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Category Archives: Bankruptcy

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 […]

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, […]

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 […]

Does a Business Bankruptcy Affect Your Personal Assets?

Business Bankruptcy & Personal Assets

If your business falls into distress and you’re contemplating bankruptcy, you are naturally concerned about protecting your home and other personal assets from business creditors. Your ability to do so, whether your business is seeking Chapter 7 or Chapter 11 relief, depends in large measure upon the legal structure of the enterprise. If you own […]

What to Know About Attending a Virtual Creditors’ Meetings via Zoom

Creditors Meeting

Creditors’ meetings —also known as Section 341 meetings — are a necessary stage of every Chapter 7 bankruptcy case. Their purpose is to make sure the information in the debtor’s petition is accurate and to find out if there are any facts or circumstances that might justify denial of bankruptcy relief. These meetings, which debtors […]

Prefiling Mistakes That Can Derail Your Bankruptcy Case

Bankruptcy, whether it be in the form of a Chapter 7 liquidation or a Chapter 13 debt reorganization, can provide a fresh start for individuals struggling with overwhelming debt. However, there are several errors debtors commonly make prior to filing their petition that can jeopardize the success of their case as well as trigger other […]

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