By: Dean A. Langdon You may have seen publicity about bankruptcy cases where legal fees run into the millions of dollars (or more). But bankruptcy courts have a unique process for paying attorneys that represent debtors, trustee or creditor committees. The attorneys...
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chapter 11
Issues for Healthcare Entities in Chapter 11 Bankruptcy
As the Covid-19 pandemic had significant impact on hospitals and other health care institutions that led to equipment and staffing shortages and declining revenues, we are likely to see a rise in chapter 11 bankruptcies for health care businesses. There are several...
Buyer Beware: Bankruptcy Sale Needs Notice – Due Process 101
By: Laura Day DelCotto So, we know from our long experience here that bankruptcy sales can get very messy. The Seventh Circuit’s recent 5 page opinion makes it clear that the one who needs to care the most is often the buyer. Notice of Sale is a Basic Right In...
Embezzlement and Larceny: Recent Reminders About Earning Your Discharge Under 11 USC Section (a)(4)
By: Laura Day DelCotto The primary goal of filing bankruptcy is commonly understood to be the receipt of a discharge of debt, and having a “fresh start” in life. There are probably thousands of cases that state this legal proposition, including Supreme Court cases...
DelCotto Law Group PLLC Leads Firms in 2021 Chapter 11 Filings in Eastern District of Kentucky
In 2021, DelCotto Law Group PLLC filed more chapter 11 bankruptcy cases in the Eastern District of Kentucky than any other firm. [1] Chapter 11 bankruptcy provides an opportunity for corporations to restructure their organizations through implementation of a repayment...
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....
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...