The Other Estate : A Primer On Bankruptcy for Non-Profits Lawrence G. McMichael Catherine G. Pappas Dilworth Paxson, LLP Philadelphia, PA

Size: px
Start display at page:

Download "The Other Estate : A Primer On Bankruptcy for Non-Profits Lawrence G. McMichael Catherine G. Pappas Dilworth Paxson, LLP Philadelphia, PA"

Transcription

1 The Other Estate : A Primer On Bankruptcy for Non-Profits Lawrence G. McMichael Catherine G. Pappas Dilworth Paxson, LLP Philadelphia, PA A. Eligibility (1) The Bankruptcy Code sets forth certain eligibility requirements. [O]nly a person that resides in or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under [the Bankruptcy Code]. 11 U.S.C A person is defined to include any individual, partnership, or corporation. 11 U.S.C. 101(41). A corporation is defined to include a business trust. 11 U.S.C. 101(9)(A)(v). (2) Non-profit corporations and business trusts qualifying as such under applicable state law are generally eligible to file under Chapter 7 and Chapter 11 of the Bankruptcy Code. (3) Some states prohibit non-profit corporations from filing for bankruptcy protections and instead provide for non-bankruptcy, receivership-type protections. Depending on how such state laws are written, the federal Bankruptcy Code may preempt them. B. Chapter 11 (reorganization) v. Chapter 7 (liquidation) (1) Chapter 11: A proceeding commenced by a debtor under federal law (the Bankruptcy Code, 11 U.S.C. 101 et seq.) in the United States Bankruptcy Court to reorganize the debtor s affairs and adjust its debts while generally continuing normal operations of the business. (2) Chapter 7: A proceeding in which a trustee is appointed to control, collect, and liquidate a debtor s non-exempt assets to satisfy creditors. (3) No involuntary petitions against non-profits: The Bankruptcy Code provides that involuntary cases may be commenced by creditors only against a person, except a farmer, family farmer, or a corporation that is not a moneyed, business, or commercial 1

2 corporation. 11 U.S.C Thus, an involuntary petition cannot be filed against a non-profit or charitable corporation. (4) No forced liquidation in non-profit context. Some Chapter 11 cases result in conversion to Chapter 7. The Bankruptcy Code prohibits the conversion of a chapter 11 to a chapter 7 liquidation if the debtor is not a moneyed, business, or commercial corporation. 11 U.S.C C. Basic Bankruptcy Process (1) Petition: A debtor can commence a bankruptcy voluntarily, at the time of its choosing, by filing a standard petition and paying the associated fee (presently, $1,717). (2) List of Creditors, Schedules, and Statement of Financial Affairs: Shortly after filing the petition, a debtor must file a list of its creditors, various schedules identifying all assets and liabilities, and a statement of financial affairs, which details and discloses sources of income, transfers of property, and other relevant financial information. (3) Judge: Upon the filing of a petition, the bankruptcy case is assigned to a judge sitting in the U.S. Bankruptcy Court, an arm of the federal district court. (4) United States Trustee: The office of the United States Trustee oversees the administration of the bankruptcy case, appoints a committee of the debtor s creditors, reviews the debtor s financial and monthly operating reports, and otherwise ensures that the debtor complies with the requirements of the Bankruptcy Code. (5) Forum: Upon the filing of a petition, the Bankruptcy Court becomes the forum and the focal point for resolution of the debtor s problems. (6) Effect of a Filing: The filing of a voluntary bankruptcy petition automatically constitutes an order for relief. A debtor is relieved of making any payments on pre-petition debt and, in fact, is prohibited from paying pre-petition debt without court authorization. In Chapter 11, a debtor may continue to operate its business in the ordinary course without court approval. All other 2

3 decisions, not arising in the ordinary course of the debtor s business, require court approval. In Chapter 7, a Chapter 7 trustee is appointed to oversee the debtor s liquidation. In the non-profit context, the state Attorney General or equivalent non-profit supervisory authority will monitor the debtor s activities in the bankruptcy case and participate in the bankruptcy proceedings as necessary. D. The Bankruptcy Estate (1) Upon the commencement of a bankruptcy case, the Bankruptcy Code operates to create an estate that can be used to conduct the debtor s operations and to satisfy the claims of creditors. (2) The estate is comprised of, among other things, of all legal or equitable interests of the debtor in property. 11 U.S.C. 541(1). (3) The estate does not include any power that the debtor may exercise solely for the benefit of an entity other than the debtor, or [p]roperty in which the debtor holds, as of the commencement of the case, only legal title and not an equitable interest. 11 U.S.C. 541(1),. (4) The legal or equitable interest of a debtor in a particular asset is generally determined by state law. See Butner v. United States, 440 U.S. 48, 54 (1979) (superseded by statute on other grounds) (determination of property rights in assets of bankruptcy estate are governed by state law). (5) Thus, in situations involving charitable trusts, restricted endowments, and other donor-restricted funds, the extent to which such funds are protected under applicable state law will generally also be the extent of protection from the claims of creditors in bankruptcy. (6) The property interest of the bankruptcy estate is only as broad as the applicable, enforceable restrictions on the use of the property permit. Compare In re Roman Catholic Archbishop of Portland in Oregon (Tort Claimants Comm. v. Roman Catholic Archbishop of Portland in Oregon), 345 B.R. 686, 707 (Bankr. D. Ore. 2006) (debtor s beneficial interest in income from charitable trust is property of the estate, subject to non-bankruptcy conditions on use) with In re Bishop College (Salisbury v. Ameritrust Texas, N.A.), 151 B.R. 394, 401 (Bankr. N.D. Tex. 1993) (neither income nor 3

