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BANKRUPTCY BEAT: Connecticut Supreme Court Rules that New Homestead Law Applies to Protect up to $250,000 in Equity in a Home from...

In an important ruling for personal bankruptcy cases in Connecticut, the Connecticut Supreme Court has ruled that Connecticut’s new homestead law, which increased the exempt amount of a “homestead” from $75,000 to $250,000,...more

BANKRUPTCY BEAT: Delaware Bankruptcy Court Approves Trustee's Use of Prejudgment Asset Freeze Injunction in Fraudulent Transfer...

An asset freeze injunction, which is an order of the court preventing a defendant from transferring assets until the case against it concludes, is an effective tool in the litigation arsenal of a bankruptcy trustee or other...more

Connecticut Bankruptcy Courts Rule That New Homestead Act Applies Retroactively to Claims Arising Before Act’s Effective Date

A homestead exemption is a law that protects a certain amount of equity in an individual’s primary residence from the claims of his or her creditors or, in some states like Florida, the amount of the exemption is unlimited...more

Litigation Funding for Bankruptcy Litigation Gets a Boost from Recent Appellate Decisions

Litigation funding has becoming increasingly common for general litigation matters, although its validity will still depend upon applicable state law.  See generally Robert Miller, J.D., Annotation, Enforcement and Funding of...more

The NRA's Chapter 11 Filing Takes Aim at the State of New York: Is it off Target?

The National Rifle Association (commonly known as the NRA), a New York not-for-profit corporation with its principal place of business in Virginia, has tested the limits of how accommodating Chapter 11 can be to a solvent...more

New Bankruptcy Relief Provisions Brought to You by the 2021 Federal Appropriations Act

The new Consolidated Appropriations Act, 2021 (the “Act”), which was signed into law on December 27, 2020 (H.R. 133), includes within its 5,593 pages a number of new bankruptcy relief provisions for businesses as part of what...more

Can a Lease Terminated Under State Law be Revived in the Tenant's Bankruptcy?

In these troubled times when lease and other contract defaults, as well as bankruptcies, abound, it may be useful to reexamine what happens to a lease of commercial real estate when it has been terminated in accordance with...more

Bankruptcy Court Overrides SBA’s Prohibition Against Extending PPP Loans to Companies in Bankruptcy

The Paycheck Protection Program is a federal loan program that was brought into law on March 27, 2020, by the Coronavirus Aid, Relief, and Economic Security Act, known as the “CARES Act.”...more

The Effect of a Government-Ordered Shutdown on Contractual Performance

The recent Executive Orders of Governor Lamont, which have cascaded from shutting down gyms, fitness centers, movie theaters and restaurants, other than for take-out orders, followed by hair salons and the like, and...more

New Small Business Reorganization Act Makes It Easier For Small Businesses To Reorganize

Chapter 11 can be a daunting and expensive process for any business to undertake, but its myriad requirements tend to have a disproportionate effect on small businesses....more

First Circuit Holds that Parents' Payment of Tuition for an Adult Child Can Be Avoided as a Fraudulent Transfer: Colleges,...

Bankruptcy trustees continue to vigorously pursue actions in which they sue colleges, universities and other institutions of higher education to recover tuition payments made by parents for their children when the parents...more

Bankruptcy Beat: Second Circuit Ruling Rejects Involuntary Bankruptcy Cases When Used for Debt Collection

Imprisonment for debt has been abolished by all states, either by constitutional amendment, statute or common law, see Pease v. Charlotte Hungeford Hospital, 325 Conn. 363, 375-76 (2017); Note, “State Bans on Debtors' Prisons...more

United States Trustee Rebuked by New York Bankruptcy Judge for Objecting to Retention of Nine West Interim CEO

For at least the past 14 years while the so-called “Jay Alix Protocol” has been in effect as a national policy of the Office of the United States Trustee (“UST), and prior to that in a handful of decisions, interim Chief...more

Connecticut District Court Applies Expansive Reading of “Fiduciary” in Determining Non-dischargability of Breach of Fiduciary Duty...

