By: Laura Day DelCotto The Philadelphia Inquirer recently reported that the Pennsylvania city of Chester, PA is considering filing bankruptcy “as a way to steer the city toward solid financial footing” in light of an almost $50 million deficit anticipated for 2023....
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Dean A. Langdon Named to the 2023 Best Lawyers in America© List
Dean Langdon has been selected by his peers for the 29th Edition of The Best Lawyers in America© in the practice areas of Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law and Litigation – Bankruptcy, for Lexington, Kentucky. For the 29th...
Crypto Uncertainties Mount: What Happens in a Bankruptcy?
By: Laura Day DelCotto Now that the lights are coming on in financial markets, there is more chatter and mostly speculation about what would happen in a cryptocurrency corporate bankruptcy. Recent reports on the Coinbase SEC 10-Q filed in May, 2022 have been in the...
Pulling a “J. Crew” – Loopholes in Loan Documents Create Fashionable Surprises
By: Laura Day DelCotto Showing my age, I have loved J. Crew since the preppy days of the 1980s. When I was pulling a J. Crew, that usually meant I was using my father’s credit card to go to the mall and get some pink and green. However, in 2022, “pulling a J. Crew”...
Tips for Submitting an Offer in Compromise to the Small Business Administration
If you have received a 60-day notice from the Small Business Administration (the “SBA”) that your debt will be submitted to the Department of Treasury for collection, you want to take quick action to resolve your liability with the SBA. Once this has been turned over...
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...
Options After Mortgage Forbearance Ends
By: Dean A. Langdon Thousands of households had the opportunity to get a break on their mortgage payments during the Covid-19 pandemic. Foreclosures on many residential mortgages were prohibited, which certainly helped avoid a homelessness crisis during the pandemic....
Five Reasons to File Chapter 13 Bankruptcy
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...