4 principal of charitable trust constituted property of bankruptcy estate where charitable purpose could no longer be carried out when debtor college ceased operation). (7) Unlike income, the principal amounts of donor-restricted funds or charitable trusts generally do not constitute property of the bankruptcy estate. See In re Roman Catholic Archbishop of Portland, 345 B.R. at 705; In re Bishop College, 151 B.R. at 401; In re Parkview Hosp. (Hunter v. St. Vincent Medical Center), 211 B.R. 619, 641 (Bankr. N.D. Ohio 1997); City of Farrell v. Sharon Steel Corp., 41 F.3d 92, 95 (3d Cir. 1994) ( funds held in trust are not property of the estate ). Because such charitable trusts or restricted endowments are not property of the bankruptcy estate, they will not be available to creditors in a bankruptcy proceeding. Rather, they may only continue to be used for their specified purposes in accordance with applicable state law. (8) Importantly, there are exceptions to the general protections that apply to donor-restricted funds in bankruptcy. The occurrence of such exceptions may render the fund at issue vulnerable to the claims of a debtor s creditors, as when: a debtor donee unilaterally establishes an endowment fund and has the right to revoke that endowment; a debtor donee establishes an endowment fund on the eve of bankruptcy as a shield from creditors; an endowment fund has historically been used for general obligations of the debtor donee s operations (and could then be used to satisfy creditors whose claims may arise from general obligations of the debtor); or a debtor donee has invaded the principal in order to fund general operations. E. The Automatic Stay (1) Operation and Effect Upon filing of bankruptcy petition, the automatic stay takes effect, enjoining commencement or continuation of litigation against the debtor (but not by the debtor), perfection or enforcement of security interests, termination of contracts or leases, and practically any other creditor remedies/collection activities. See 11 U.S.C

5 Automatic stay precludes secured creditors from foreclosing on collateral without court permission. Effect of stay is to give the debtor the breathing spell from creditors that bankruptcy promises. Also protects creditors by halting actions that would deplete the estate and frustrate reorganization or orderly liquidation efforts. (2) Scope Automatic stay is extremely broad, but not limitless. Certain actions are not subject to the automatic stay, such as criminal actions against a debtor and the enforcement of police and regulatory powers by governmental units. Additionally, if property or assets are excluded from the bankruptcy estate, the automatic stay will not operate to protect them from claims of creditors. (3) Stay is limited to debtors. Courts can extend protections of stay/enjoin acts against non-debtors in certain circumstances. If pursuit of action against non-debtor would effectively be an action against the debtor, the court may issue injunction/expand the stay. (4) Stay may be lifted by the Bankruptcy Court for cause. (5) Stay is not permanent. As to property, stay generally continues until the asset is no longer part of the estate. As to other actions, stay continues as provided in a confirmed plan or until the earliest of: 1) closure or dismissal of the bankruptcy case or 2) denial or grant of a discharge to the debtor. (6) Penalties for violation of the automatic stay can be significant. 5

6 F. Claimants and Classes of Creditors (1) Secured creditors Typically banks/pre-petition lenders, equipment lessors, and others with security interests. Secured creditors are granted allowed claims against the debtor up to the value of their collateral. Under the Bankruptcy Code, secured creditors are entitled to payment in full of their allowed claims or the return of the collateral. The portion of the claim of a secured creditor that exceeds the value of the collateral becomes an unsecured deficiency claim. See F.(2)(1) below. (2) Unsecured creditors Priority unsecured claims 1) The Bankruptcy Code provides for administrative priority of certain claims such that they are paid ahead of all other unsecured creditors. See 11 U.S.C ) Priority claims include: A) Bankruptcy administration fees. B) Claims of taxing authorities. C) Wages, commissions, benefits. D) Customer deposits (up to $2,775). E) Claims for post-petition goods or services provided to a debtor (if not paid in the ordinary course, as should be). General unsecured claims 1) Typically trade creditors, contract counterparties, landlords, deficiency claims. 2) In Chapter 7, paid pro-rata from unencumbered funds in estate. 6

7 3) In Chapter 11, paid in accordance with Chapter 11 plan. Insider claims 1) Generally, insiders are directors, officers, or persons in control of a debtor, as well as affiliates of the debtor and insiders of affiliates. 2) Affiliates include entities that control 20% or more of the debtor or entities where the debtor has 20% or more control. 3) Insiders holding claims against a debtor are treated the same as non-insider claims but their votes do not count in determining an impaired class for confirmation of a Chapter 11 plan. See G(2) below. 4) Transactions with insiders are subjected to heightened scrutiny. Equity interests G. Objective of a Chapter 11 Filing 1) Non-profit and charitable corporations do not have shareholders and issues involving equity are not addressed here. 2) Equity cannot be preserved or receive any value unless all claims are paid in full. See Absolute Priority Rule below. (1) The Plan: Where reorganization is the goal, the debtor (and only the debtor during the first part of the bankruptcy case) will propose a Chapter 11 Plan. The Plan essentially divides creditors into classes and prescribes what treatment or payment each class of creditors will receive on account of their claims. The plan also determines which contracts are assumed by the reorganized debtor and continue in place and which contracts are rejected. The plan is the blueprint for the debtor s reorganization. (2) Requirements for Confirmation of a Plan: The Bankruptcy Code contains numerous requirements that a debtor must meet in order for its plan to be confirmed. See 11 U.S.C The confirmation requirements that are usually at issue are the following: 7

8 (e) At least one class of impaired creditors must vote to accept the plan. Each class of impaired creditors that does not accept the plan must receive value on account of their claims at least equal to the value that they would get in a liquidation. Generally, administrative and priority claims must be paid in full. The plan must be feasible (not likely to be followed by liquidation or need of further reorganization). No junior class of claims or interests may receive a payment under the plan until all senior classes are paid in full. 1) Absolute Priority Rule : The Bankruptcy Code prohibits distribution of property to interest holders unless all other creditors have been paid in full. Senior classes of creditors must be paid in full before junior classes of creditors can receive anything. 2) In non-profit context, courts have grappled with whether retention of control of a non-profit entity by its pre-bankruptcy membership violates the Absolute Priority Rule. 3) Generally, because non-profit members have no right to dividends or corporate assets, retention of control by existing members notwithstanding a debtor s inability to pay all other creditors in full is not a violation of the Absolute Priority Rule. However, if membership confers any economic benefit on members, courts may scrutinize the issue carefully. (3) Effect of a Plan: Creditors who oppose a plan are forced to accept its terms if the plan is confirmed (a result usually known as a cram down ). The confirmation of a plan discharges any liability of the debtor not paid under the plan. So if the value of the debtor s assets is sufficient only to pay 1 cent on a dollar of debt, the other $.99 of debt is forgiven as a matter of law. The debtor can keep its assets as long as another means for paying out the value to creditors is provided by the plan (e.g., a note secured by the retained assets). 8

Bankruptcy Filing and Federal Employment Taxes. Bad investments, too great an assumption of risk, circumstances beyond their control.

