Author Archives: Jay Butchko
Debt Reorganization and Business Bankruptcies
Struggles with debt are common for many different types of smaller businesses in South Florida, from restaurants and bars to retail stores and client-focused businesses that provide a wide range of services. For some businesses struggling with debt, the only option may be to file for Chapter 7 bankruptcy — a type of liquidation… Read More »
How Does Chapter 7 Bankruptcy Work for Partnerships, LLCs, and Corporations?
If you are an owner, member, or shareholder in a business that is planning to file for Chapter 7 bankruptcy, you likely have a wide range of questions and concerns about how the case will work and how you will be impacted. It is important to recognize that partnerships, limited liability companies (LLCs), and… Read More »
Should AI Play a Role in Bankruptcy Filings?
Artificial intelligence, or AI for short, is quickly becoming a term that is common in most American lives, including in certain types of legal cases. According to data collected by the Pew Research Center, a substantial percentage of Americans recognize that AI is being used in various ways in their daily lives — such… Read More »
Intellectual Property Rights in Business Bankruptcies
When a business files for bankruptcy, there are many types of assets that are impacted by the case. The full impact will depend on whether the business is filing for a type of liquidation or reorganization bankruptcy, along with other relevant factors. While it might be obvious how certain types of business assets or… Read More »
Pre-Bankruptcy Requirements
If you are planning to file for individual bankruptcy, it is critical to understand that there are certain steps you are required to take before you can actually file your bankruptcy petition. To be clear, you cannot decide to file for bankruptcy one day and file your petition the following day. Instead, there are… Read More »
Commonly Asked Questions About Credit Counseling and Debtor Education
Any individual that is planning to file for consumer bankruptcy will need to complete two separate course requirements: credit counseling and debtor education. Often, if you read descriptions of these two requirements, they sound very similar to one another. As such, you might be wondering if you actually need to complete both, and if… Read More »
How Bankruptcy Can Help Small Family Businesses Survive
Many small business and family business owners worry about the prospect of bankruptcy when their business is struggling financially, in part because of common misconceptions about business bankruptcy. Much too often, small business and family owners assume that filing for bankruptcy will mean having to close their business, or that the bankruptcy process is… Read More »
Who Needs to Pass the Bankruptcy Means Test?
If you are considering bankruptcy for yourself as an individual consumer, or for your business, you might have come across information about something known as the “means test.” You may be wondering who needs to pass the bankruptcy means test, and what is involved in taking and passing the means test. The short answer… Read More »
Clarifying Subchapter V Eligibility
If your business has been considering a Subchapter V bankruptcy filing, you may be aware that one of the eligibility requirements changed in summer 2024 with the sunsetting of a provision in federal law. With much news surrounding the revised eligibility factor, and significant news about a stark rise in Subchapter V bankruptcy cases… Read More »
Does the Automatic Stay Always Apply in Bankruptcy Cases?
As soon as you file for bankruptcy protection — as an individual or a business — you will receive immediate help from an injunction known as the “automatic stay,” set forth in Section 362 of the US Bankruptcy Code. In every bankruptcy case, whether it is a liquidation or reorganization bankruptcy, and whether the… Read More »
