeks to reorganize via a Chapter 11 bankruptcy, one critical tool at hand is the restructuring support agreement (RSA). An RSA is a binding contract between the debtor and certain key creditors that outlines the terms and conditions of a proposed Chapter 11 plan before it is even filed […]

Mortgage Relief Companies Can Put Debtors in Even Worse Financial Shape

If you are facing a default on your mortgage that could lead to foreclosure of your home, beware of the multitude of companies offering mortgage loan relief. These entities are often ineffective in helping resolve critical debt situations, and they can sometimes make things worse, whether through inefficiency, mismanagement or the perpetration of scams. Mortgage […]

How Nonconsensual Third-Party Releases Can Be Useful in Chapter 11 Bankruptcy Cases

Nonconsensual third-party releases are provisions in Chapter 11 bankruptcy plans that release non-debtor parties from liability to creditors without the consent of all potential claim holders. These releases can be a useful tool for debtors in a number of situations. The common purpose of nonconsensual third-party releases is to protect directors and officers from liability […]

Subchapter V Can Protect Personal Assets During a Small Business Wind Down

Small business is a critical component of the U.S. economy. However, starting a business is risky and many ventures fail. Startups and even businesses of some duration may be partially capitalized by the owners’ personal funds and debt obligations. When the business ceases to operate, the owners can be left with crushing debt burdens. Fortunately, […]

When Can a Creditor Get Relief from the Bankruptcy Automatic Stay?

One of the most powerful features of the bankruptcy code is the automatic stay that goes into effect once a debtor’s petition is filed in court. The automatic stay prevents creditors from taking further action to enforce most debt obligations. The purpose is to give the debtor some time to reorganize or to discharge debts […]

How the Absolute Priority Rule Affects Chapter 11 Plans

In a Chapter 11 bankruptcy, creditors are generally entitled to repayment of some of the outstanding debts and obligations. However, not all obligations are treated equally. Creditors as well as equity holders are paid in accordance with the absolute priority rule, which sets a hierarchy for the fair and equitable distribution of debt repayments. To […]

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