Bankruptcy Filing and Federal Employment Taxes. Bad investments, too great an assumption of risk, circumstances beyond their control. I. What causes someone to file for bankruptcy? Bad investments, too great an assumption of risk, circumstances beyond their control. II. The options A. Individuals Chapter 7, Chapter 11, i Chapter 13 B.

More information

Chapter 7 Liquidation Under the Bankruptcy Code

Chapter 7 Liquidation Under the Bankruptcy Code From Administrative Office of the United States Courts, Bankruptcy Basics, Public Information Series. Chapter 7 Liquidation Under the Bankruptcy Code The chapter of the Bankruptcy Code providing for "liquidation,"

More information

BANKRUPTCY TERMINOLOGY

BANKRUPTCY TERMINOLOGY ADVERSARY PROCEEDING BANKRUPTCY TERMINOLOGY A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court. ASSUME An agreement to continue performing

More information

Advanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com

Advanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com Advanced Bankruptcy for Bankers Candace C. Carlyon, Esq. www.sheacarlyon.com 1 Pre Bankruptcy Review loan files, confirm collateral security, obtain as much information as possible Consider timing of remedies

More information

Restructuring Overview: Chapter 11. Renée M. Dailey June 28, 2013

Restructuring Overview: Chapter 11. Renée M. Dailey June 28, 2013 Restructuring Overview: Chapter 11 Renée M. Dailey June 28, 2013 What is Chapter 11? A chapter contained in title 11 of the United States Code (the "Bankruptcy Code") which provides for the reorganization,

More information

CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP

CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP BANKRUPTCY 101 BASICS & CONTEXT 1. Guiding Policies a. Equality of Distribution b. Adequate

More information

HOMEOWNERS ASSOCIATIONS AND BANKRUPTCY - STRATEGIES

HOMEOWNERS ASSOCIATIONS AND BANKRUPTCY - STRATEGIES HOMEOWNERS ASSOCIATIONS AND BANKRUPTCY - STRATEGIES DENNIS J. LeVINE, ESQ. Fla. Bar No. 375993 Dennis LeVine & Associates, P.A. P.O. Box 707 Tampa, Florida 33601 (813) 253-0777 (813) 253-0975 (fax) dennis@bcylaw.com

More information

Uncharted Waters: Navigating Governmental Entities Creditor s Rights in Bankruptcy Cases By Edmund S. Whitson, III 1 and Nicole C.

Uncharted Waters: Navigating Governmental Entities Creditor s Rights in Bankruptcy Cases By Edmund S. Whitson, III 1 and Nicole C. Uncharted Waters: Navigating Governmental Entities Creditor s Rights in Bankruptcy Cases By Edmund S. Whitson, III 1 and Nicole C. Nate 2 1 Mr. Whitson is a shareholder at Anthony & Partners. He has more

More information

Chapter 12 is a reorganization for family farmers and fishing families, which is similar to Chapter 13.

Chapter 12 is a reorganization for family farmers and fishing families, which is similar to Chapter 13. GENERAL INFORMATION ABOUT THE BANKRUPTCY SYSTEM INCLUDING THE RIGHTS AND DUTIES OF CHAPTER 13 DEBTORS (and other information necessary to assist a debtor in completion of the chapter 13 plan) WHAT IS BANKRUPTCY?

More information

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court.

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. Terminology adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. assume - An agreement to continue performing duties under

More information

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION The principal response of a creditor to the filing of a bankruptcy case is to file a proof of claim (Official Form 10). Specifically,

More information

MANDATORY BANKRUPTCY DISCLOSURE

MANDATORY BANKRUPTCY DISCLOSURE 2418 Main St. Vancouver, WA 98660 www.mcaleerlaw.net Telephone: (360) 334-6277 Facsimile: (360) 356-1920 MANDATORY BANKRUPTCY DISCLOSURE IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM

More information

BANKRUPTCY LAW MANUAL

BANKRUPTCY LAW MANUAL BANKRUPTCY LAW MANUAL FIFTH EDITION THE HONORABLE NANCY C. DREHER CHIEF UNITED STATES BANKRUPTCY JUDGE, DISTRICT OF MINNESOTA MEMBER, UNITED STATES EIGHTH CIRCUIT BANKRUPTCY APPELLATE PANEL (1997-2005)

More information

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization Agricultural Business Management FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization Phillip L. Kunkel, Jeffrey A. Peterson Attorneys, Gray Plant Mooty INTRODUCTION Chapter 12 was added to

More information

BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY

BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY by Roy F. Kiplinger Kiplinger Law Firm, P.C. August 5, 2010 We pride ourselves in providing quality legal services

More information

A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy.

A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy. Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency

More information

THE BASICS OF CHAPTER 11 BANKRUPTCY

THE BASICS OF CHAPTER 11 BANKRUPTCY THE BASICS OF CHAPTER 11 BANKRUPTCY Bankruptcy is a legal proceeding in which a debtor declares an inability to pay consumer or business debts as they become due. Debtors may seek to be excused from continuing

More information

CHAPTER 9 Municipality Bankruptcy

CHAPTER 9 Municipality Bankruptcy U.S. COURTS HTTP://WWW.USCOURTS.GOV/FEDERALCOURTS/BANKRUPTCY/BANKRUPTCY BASICS/CHAPTER9.ASPX CHAPTER 9 Municipality Bankruptcy The chapter of the Bankruptcy Code providing for reorganization of municipalities

More information

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Chapter 13 Bankruptcy Individual Debt Adjustment The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property

More information

Chapter 13 - Bankruptcy Basics. Background. Advantages of Chapter 13

Chapter 13 - Bankruptcy Basics. Background. Advantages of Chapter 13 Chapter 13 - Bankruptcy Basics This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over

More information

Bankruptcy And Property Of The Estate - An Overview

Bankruptcy And Property Of The Estate - An Overview IMPACT OF BANKRUPTCY ON DOMESTIC RELATIONS CASES Honorable K. Rodney May United States Bankruptcy Judge Tampa, Florida September 2012 1. Bankruptcy -- Overview. A bankruptcy case begins with the filing

More information

Red & Black: Bankruptcy and Class Actions

Red & Black: Bankruptcy and Class Actions Red & Black: Bankruptcy and Class Actions Presented by: Donna L. Culver Morris Nichols, Arsht & Tunnell LLP Marcy Hogan Greer Alexander Dubose Jefferson & Townsend LLP March 11, 2015 UPPO Presentation

More information

Chapter 11. Background. A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy.

