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It Just Got More Difficult to Qualify For Subchapter V Bankruptcy

Subchapter V of Chapter 11 of the Bankruptcy Code, which took effect four years ago, creates a more streamlined and less expensive Chapter 11 reorganization path for small business debtors....more

740,000 Reasons to Think Twice Before Putting a Company in Bankruptcy

A recent decision from a bankruptcy court in Delaware provides a cautionary tale about the risks of involuntary bankruptcy.  In the Delaware case, the debtor managed a group of investment funds. The business was all but...more

Fireworks, Hot Dogs, and Bankruptcy?

As the townsfolk of Lubbock, Texas readied for the annual Fourth on Broadway Independence Day fireworks show and celebration, local car dealer Reagor-Dykes wanted to be front of mind.  So as it had the previous year, it...more

"My Lawyer Made Me Do It" is Not an Absolute Defense to Bankruptcy Court Sanctions

Last year, we offered a lesson and a moral from a North Carolina district court decision reversing a $115,000 sanctions order by a North Carolina bankruptcy court.  The lesson from the case was that the bankruptcy court...more

What Do You Get When You Cross a $137,000 Cartier Necklace and a Debtor With Selective Amnesia? A Chapter 11 Trustee.

When a debtor files bankruptcy under Chapter 11, the bankruptcy court does not automatically appoint a trustee. Unlike Chapter 7, where the court appoints a trustee to investigate the debtor's assets, liquidate assets, and...more

Can a Business Owner Reorganize Guaranty Obligations Under Subchapter V?

We have previously informed you that if you are a small business that needed to file bankruptcy to save your company, then you may be able to take advantage of Subchapter V of Chapter 11 of the Bankruptcy Code. The new...more

40,979 Reasons Not to "Press Charges" Against a Debtor in Bankruptcy

It is a cardinal sin to attempt to collect a debt or repossess collateral after a borrower files bankruptcy. Bankruptcy triggers the automatic stay – a command, not a suggestion, that collection activity ceases. This is a...more

Can a Creditor Violate the Automatic Stay in Bankruptcy by Doing Nothing?

Filing a bankruptcy petition automatically halts efforts to collect pre-petition debts from the debtor outside of bankruptcy. If a creditor wants to continue a lawsuit against a debtor outside of bankruptcy, repossess...more

New Law More than Doubles Chapter 12 "Family Farmer" Debt Limit

On Friday, August 23, 2019, the President signed into law the Family Farmer Relief Act of 2019. The Act increases the debt limit used to determine whether a family farmer is eligible for relief under Chapter 12 of the...more

Supreme Court Sets Standard for Bankruptcy Discharge Violations

When your customer is in bankruptcy, there are two major no-nos that you must remember. First, don't violate the automatic stay, which prevents a creditor from attempting to collect a debt while the debtor is in bankruptcy...more

Will My Judgment Get Discharged in Bankruptcy?

Bankruptcy is meant to provide a fresh start for the honest but unfortunate debtor. A debtor who files Chapter 7 does so with the presumption that all his or her debts will be forgiven or "discharged." But what about the...more

In Chapter 7, Oral Lies Are Safer Than Written Lies

In my last article, I discussed how the Fourth Circuit Court of Appeals affirmed the denial of a Chapter 7 debtor’s discharge because the debtor intentionally lowballed the value of his interest in a real estate investment...more

In Chapter 7, Lowballing Your Assets Can Cost You Your Bankruptcy Discharge

The United States Court of Appeals for the Fourth Circuit—which covers North Carolina—recently decided a case that will have bankruptcy debtors thinking twice about how they complete their bankruptcy Petition and Schedules....more

A Win for Creditors: The United States Supreme Court Expands the Meaning of Actual Fraud for Bankruptcy Discharge

The United States Supreme Court recently decided a case that will be a powerful tool for lenders dealing with borrowers who engage in schemes to avoid payment of their debts, such as an improper transfer of their assets...more

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