Massive Double Whammy in Kentucky Pension Community

First, after 5 pm on Friday, May 30, Bankruptcy Judge Joan Lloyd issued an 80-plus page opinion that Seven Counties, the community mental health center that serves 32,000 clients in the Louisville metro area, is permitted to withdraw from the Kentucky state pension system.  Press and other speculation is running rampant on

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Automatic Stay: What is it?

The foundational goal of the bankruptcy system is to provide deserving debtors with relief from their debts so that they can obtain a “fresh start.” This process starts at the moment that a debtor files for bankruptcy case through the “automatic stay.” The automatic stay is a portion of the

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5 Concerns When Closing a Medical Practice

With the current uncertainty of Medicare reimbursement rates and rising operating costs, many medical practices–in particular, independent medical practices–are closing their doors.  If you are in the process of closing a medical practice, here are a few areas of concern: Patient notice of closing.  You will want to consult your state

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Chapter 11 Decisions: Absolute-Priority Rule Stands

THE SIXTH CIRCUIT COURT OF APPEALS RULES THAT THE ABSOLUTE- PRIORITY RULE STILL APPLIES IN INDIVIDUAL CHAPTER 11 CASES The Sixth Circuit Court of Appeals recently issued an opinion reversing the lower bankruptcy court’s holding that the absolute- priority rule no longer applies to individual Chapter 11 cases following the

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Chapter 12, bankruptcy, farmers, family farm, fisherman

What is a Chapter 12 Bankruptcy?

Chapter 12 Bankruptcy If you are a Kentucky farmer or fisherman you may be wondering…’what is a chapter 12?” Chapter 12 bankruptcy is a reorganization bankruptcy intended for family farmers and family fishermen. This chapter is designed specifically for small to medium-sized family operations as there are debt limits for

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What Do Judges Want?

I recently listened to a panel of bankruptcy judges from across the country give their “pet peeves” at an event held for Fellows in the American College of Bankruptcy.  The College is an honorary association of bankruptcy and insolvency professionals, invited to join based on exhibiting the highest standards of

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The Pitfalls of Asset Disclosure In Bankruptcy Filing

Everyone who files a bankruptcy petition signs their bankruptcy schedules under penalty of perjury. Failure to list assets or accurately disclose your financial condition can lead to a denial of a bankruptcy discharge or allegations of bankruptcy fraud. Here are a few tips to consider when filing bankruptcy: List ALL

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Consolidated Pilot/Flying J Litigation Heading to Kentucky

On April 7, 2014, the U.S. Judicial Panel on Multidistrict Litigation consolidated seven separate lawsuits (pending in six different jurisdictions) against, among others, Pilot Corp. (Pilot) and Pilot Travel Centers LLC d/b/a Pilot Flying J (Flying J). The Panel transferred the consolidation “multidistrict” litigation to U.S. District Judge Amul R.

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Using Bankruptcy To Remove A Second Mortgage

Bankruptcy offers many powerful tools available to consumer debtors.  One such tool is the ability to get rid of a second mortgage.  The general rule in bankruptcy is that you cannot get rid of a mortgage that is tied to your home.  And there is nothing you can do about

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What About Tax Liens?

Filing Chapter 7 bankruptcy may wipe out certain tax liabilities (not all of them) but even so, tax liens that were already filed continue to survive the bankruptcy discharge.  The tax lien continues to attach to all the assets that you owned at the time you filed.  It does not

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