Chapter 11. Background. A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a reorganization bankruptcy. Chapter 11 The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to

More information

Case 11-08676-8-SWH Doc 77 Filed 01/12/12 Entered 01/12/12 15:09:51 Page 1 of 7

Case 11-08676-8-SWH Doc 77 Filed 01/12/12 Entered 01/12/12 15:09:51 Page 1 of 7 Case 11-08676-8-SWH Doc 77 Filed 01/12/12 Entered 01/12/12 15:09:51 Page 1 of 7 SO ORDERED. SIGNED this 12 day of January, 2012. Stephani W. Humrickhouse United States Bankruptcy Judge UNITED STATES BANKRUPTCY

More information

By John J. Lamoureux Carlton Fields, P.A. Tampa, Florida. On April 20, 2005 President Bush signed into law the Bankruptcy Abuse Prevention and

By John J. Lamoureux Carlton Fields, P.A. Tampa, Florida. On April 20, 2005 President Bush signed into law the Bankruptcy Abuse Prevention and RECENT CHANGES TO THE UNITED STATES BANKRUPTCY CODE WHAT CONSTRUCTION LAWYERS SHOULD KNOW AND THE POTENTIAL IMPACT SUCH CHANGES MAY HAVE ON CONSTRUCTION PROJECTS By John J. Lamoureux Carlton Fields, P.A.

More information

HOW TO COMPLETE A PROOF OF CLAIM: A PRIMER FOR NON-BANKRUPTCY PRACTITIONERS

HOW TO COMPLETE A PROOF OF CLAIM: A PRIMER FOR NON-BANKRUPTCY PRACTITIONERS HOW TO COMPLETE A PROOF OF CLAIM: A PRIMER FOR NON-BANKRUPTCY PRACTITIONERS by Margaret M. Anderson and Folarin S. Dosunmu Lord, Bissell & Brook LLP, Chicago, Illinois Come to the ABA Business Law Section

More information

Chapter 11 For Individuals & Small Businesses (A Primer On Small Chapter 11 Cases)

Chapter 11 For Individuals & Small Businesses (A Primer On Small Chapter 11 Cases) Presented: University of Texas 31 st Annual Jay L. Westbrook Advanced Consumer Bankruptcy Conference November 8-9, 2012 Four Seasons Hotel Austin Texas Chapter 11 For Individuals & Small Businesses (A

More information

ACQUISITIONS OF TROUBLED BUSINESSES: A COMPARISON OF THE BANKRUPTCY AND NON-BANKRUPTCY ALTERNATIVES. James P. S. Leshaw 1

ACQUISITIONS OF TROUBLED BUSINESSES: A COMPARISON OF THE BANKRUPTCY AND NON-BANKRUPTCY ALTERNATIVES. James P. S. Leshaw 1 ACQUISITIONS OF TROUBLED BUSINESSES: A COMPARISON OF THE BANKRUPTCY AND NON-BANKRUPTCY ALTERNATIVES By James P. S. Leshaw 1 August 17, 1995 1 James P. S. Leshaw is a member of the Bankruptcy and Reorganization

More information

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 11 Reorganizations

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 11 Reorganizations Agricultural Business Management FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 11 Reorganizations Phillip L. Kunkel, Jeffrey A. Peterson Attorneys, Gray Plant Mooty INTRODUCTION Most people assume that

More information

Please put: Brankruptcy - Online Presentation in the subject line of your email. email to: cecertificate@stewart.com 9/18/2014. Bankruptcy Update 2014

Please put: Brankruptcy - Online Presentation in the subject line of your email. email to: cecertificate@stewart.com 9/18/2014. Bankruptcy Update 2014 Please put: Brankruptcy - Online Presentation in the subject line of your email email to: cecertificate@stewart.com 9/18/2014 Bankruptcy Update 2014 Charlie Craig Associate General Counsel & Texas Underwriter

More information

The individual or husband and wife must be engaged in a farming operation or a commercial fishing operation.

The individual or husband and wife must be engaged in a farming operation or a commercial fishing operation. Chapter 12 Background: Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry

More information

Overview on Bankruptcy for the Family Farmer

Overview on Bankruptcy for the Family Farmer Overview on Bankruptcy for the Family Farmer (June 2005) Phyllis J. Marquitz and Stephen L. Weber Jr. Legal Research Assistants Under the Direction and Supervision of Professor Leslie MacRae The Agricultural

More information

NOTICE NO. 1. Notice Mandated By Section 342(b)(1) and 527(a)(1) of the Bankruptcy Code PURPOSES, BENEFITS AND COSTS OF BANKRUPTCY

NOTICE NO. 1. Notice Mandated By Section 342(b)(1) and 527(a)(1) of the Bankruptcy Code PURPOSES, BENEFITS AND COSTS OF BANKRUPTCY NOTICE NO. 1 Notice Mandated By Section 342(b)(1) and 527(a)(1) of the Bankruptcy Code PURPOSES, BENEFITS AND COSTS OF BANKRUPTCY The United States Constitution provides a method whereby individuals, burdened

More information

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 1, VOLUNTARY PETITION I. INTRODUCTION

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 1, VOLUNTARY PETITION I. INTRODUCTION INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 1, VOLUNTARY PETITION I. INTRODUCTION This form, known as a "voluntary petition," must be used by a debtor to begin a bankruptcy case. Filing this petition is

More information

Bankruptcy 101 for Bankers

Bankruptcy 101 for Bankers Bankruptcy 101 for Bankers BAKKE NORMAN L A W O F F I C E S Presentedby: Thomas R. Schumacher & Deanne M. Koll Thisoutlineisdesignedtoprovidebasicinformationaboutbankruptcy. Italsocontainsspecificinformationabouttheuniquechallengesand

More information

BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY. New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L.

BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY. New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L. BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L. Roth WHAT IS BANKRUPTCY? A process in which individuals and entities

More information

CONSULTATION AGREEEMENT and ACKNOWLEDGEMENT OF RECEIPT OF DICLOSURES AND INSTRUCTIONS

CONSULTATION AGREEEMENT and ACKNOWLEDGEMENT OF RECEIPT OF DICLOSURES AND INSTRUCTIONS CONSULTATION AGREEEMENT and ACKNOWLEDGEMENT OF RECEIPT OF DICLOSURES AND INSTRUCTIONS This agreement is entered on this day between the undersigned (hereinafter referred to as "Client") and ADRIAN M. LAPAS,

More information

United States Bankruptcy Court District of

United States Bankruptcy Court District of B25B (Official Form 25B) (12/08) United States Bankruptcy Court District of In re, Case No. Debtor Small Business Case under Chapter 11 [NAME OF PLAN PROPONENT] S DISCLOSURE STATEMENT, DATED [INSERT DATE]

More information

American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours

American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours NOTE: The Bankruptcy Multiple-Choice exam contains 50 questions. You must correctly answer

More information

BANKRUPTCY F.A.Q. S WHAT IS CHAPTER 7?

BANKRUPTCY F.A.Q. S WHAT IS CHAPTER 7? BANKRUPTCY F.A.Q. S While the information presented below is accurate as of the date of publication, it should not be cited or relied upon as legal authority. It should not be used as a substitute for

More information

UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN ORIGINAL CHAPTER 13 PLAN

UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN ORIGINAL CHAPTER 13 PLAN UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN In Re: Debtor(s), / Case #: Chapter 13 Hon. Filed: ORIGINAL CHAPTER 13 PLAN Check this box if this plan deviates in any way from the

More information

United States Bankruptcy Court District of

United States Bankruptcy Court District of B25A (Official Form 25A) (12/11) United States Bankruptcy Court District of In re, Case No. Debtor Small Business Case under Chapter 11 [NAME OF PROPONENT] S PLAN OF REORGANIZATION, DATED [INSERT DATE]

More information

NOTICE NO. 1 Notice Mandated by Section 342(b)(1) and 527(a)(1) Of The Bankruptcy Code:

NOTICE NO. 1 Notice Mandated by Section 342(b)(1) and 527(a)(1) Of The Bankruptcy Code: Mandatory Bankruptcy Disclosures The following mandatory disclosures are required under Section 527 and 342 of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. NOTICE NO. 1

More information

BUYING AND SELLING ASSETS FROM AN ENTITY IN CHAPTER 11

BUYING AND SELLING ASSETS FROM AN ENTITY IN CHAPTER 11 BUYING AND SELLING ASSETS FROM AN ENTITY IN CHAPTER 11 Francis P. Dicello, Esq. I. Sources of Financial Information for Troubled Companies A. Nonbankruptcy Sources 1. Lien Judgment Search 2. Reports to

More information

Individual Bankruptcy A Client's Guide to the Language and Procedure

Individual Bankruptcy A Client's Guide to the Language and Procedure Individual Bankruptcy A Client's Guide to the Language and Procedure BAKKE NORMAN L A W O F F I C E S Welcome Thank you for considering Bakke Norman, S.C. to represent your interests. This booklet will

More information

Case 10-33583-bjh11 Doc 31 Filed 12/07/10 Entered 12/07/10 18:18:45 Desc Main Document Page 1 of 10

Case 10-33583-bjh11 Doc 31 Filed 12/07/10 Entered 12/07/10 18:18:45 Desc Main Document Page 1 of 10 Document Page 1 of 10 Eric A. Liepins ERIC A. LIEPINS, P.C. 12770 Coit Road Suite 1100 Dallas, Texas 75251 Ph. (972) 991-5591 Fax (972) 991-5788 ATTORNEYS FOR DEBTOR IN THE UNITED STATES BANKRUPTCY COURT

More information

BANKRUPTCY 101 FOR EQUIPMENT LEASING PROFESSIONALS AARON L. HAMMER, ESQ. CYNTHIA A. BERGMANN, ESQ. FREEBORN & PETERS LLP

BANKRUPTCY 101 FOR EQUIPMENT LEASING PROFESSIONALS AARON L. HAMMER, ESQ. CYNTHIA A. BERGMANN, ESQ. FREEBORN & PETERS LLP BANKRUPTCY 101 FOR EQUIPMENT LEASING PROFESSIONALS AARON L. HAMMER, ESQ. CYNTHIA A. BERGMANN, ESQ. FREEBORN & PETERS LLP 2009 TABLE OF CONTENTS Page I. BASICS OF U.S. CHAPTER 11... 1 A. INTRODUCTION...

More information

Chapter 13 Handbook. David Burchard Chapter 13 Trustee Santa Rosa Division. (707) 544-5500 * Fax (707) 544-0475 www.burchardtrustee.

Chapter 13 Handbook. David Burchard Chapter 13 Trustee Santa Rosa Division. (707) 544-5500 * Fax (707) 544-0475 www.burchardtrustee. Chapter 13 Handbook David Burchard Chapter 13 Trustee Santa Rosa Division (707) 544-5500 * Fax (707) 544-0475 www.burchardtrustee.com TABLE OF CONTENTS I. Disclaimer.....1 II. Introduction.......2 III.

More information

EXHIBIT 5 1 Flow Chart for Chapter 7

EXHIBIT 5 1 Flow Chart for Chapter 7 EXHIBIT 5 1 Flow Chart for Chapter 7 The Filing of the Chapter 7 Petition Within 180 days of filing a Chapter 7 petition, an individual debtor must be briefed (including by telephone and on the Internet)

More information

Not-for-Profit Bankruptcies: Eleemosynary Corporations on the Brink. Mark G. Douglas

Not-for-Profit Bankruptcies: Eleemosynary Corporations on the Brink. Mark G. Douglas Not-for-Profit Bankruptcies: Eleemosynary Corporations on the Brink Mark G. Douglas In the wake of controversial bankruptcy cases recently filed by the Roman Catholic Archdiocese of Portland, Oregon, National

More information

Notice of Formation Meeting for Official Committee of Unsecured Creditors

Notice of Formation Meeting for Official Committee of Unsecured Creditors Office of the United States Trustee District of Delaware 844 King Street, Suite 2207 Wilmington, DE 19801 Tel. No. (302) 573-6491 Fax No. (302) 573-6497 IN RE: Chapter 11 Boomerang Tube, LLC, et al. Debtors.

