Chapter 13 bankruptcy permits individuals with regular income to file a three to five-year repayment plan to address their debts. There are several advantages to filing Chapter 13 bankruptcy as opposed to Chapter 7 bankruptcy. Here are (5) five primary reasons...
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State or Federal Exemptions – KY Bankruptcy Court Opinion
Bankruptcy Judge Charles R. Merrill issued an opinion[1] on January 10, 2022 that proceeds from the pre-petition sale of a homestead not being exempt under the federal exemption 11 U.S.C. §522(d)(1. This provides, in relevant part, for an exemption in “the debtor’s...
Business Owner Guarantees and Bankruptcy
By: Dean A. Langdon DelCotto Law Group has many small business owners as clients. When a small business borrows funds, the lender often requires a personal guarantee from the business owners. A recurring issue is what happens to the guarantee if a business falters or...
Setting Aside a Tax Sale through Bankruptcy
By: Dean A. Langdon It has long been the rule in bankruptcy cases that the price received for real property at a foreclosure sale was “reasonably equivalent value” and the transfer could not be set aside as a fraudulent transfer under 11 U.S.C. § 548. BFP v....
Gambling with your Future: U.S. Gambling on the Rise
By: Laura Day DelCotto I don’t think I ever knew that there is an “American Gambling Association” but it does exist. The Association recently estimated that over 45 million Americans will be betting on NFL football games during the 2021 season. Much of this gambling...
New Fair Debt Collection Rules
By: Dean A. Langdon One of the federal laws that exists to protect consumers is the Fair Debt Collection Practices Act (the “FDCPA”). The FDCPA covers third-party debt collectors who are in the business of collecting consumer debts and generally prohibits harassing,...
DelCotto Law Group Named in Best Law Firms List 2022 By “Best Lawyers”®
DelCotto Law Group PLLC is pleased to announce that we have been recognized in the 2022 U.S. News-Best Lawyers® “Best Law Firms” in the practice areas of Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law (Tier 1). Best Lawyers® and U.S. News...
Critical Vendors and Preferences in Chapter 11 Bankruptcy
By: Laura Day DelCotto A recent case out of the Delaware Bankruptcy Court made clear that the exact wording of the standard “critical vendor” order is important. The case is a great reminder that even boiler-plate orders entered in conjunction with first day hearings...
Mass Tort Chapter 11 Bankruptcy: Collective Fairness or Asset Shielding
By: Laura Day DelCotto There is a huge public policy debate currently going on in the corporate bankruptcy world over mass litigation/mass tort chapter 11 cases. The recent mass tort defendants who have ended up in a chapter 11 include the Boy Scouts of America, USA...
Strategies for Dealing with Merchant Cash Advance Lenders
Merchant cash advance agreements typically involve selling your business receivables at a price with a significant fee. This fee is repaid usually on a daily or weekly basis by debiting a certain percentage of your business receivables. These types of agreements are...