A debt “for fraud or defalcation while acting in a fiduciary capacity” cannot be discharged in an individual bankruptcy case. 11 U.S.C. §523(a)(4). The precise scope of the term, “fiduciary,” within the meaning of this...more

New York Bankruptcy Courts Hold That a Debtor’s Failure to Make Postpetition Loan Payments is a Basis for Granting Relief from the...

February 2, 2018 There are basically two alternative grounds for a secured lender to achieve a lifting of the automatic stay imposed by the bankruptcy filing of its borrower. One is to establish that the debtor has no equity...more

Bankruptcy Beat: New York Bankruptcy Court Prohibits Stripping of Mortgage Lien Against Debtor's Multi-Family Residential Real...

In both Chapter 13 consumer bankruptcy cases and individual Chapter 11 cases, a debtor is prohibited from modifying a claim that is “secured only by a security interest in real property that is the debtor’s principal...more

Bankruptcy Beat: Seventh Circuit Broadens Ordinary Course of Business Defense to Protect Payments from Preference Recovery

In Unsecured Creditors Committee of Sparrer Sausage Company, Inc. (In Jason’s Food, Inc.), 2016 WL 3213096 (7th Cir. June 10, 2016), the Seventh Circuit Court of Appeals rejected a Bankruptcy Court’s narrow application of the...more

Bankruptcy Beat: Another Tool in the Toolbox of Bankruptcy Trustees and Debtors in Possession: The Pre-Judgment Asset-Freeze...

In a decision handed down on January 4, 2016, a New York Bankruptcy Court issued a preliminary injunction preventing the transfer of any assets of the Defendant in an adversary proceeding in which a turnover of monies, along...more

Bankruptcy Beat: Does The Automatic Stay Apply To Stay Acts Against An Individual Debtor’s Wholly-Owned Company?

A vexing issue for some creditors arises when an individual who is typically a guarantor or co-debtor of his wholly-owned company’s debt files bankruptcy under chapter 7, 11 or 13 and then takes the position that the...more

Bankruptcy Beat: An Emerging Trend: Bankruptcy Trustees Seeking to Claw Back Tuition Payments Made by Unsuspecting Parents

A developing trend in our nation’s bankruptcy courts has been the number of lawsuits filed or threatened by bankruptcy trustees to recover tuition payments made by a student’s parents when the parents later file for...more

Bankruptcy Beat: Jockeys Nearing Finishing Line in 25-Year Civil and Bankruptcy Litigation with their Former Business Managers

Hall of fame horse racing jockeys Laffit Pincay, Jr. and Chris McCarron first sued their former business managers, Vincent and Robert Andrews, in California District Court in 1989 for fraud, breach of fiduciary duty and other...more

Bankruptcy Beat: Decision Approves Cramdown of Secured Creditors in Chapter 11 With Sub-Market Interest Rate And Disallows...

On May 4, 2015, the U.S. District Court for the Southern District of New York affirmed the controversial and widely discussed decision of the Bankruptcy Court in In re MPM Silicones, LLC, 2014 WL 4436335 (Bankr. S.D.N.Y....more

Bankruptcy Beat: Single Asset Real Estate Debtor Could Not Show That Plan with Substantial Balloon Payment had a Realistic Chance...

At issue in GRG Acquisitions, LLC v. MDM Golf of Gillette Ridge, LLC (In re MDM Golf of Gillette Ridge, LLC), Case No. 14-21565 (ASD) (December 23, 2014), was whether relief from the automatic stay should be granted to a...more

Bankruptcy Beat: Public Tax Sale to Pay Unpaid Real Estate Taxes Held to Constitute “Reasonably Equivalent Value” for Fraudulent...

A voluntary or involuntary transfer of property by a debtor for less than “reasonably equivalent value” at a time when the debtor is insolvent may be avoided as a fraudulent transfer 11 USC § 548, irrespective of the debtor’s...more

Bankruptcy Beat: Bankruptcy Court Rules That Undersecured Creditor Could Object to Claims that Were Listed on the Debtor’s...

In In re 3333 Main, LLC, Case No. 13-51533 (ECF No. 172) (Bankr. D. Conn. May 29, 2014) (Shiff, J.), the Debtor listed a number of unsecured claims on its bankruptcy schedules without indicating they were disputed, contingent...more

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