Cover Your Assets: Asset Protection for New Jersey Business Owners
Going into business for yourself is a risky endeavor. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each…
sub-chapter v small business debtors and confirmation of a plan of reorganization
The goals of Sub-chapter V are to minimize the time and expense of small business reorganization. status conference Within 60 days of the filing, the bankruptcy court is expected to…
Sub-chapter v: makes it easier for small businesses to reorganize
ELIGIBILITY FOR SUB-CHAPTER V ELECTION Sub-chapter V election by a small business requires that the debtor have non-contingent, liquidated debts (secured and unsecured) totally not more than $2,725,625..00 (presently for…
SUB-CHAPTER V: SMALL BUSINESS DEBTOR REORGANIZATION
Sub-Chapter V of Chapter 11 of the United States Bankruptcy Code was signed into law in August 2019 and took effect in February 2020. The intent of the change to…
BANKRUPTCY CODE AND CARES Act
On March 27, 2020 the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law by President Trump. In addition to providing emergency assistance and health care…
coronavirus stimulus package: will it be enough to save small businesses
The Coronavirus outbreak has caused the unprecedented shutdown of businesses by the government. While this may be necessary to control the spread of the virus, the shutdown is having a…
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CORONAVIRUS AND SMALL BUSINESSES: BOUNCING BACK FROM THE PANDEMIC
Even if you have have operated your business in the most prudent of manners, it is likely that you still have at best, enough reserve capital to operate your business…
Supreme Court Rules on Bankruptcy Case involving automatic stay
In Ritzen Group, Inc. v. Jackson Masonry, LLC, 589 U.S. ___ (2020), the United States Supreme Court unanimously ruled that where a creditor seeks “relief” from the “automatic stay” in…
Chapter 7 Bankruptcy Case Analysis
A recent case out of a Bankruptcy Court in Massachusetts highlights some important rights and restraints of a Chapter 7 Bankruptcy Trustee. In In re Deveau, (Bankr. E.D. Mass. 12/19/19), Case No. 15-13300, the Bankruptcy Judge, Hon. Frank J. Bailey, was faced with a complicated set of facts and a Chapter 7 Trustee who sought the Court's approval of a potential settlement of a claim. The Judge ultimately did not approve a settlement between the Trustee with an insurance carrier who had previously denied coverage to the debtor.
