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In Purdue Pharma, Supreme Court Rules That Nonconsensual Releases Are A Nonstarter

On June 27, 2024, the United States Supreme Court issued its long-awaited opinion in Harrington v. Purdue Pharma L.P., holding that the Bankruptcy Code does not permit nonconsensual releases of nondebtors. As a...more

Debt Limit to Qualify for Subchapter V and Chapter 13 Set to Revert This Summer

In 2022, Congress passed the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “Act”), raising the debt limits for bankruptcy cases under the Small Business Reorganization Act (“SBRA,” a.k.a. “Subchapter V”)...more

Fifth Circuit Continues Bankruptcy Sale Protections After Supreme Court MOAC Opinion

On April 26, 2023, Miller Canfield alerted readers to the Supreme Court opinion in MOAC Mall Holdings, LLC v. Transform Holdco, LLC. The MOAC decision may affect property sales in bankruptcy cases because it could weaken the...more

Supreme Court Rules That Section 363(m) Protections for a Bankruptcy Sale Are Not Jurisdictional

On April 19, 2023, the Supreme Court issued its opinion in MOAC Mall Holdings, LLC v. Transform Holdco, LLC. The decision has implications for sales of property in bankruptcy cases. Section 363(m) of the Bankruptcy Code...more

Innocence Is No Defense: Debt Obtained by Fraud Is Nondischargable

A debt “for money, property, services, or an extension [. . .] of credit, to the extent obtained by [. . .] actual fraud,” is not dischargeable in a chapter 7 bankruptcy case. Courts have questioned whether this applied if...more

Michigan Bankruptcy Exemptions Set to Rise Significantly on March 1

As we reported last year, every three years on April 1, the dollar amounts in the Bankruptcy Code are adjusted to account for inflation. The federal dollar amounts last were increased on April 1, 2022, and are not slated for...more

Celsius Cryptocurrency Woes - Bad News for Those Whose Cryptocurrency Is Trapped in the Estate, Could Be Worse for Those Who Think...

On January 4, 2023, the judge in the Celsius Network bankruptcy case[1] ruled that Celsius users who had deposited cryptocurrency in Celsius’s “Earn Accounts” had transferred ownership of their cryptocurrency to Celsius....more

Sunset of Certain Bankruptcy Code Changes

As we previously reported, the Bankruptcy Code saw many changes in 2020 and 2021. Some of the changes that were enacted under the Consolidated Appropriations Act, 2021 ("CAA") will soon end....more

Eleventh Circuit Bolsters Preference Defense by Holding That 503(b)(9) Claims Do Not Reduce the Subsequent New Value Defense

Preference defense received an important boost this week when the Eleventh Circuit decided that invoices paid under 11 U.S.C. § 503(b)(9) can count as "new value" in defending against preference claims. It is the first...more

Passage of Bankruptcy Threshold Adjustment and Technical Corrections Act

Congress has made some small but important changes to the Bankruptcy Code through its enactment of the Bankruptcy Threshold Adjustment and Technical Corrections Act (the "Act") on June 21, 2022. The most important of these...more

Bankruptcy Dollar Amounts Set to Rise April 1, 2022, by a Significant Amount

Every three years on April 1, the dollar amounts in the Bankruptcy Code are adjusted to account for inflation. The April 1, 2022, increase will be nearly 11%, far greater than the approximately 6.2% increase three years ago....more

Not All Student Loans Are Created Equal - Some May Be Dischargeable in Bankruptcy

On July 15, 2021, in the Homaidan opinion, the Second Circuit joined the Fifth and Tenth Circuits in deciding that certain student loans are dischargeable in bankruptcy. These three opinions are very important for the student...more

The Impact of the Bankruptcy Relief Act and Other Recent Bankruptcy Code Changes

Bankruptcy law has seen many changes in 2020 and 2021. Some of these were enacted in response to COVID, but many other changes were included in the Bankruptcy Code before the pandemic. This article highlights some of these...more

To Reclaim or Not to Reclaim, That Is the Question

With many bankruptcy cases looming on the horizon as a result of the pandemic and the measures taken to contain it, prudent creditors are reacquainting themselves with their rights, including the right of reclamation....more

Recent and Upcoming Changes to Bankruptcy Law That Affect Your Rights as a Creditor

The Small Business Reorganization Act of 2019 ("SBRA"), the Honoring American Veterans in Extreme Need ("HAVEN") Act, and the Family Farmer Relief Act were enacted into law on August 23, 2019. This alert summarizes these...more

Supreme Court Holds Trademark Licenses Survive Bankruptcy

In an 8-1 decision on May 20, 2019, the Supreme Court of the United States held in Mission Product Holdings Inc. v. Tempnology, LLC that a debtor's rejection of a trademark license under Section 365 of the Bankruptcy Code...more

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