Author Archives: Jay Butchko
Debt Settlement Companies: Stay Away
You have a lot of debt, and you may be considering bankruptcy. But that seems like a drastic step when there are so many ads on TV and online touting to just resolve your debts without bankruptcy. So what’s the better option—bankruptcy or a debt relief company? What Do Debt Settlement Companies Do? Debt… Read More »
Filing An Emergency Bankruptcy Petition
Sometimes, you get to file for bankruptcy, or decide whether to file for bankruptcy, on your own schedule. But sometimes you can’t. Sometimes, life creates problems, and there is a reason why you may need to immediately file a bankruptcy. The Automatic Stay The reason why an immediate bankruptcy filing can help is because… Read More »
What is a Debtor in Possession?
One of the benefits of Chapter 11 bankruptcy is the ability of a company to file for bankruptcy, yet emerge from that bankruptcy intact – that is, still in business. But that means that during the bankruptcy, the business still has to be managed, run, and operated. How does it do that? With the… Read More »
The Difference Between Chapter 7 and Chapter 11 Bankruptcy For Businesses
In many ways, Chapter 7 and Chapter 13 bankruptcy are thought of as different than Chapter 11. To some extent that’s correct, as they abide by different laws, and affect or help different people or companies. But how are they different? Specifically, how is Chapter 7 bankruptcy different from Chapter 11 bankruptcy? Liquidation or… Read More »
Benefits of the Small Business Reorganization Act
Historically, Chapter 11 bankruptcy has been thought of as a long, laborious and time intensive process. Certainly, like any legal area, there are some cases that can be complex, and go on for an extended amount of time. But in 2019, Congress passed a new law, the Small Business Reorganization Act, designed to make… Read More »
The Unique Ability to Modify Loans in Chapter 11 Bankruptcy
You’ve heard it before: Bankruptcy does not allow people to rewrite financial provisions in loans or mortgages. Although Chapter 7 or Chapter 13 can provide avenues to help people or businesses get out of foreclosure, just changing the terms of a pre-existing mortgage agreement is not one of them. Chapter 11 Can Rewrite Loan… Read More »
Advantages of the Small Business Reorganization Act vs. A Standard Chapter 11
The Small Business Reorganization Act is a new law designed to make it easier and quicker for small businesses to file for Chapter 11 bankruptcy. Chapter 11 is often thought of as being long, intrusive, costly, and drawn out, and to some extent, for large multimillion dollar companies that file for reorganization, that can… Read More »
Why File a Chapter 13 When Individuals Can File a Chapter 11?
When you hear about Chapter 11 bankruptcy, you probably think of it being an excellent option for businesses. And it is – except it’s not just for businesses. It can also be an avenue to help individuals in certain situations, and Chapter 11 is not limited solely to corporate or business bankruptcies. So why… Read More »
Charge-Offs and Write-Offs: Not Much of a Difference
Part of making the decision to file bankruptcy is trying to determine whether you actually owe money and how much you owe. Unfortunately, that simple question can sometimes be quite difficult, especially if you have older debts. You may be uncertain which debts are actually valid (that is, whether you even have to worry… Read More »
Will You Lose Your Inheritance in Bankruptcy?
It sometimes seems like bankruptcy is divided into two time periods—the first is before your bankruptcy, when your debts, assets, obligations, claims, and everything else is accounted for and dealt with in the bankruptcy. The second is after your bankruptcy is over. After that, any new debts aren’t included or discharged, and any new… Read More »