More information

by Keith L. Rucinski 18 Ohio Lawyer March/April 2012 www.ohiobar.org

by Keith L. Rucinski 18 Ohio Lawyer March/April 2012 www.ohiobar.org by Keith L. Rucinski 18 Ohio Lawyer March/April 2012 www.ohiobar.org When domestic relations cases involve financial woes for one or both parties, even a basic grasp of bankruptcy law can mean the difference

More information

ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE

ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE By John E. Mitchell, Baker & McKenzie, LLP (Dallas) (john.mitchell@bakermckenzie.com) and Angela B. Degeyter,

More information

Notice of Formation Solicitation for Official Committee of Student Creditors

Notice of Formation Solicitation for Official Committee of Student Creditors Office of the United States Trustee District of Delaware 844 King Street, Suite 2207 Wilmington, DE 19801 Tel. No. (302) 573-6491 Fax No. (302) 573-6497 IN RE: Chapter 11 Corinthian Colleges, Inc., et

More information

CORE KNOWLEDGE: BANKRUPTCY

CORE KNOWLEDGE: BANKRUPTCY American Bar Association SECTION OF LITIGATION CORE KNOWLEDGE: BANKRUPTCY The Bankruptcy Code is a Federal statute and is codified under title 11 of the United States Code. The Bankruptcy Code is divided

More information

I. INTRODUCTION II. APPLICABLE LAW AND RULES

I. INTRODUCTION II. APPLICABLE LAW AND RULES INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 13 ORDER APPROVING DISCLOSURE STATEMENT AND FIXING TIME FOR FILING ACCEPTANCES OR REJECTIONS OF PLAN, COMBINED WITH NOTICE THEREOF I. INTRODUCTION Official Form

More information

Framme Law Firm, PC. Bankruptcy Consultation Agreement

Framme Law Firm, PC. Bankruptcy Consultation Agreement Framme Law Firm, PC Bankruptcy Consultation Agreement 1. Bankruptcy Telephone Consultation Agreement (signature required) 2. Notice Pursuant to 11 USC Section 342(b) (information only) 3. Notice Pursuant

More information

Bankruptcy Basics June 9, 2009

Bankruptcy Basics June 9, 2009 Bankruptcy Basics June 9, 2009 Brooks Hamilton Haynes and Boone, LLP www.haynesboone.com Purposes of bankruptcy Mechanism to allow person or company that cannot pay creditors to resolve debts through division

More information

AUTOMATIC STAY LITIGATION IN A NUTSHELL

AUTOMATIC STAY LITIGATION IN A NUTSHELL AUTOMATIC STAY LITIGATION IN A NUTSHELL I. The Real Purpose of the Automatic Stay. Prepared by Benjamin Payne Hanson & Payne, LLC bpayne@hansonpayne.com www.hansonpayne.com A. The purpose of the automatic

More information

Bankruptcy Remote Structuring

Bankruptcy Remote Structuring Bankruptcy Remote Structuring by David W. Forti April 1-3, 2001 Copyright 2001 Dechert. All rights reserved. Materials have been abridged from laws, court decisions and administrative rulings and should

More information

VOLUNTARY PETITION I. APPLICABLE LAW AND RULES

VOLUNTARY PETITION I. APPLICABLE LAW AND RULES Instructions, Form B1 11.21.12 VOLUNTARY PETITION This form, known as a voluntary petition must be used by a debtor to begin a bankruptcy case. Filing this petition is how an individual or other entity

More information

Bankruptcy Issues in Foreclosure Actions. Andrew J. Zeigler

Bankruptcy Issues in Foreclosure Actions. Andrew J. Zeigler Bankruptcy Issues in Foreclosure Actions Andrew J. Zeigler Bankruptcy Automatic Stay 11 U.S.C. 362 Once a bankruptcy petition is filed all collection activities must stop immediately. Applies to all creditors

More information

Overview of U.S. Bankruptcy Law and Procedure: Dealing with Customers in These Troubled Economic Times

Overview of U.S. Bankruptcy Law and Procedure: Dealing with Customers in These Troubled Economic Times Overview of U.S. Bankruptcy Law and Procedure: Dealing with Customers in These Troubled Economic Times By: Richard R. Lury, Partner Benjamin D. Feder, Special Counsel Kelley Drye & Warren LLP During the

More information

Case 10-93904-BHL-11 Doc 416 Filed 03/31/11 EOD 03/31/11 15:52:22 Pg 1 of 12 SO ORDERED: March 31, 2011.

Case 10-93904-BHL-11 Doc 416 Filed 03/31/11 EOD 03/31/11 15:52:22 Pg 1 of 12 SO ORDERED: March 31, 2011. Case 10-93904-BHL-11 Doc 416 Filed 03/31/11 EOD 03/31/11 15:52:22 Pg 1 of 12 SO ORDERED: March 31, 2011. Basil H. Lorch III United States Bankruptcy Judge IN THE UNITED STATES BANKRUPTCY COURT SOUTHERN

More information

Filing Bankruptcy: General Information. Debts

Filing Bankruptcy: General Information. Debts Filing Bankruptcy: General Information The Big Picture The Big Picture when it comes to Bankruptcy is this: the person or entity that owes money and needs relief from creditors (the debtor ) is making

More information

Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better

Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better Husch Blackwell LLP Ben Mann John Cruciani An Overview of Business Bankruptcy & Creditors Rights Issues June 26,

More information

Bankruptcy Law Firm Ursula Jones, Attorney

Bankruptcy Law Firm Ursula Jones, Attorney ATTORNEY-CLIENT BANKRUPTCY RETAINER AGREEMENT The Client(s) hereby enter into this Attorney-Client Retainer Agreement with Ursula Jones ( Attorney ). 1. TOTAL FEES AND COSTS (a) Fixed Fee: A fixed fee

More information

GUIDELINES FOR FULFILLING THE REQUIREMENTS OF THE

GUIDELINES FOR FULFILLING THE REQUIREMENTS OF THE U.S. DEPARTMENT OF JUSTICE UNITED STATES TRUSTEE SOUTHERN DISTRICT OF CALIFORNIA March 1, 2015 GUIDELINES FOR FULFILLING THE REQUIREMENTS OF THE UNITED STATES TRUSTEE 402 WEST BROADWAY SUITE 600 SAN DIEGO

