Below is an update on COVID-19 provided by Law360: Law360 (July 31, 2020, 4:08 PM EDT) — Bankruptcy experts are applauding a proposed change to the Paycheck Protection Program that will allow small business debtors to access loans under federal COVID-19 relief packages, correcting what they say was a mistake in early versions of the aid program that left
Subchapter V bankruptcy was put into effect in February of 2020 amid the COVID-19 pandemic. While the subchapter was not created because of the pandemic its timing is nothing short of a blessing. Many small businesses need a quick bankruptcy solution and do not have the time to follow the traditional chapter 11 bankruptcy procedure. In this blog, we will discuss what subchapter V bankruptcy is, the filing process, the costs associated with it, how much time it takes to file, and its benefits.
Jennis Law has become the first law firm to confirm a Subchapter V Bankruptcy case here in the Middle District of Florida. Subchapter V Bankruptcies were put into effect in February of 2020 to streamline the bankruptcy process for small business debtors, and, to provide a more amicable forum with creditors.
Filing bankruptcy for your business is an unfortunate life event, but it doesn’t have to be arduous. In this blog, you’ll learn about the types of bankruptcy, how to file for them, how a lawyer can help, and some possible life rafts to consider before you file.
Businesses Are Filing For Bankruptcy & Insolvency The last few months amid the coronavirus pandemic have seen serious economic impacts. Large retailers aren’t necessarily immune to these impacts and we’re starting to see a rise in bankruptcy and insolvency cases among them. It’s important to understand why businesses are filing for bankruptcy and what bankruptcy is. This helps you increase
Filing for business income an interruption coverage, bankruptcy, and more Jennis Law is now offering services specifically for businesses being impacted by the COVID-19 pandemic. VISIT COVID19BUSINESSLAW.COM NOW We negotiate new contracts, leases, loan amendments, forbearance agreements, and settlement agreements with debtors, creditors, landlords, tenants, and financial institutions on behalf of businesses affected by COVID19 (coronavirus). We’re also able to
In re Fulton, 18‐2527 Held that the City of Chicago violated the Bankruptcy Code’s automatic stay when it continued to hold debtors’ impounded vehicles until they paid their outstanding parking tickets. The city must return the vehicles to the debtors, the Seventh Circuit concluded in these four consolidated Chapter 13 bankruptcy cases.
In re Linn Energy, L.L.C., 18-40443 Held that an energy company’s Chapter 11 bankruptcy plan did not entitle a class of lenders to $30 million in post-petition default interest. Affirmed the rulings below.
In re Wade, 18-2564 Held that bankruptcy debtors could not appeal the denial of their motion for sanctions, because they had not filed a petition for permission to appeal, as required under Federal Rule of Bankruptcy Procedure 8006(g). Criticized two circuit precedents that appeared to recognize exceptions to this procedural requirement.
Unable to pay its debt, Puerto Rico recently filed a Title III petition in federal court. Due to low financial resources and persistent creditor collection efforts, Puerto Rico became the first state or territory to seek this type of relief. With rising debt levels continuing to climb (over $114 billion), Puerto Rico turned to Congress for some much-needed help. Last