More information

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING]

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING] UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING] Original plan Amended plan -- Date amended: The debtor's future earnings are submitted

More information

FEATURED ARTICLE. Introduction. If You Represent Employees, You May Want to Read This

FEATURED ARTICLE. Introduction. If You Represent Employees, You May Want to Read This FEATURED ARTICLE What California Business Lawyers Need to Know About the New Bankruptcy Legislation (Part 2) By Lawrence Peitzman and David B. Shemano Introduction In Part I of this article, published

More information

Case 10-32200 Document 33 Filed in TXSB on 04/21/10 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS

Case 10-32200 Document 33 Filed in TXSB on 04/21/10 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS Case 10-32200 Document 33 Filed in TXSB on 04/21/10 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ENTERED 04/21/2010 ) IN RE ) ) SOUTHWEST GUARANTY,

More information

How To File A Trust Deed In The United States

How To File A Trust Deed In The United States 5 THINGS EVERY LAWYER SHOULD KNOW ABOUT BANKRUPTCY Laura A. Deeter, Esq. Five Things 1. What do the different BK chapters mean? 2. Do I need to file a Proof of Claim? 3. What does the BK Trustee do? 4.

More information

Iain A. Macdonald. Modesto 221 Sansome Street

Iain A. Macdonald. Modesto 221 Sansome Street Iain A. Macdonald MACDONALD & ASSOCIATES San Francisco Modesto 221 Sansome Street 914 13 th Street San Francisco, CA 94104 Telephone Number: (415) 362-0449 Facsimile Number: (415) 394-5544 Office Hours:

More information

Case 04-00859 Doc 26 Filed 06/24/04 Entered 06/24/04 16:31:38 Desc Main Document Page 1 of 7

Case 04-00859 Doc 26 Filed 06/24/04 Entered 06/24/04 16:31:38 Desc Main Document Page 1 of 7 Document Page 1 of 7 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF IOWA IN RE: ) ) Chapter 7 DAVID RICHARD CALHOUN, ) fdba Badger Contracting, LLC, ) Bankruptcy No. 04-00859 fdba Badger

More information

DISCHARGE. The Discharge in Bankruptcy. From an individual. debtor s standpoint, one. of the primary goals of. filing a bankruptcy case

DISCHARGE. The Discharge in Bankruptcy. From an individual. debtor s standpoint, one. of the primary goals of. filing a bankruptcy case The Discharge in Bankruptcy DISCHARGE The bankruptcy discharge varies depending on the type of case a debtor files: chapter 7, 11, 12, or 13. This Public Information Series pamphlet attempts to answer

More information

THE LEGAL REPORT. Aaron L. Castle. VanOverbeke, Michaud & Timmony, P.C. MUNICIPAL BANKRUPTCY IN MICHIGAN Mapping the Uncharted Waters

THE LEGAL REPORT. Aaron L. Castle. VanOverbeke, Michaud & Timmony, P.C. MUNICIPAL BANKRUPTCY IN MICHIGAN Mapping the Uncharted Waters THE LEGAL REPORT Aaron L. Castle VanOverbeke, Michaud & Timmony, P.C. MUNICIPAL BANKRUPTCY IN MICHIGAN Mapping the Uncharted Waters How many different words can you think of using the letters in the word

More information

UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS WESTERN DIVISION

UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS WESTERN DIVISION Document Page 1 of 9 UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS WESTERN DIVISION ) In re: ) ) Chapter 7 YARMYN FELIBERTY, ) Case No. 12-31819 ) Debtor ) ) MEMORANDUM OF DECISION Before the

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION

IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION DUTIES AND RESPONSIBILITIES OF A DEBTOR UNDER CHAPTER 7 AND ATTENDANCE AT THE 341 MEETING OF CREDITORS In either

More information

ALERT APRIL 25, 2005

ALERT APRIL 25, 2005 919 Third Avenue, New York, NY 10022 n Tel: (212) 756-2000 n Fax: (212) 593-5955 n www.srz.com n e-mail: wwwmail@srz.com ALERT APRIL 25, 2005 2005 BANKRUPTCY CODE AMENDMENTS: QUICK SUMMARY OF BUSINESS

More information

WHAT EVERY ATTORNEY NEEDS TO KNOW ABOUT BANKRUPTCY

WHAT EVERY ATTORNEY NEEDS TO KNOW ABOUT BANKRUPTCY WHAT EVERY ATTORNEY NEEDS TO KNOW ABOUT BANKRUPTCY 6 Nevada Lawyer March 2014 Where to Look BY CANDACE C. CARLYON, ESQ. AND ADAM BOWLER, ESQ. A great starting point in a search for bankruptcy information

More information

MOUNTAIN POST LEGAL BRIEF. A Preventive Law Service of The Office of the Staff Judge Advocate. Headquarters, Fort Carson

MOUNTAIN POST LEGAL BRIEF. A Preventive Law Service of The Office of the Staff Judge Advocate. Headquarters, Fort Carson REVISED APRIL 2010 MOUNTAIN POST LEGAL BRIEF A Preventive Law Service of The Office of the Staff Judge Advocate Headquarters, Fort Carson Keeping You Informed On Personal Legal Affairs BANKRUPTCY MATTERS

More information

Chapter 7 Commercial Bankruptcy Strategies

Chapter 7 Commercial Bankruptcy Strategies I N S I D E T H E M I N D S Chapter 7 Commercial Bankruptcy Strategies Leading Lawyers on Navigating the Chapter 7 Filing Process, Understanding Bankruptcy Trends, and Advising Clients 2010 EDITION 2010

More information

IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY OR BANKRUPTCY PETITION PREPARER.

IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY OR BANKRUPTCY PETITION PREPARER. IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM AN ATTORNEY OR BANKRUPTCY PETITION PREPARER. If you decide to seek bankruptcy relief, you can represent yourself, you can hire an attorney

More information

ST. JOHN S UNIVERSITY SCHOOL OF LAW LL.M. IN BANKRUPTCY PROGRAM BUSINESS BANKRUPTCY REORGANIZATIONS. Spring 2016 Professor Alec Ostrow

ST. JOHN S UNIVERSITY SCHOOL OF LAW LL.M. IN BANKRUPTCY PROGRAM BUSINESS BANKRUPTCY REORGANIZATIONS. Spring 2016 Professor Alec Ostrow ST. JOHN S UNIVERSITY SCHOOL OF LAW LL.M. IN BANKRUPTCY PROGRAM BUSINESS BANKRUPTCY REORGANIZATIONS Spring 2016 Professor Alec Ostrow Wednesdays: 5:40 p.m. to 7:50 p.m. Conducted Online Business Telephone

More information

GUIDE FOR THE VOLUNTARY DISSOLUTION OF MINNESOTA NONPROFIT CORPORATIONS

GUIDE FOR THE VOLUNTARY DISSOLUTION OF MINNESOTA NONPROFIT CORPORATIONS GUIDE FOR THE VOLUNTARY DISSOLUTION OF MINNESOTA NONPROFIT CORPORATIONS I. INTRODUCTION This Guide is designed to assist non-lawyers who need to understand the process of voluntarily dissolving a Minnesota

More information

Bankruptcy. Assignment 6: Bankruptcy and the Automatic Stay. Chapter 7 (Liquidation) Chapter 11 Reorganization

Bankruptcy. Assignment 6: Bankruptcy and the Automatic Stay. Chapter 7 (Liquidation) Chapter 11 Reorganization Assignment 6: Bankruptcy and the Automatic Stay Reference: Understanding Secured Transactions, 16.01, 16.02, 16.03 Federal law affects state debtor-creditor law (e.g., Art. 9) when debtor files for bankruptcy

More information

UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS

UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS Name of Debtor(s): Case No: This Plan, dated, is: the first Chapter 13 Plan filed in this case. a modified

More information

How To Find Out If A Bankruptcy Attorney Is Disinterested

How To Find Out If A Bankruptcy Attorney Is Disinterested Case 13-04639-8-RDD Doc 68 Filed 11/04/13 Entered 11/04/13 16:14:55 Page 1 of 7 SO ORDERED. SIGNED this 4 day of November, 2013. Randy D. Doub United States Bankruptcy Judge IN THE UNITED STATES BANKRUPTCY

More information

Common Issues That Arise When a Party to Litigation is in Financial Distress

Common Issues That Arise When a Party to Litigation is in Financial Distress Stressed About Distress: What Happens When One of the Parties to Your Lawsuit Is in Danger of Filing, or Actually Does File, Bankruptcy? Common Issues That Arise When a Party to Litigation is in Financial

More information

CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE: BACKGROUND AND SUMMARY 2012

CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE: BACKGROUND AND SUMMARY 2012 CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE: BACKGROUND AND SUMMARY 2012 Table of Contents I. BACKGROUND OF CHAPTER 11 OF THE BANKRUPTCY CODE... 1 A. Importance of Chapter 11.... 1 B. Purpose and Process

More information

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN IN RE: S.S.# XXX-XX- Debtor CASE NO. CHAPTER 13 JUDGE and S.S.# XXX-XX- Joint-Debtor Debtor(s) / PLAN SUMMARY For informational purposes only.

More information

BANKRUPTCY WHAT IS BANKRUPTCY?

BANKRUPTCY WHAT IS BANKRUPTCY? BANKRUPTCY Most military personnel and their families handle their financial affairs in a responsible and timely manner. Those who have problems usually seek timely assistance from financial counselors.

More information

The Debtor in Possession

The Debtor in Possession Adequate Protection/Cash Collateral in Chapter 11 The Automatic Stay in Bankruptcy Patricia M. Gibeault David M. Pelletier Kevin D. Trost Axley Brynelson, LLP WISCONSIN BANKING LAW UPDATE Community Bankers

More information

Nuts and Bolts of Corporate Bankruptcy 2015. Introduction. Introduction (Cont'd) 12/10/2015. Basic Ethical Considerations in Bankruptcy

Nuts and Bolts of Corporate Bankruptcy 2015. Introduction. Introduction (Cont'd) 12/10/2015. Basic Ethical Considerations in Bankruptcy Nuts and Bolts of Corporate Bankruptcy 2015 Basic Ethical Considerations in Bankruptcy Presented by Howard J. Weg Hon. Martin Glenn December 15, 2015 Introduction Employment of Trustees and Professionals

More information

U.S. Bankruptcy Basics

U.S. Bankruptcy Basics SHEPPARD MULLIN SHEPPARD MULLIN RICHTER & HAMPTON LLP A T T O R N E Y S A T L A W U.S. Bankruptcy Basics Sheppard, Mullin, Richter & Hampton LLP Edward H. Tillinghast, III etillinghast@sheppardmullin.com

More information

Nuts and Bolts of Corporate Bankruptcy 2014

Nuts and Bolts of Corporate Bankruptcy 2014 Nuts and Bolts of Corporate Bankruptcy 2014 Basic Ethical Considerations in Bankruptcy Presented by Howard J. Weg Hon. Martin Glenn December 9, 2014 Introduction Employment of Trustees and Professionals

More information

Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy

Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy Income Tax Valuation Insights Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy Robert F. Reilly, CPA, and Ashley L. Reilly Many professional practitioners and small business

More information

Bankruptcy. published by AAA Fair Credit Foundation

Bankruptcy. published by AAA Fair Credit Foundation Bankruptcy published by AAA Fair Credit Foundation Bankruptcy 1. What is Bankruptcy?..............................................................3 2. Chapters of Bankruptcy...........................................................4

More information

ASSETS HELD BY CHARITABLE ORGANIZATIONS ARE SAFE FROM CLAIMS OF CREDITORS IN BANKRUPTCY CASES... OR ARE THEY?

ASSETS HELD BY CHARITABLE ORGANIZATIONS ARE SAFE FROM CLAIMS OF CREDITORS IN BANKRUPTCY CASES... OR ARE THEY? BNA s Bankruptcy Law Reporter Reproduced with permission from BNA s Bankruptcy Law Reporter, 25 BBLR 1243, 09/12/2013. Copyright 姝 2013 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com

More information

CHANGES IMPACTING CHAPTER 11 CASES

CHANGES IMPACTING CHAPTER 11 CASES CHANGES IMPACTING CHAPTER 11 CASES DAVID T. SYKES AND WENDY M. SIMKULAK EXECUTORY CONTRACTS AND UNEXPIRED LEASES In an attempt to effectively limit the amount of time that the debtor has to decide whether

More information