Blogs
Above the Law blog had an article written by Jordan Rothman titled "People Love to Threaten Bankruptcy During Litigation", the article can be found at https://abovethelaw.com/2023/03/people-love-to-threaten-bankruptcy-durin....Jordan is correct in that many defendants in litigation threaten bankruptcy to obtain a favorable settlement. However, in my experience as a bankruptcy practitioner, many parties that threaten bankruptcy often file and those cases are generally filed as a chapter 7 liquidation, where after the payment of Bankruptcy Trustee fees and expenses, there is little money to distribute to unsecured creditors.In fact, when the threat to file is made by an experienced bankruptcy attorney, it has an even greater impact and we have settled many cases with that approach. In fact, we will often prepare a draft of a bankruptcy petition and send it to an adversary for settlement purposes only, showing what the creditor would receive in a bankruptcy filing (we call this a "pro forma bankruptcy petition"). Alternatively, we are often retained by litigators or their clients to determine what their client would receive if their adversary filed for bankruptcy-we call this a "back of the envelope calculation".Parties wishing to discuss these issues are encouraged to contact Jim Shenwick, Esq 917 363 3391 [email protected]
Weight Loss Brand Jenny Craig Files for Bankruptcy, Shuts Down Bloomberg is reporting that Jenny Craig files for Bankruptcy last week and is shutting down. People and companies that are owed money should file a Proof of Claim & landlord's should expect that their leases with Jenny Craig will be rejected. Individuals or companies having questions about the Jenny Craig bankruptcy filing should contact Jim Shenwick, Esq 917 363 3391 [email protected]We help companies & individuals with too much debt!
The SBA has announced a "Hardship Accommodation Plan" for EIDL loan borrowers.New Relief Program for SBA EIDL Borrowers Who are Having Difficulty Repaying EIDL Loans " Hardship Accommodation Plan"If approved, the Hardship Accommodation Plan will reduce the borrower’s payment to 10% of their monthly payment for six months, after which their regular monthly payment will resume unless they apply for, and receive, another six-month extension.Loans under $200,000 can enroll in a hardship accommodation plan through their MySBA Loan Portal. For larger loans, they will need to call the Covid EIDL Servicing Center.For businesses with Covid EIDL loans that are under $200,000, the SBA requires, along with an offer in compromise application, the most recent profit and loss statements, most recent balance sheet and the most recent three months of history for all business checking accounts, along with its most recent federal tax returns and any copies of a purchase agreement or dissolution documentation if sold or shut down.This information will be used to evaluate a borrower’s ability to repay the outstanding EIDL loan.If outstanding EIDL SBA loans are not repaid the SBA can pursue the business's collateral, commence litigation, wage garnishment or intercept tax refunds.
Jim Shenwick, Esq. 917 363 3391 [email protected]We help individuals & companies with too much debt!
With consumer debt at an all-time high, a financial planner explains who should consider bankruptcy Business Insider
The article can be found at the Business Insider at https://www.businessinsider.com/personal-finance/decide-bankruptcy-makes-sense-financial-planner-2023-4
Jim Shenwick Esq 917 363 3391 [email protected]
Please click the link to schedule a telephone call with me.
https://calendly.com/james-shenwick/15min
We help individuals & companies with too much debt!
Small Business Subchapter V Bankruptcy Filings Increase 81% Y/Y, Commercial Chapter 11 Filings Up 32% Y/YThe story can be found at https://www.abladvisor.com/news/36372/small-business-subchapter-vs-increase-81-y-y-commercial-chapter-11-filings-up
Subchapter V is a scaled down form of simplified chapter 11 bankruptcy filing for small businesses. Individuals or businesses interested in obtaining more information about Sub V filings can contact Jim Shenwick, Esq 917 363 3391 [email protected]
Please click the link to schedule a telephone call with me.
https://calendly.com/james-shenwick/15min
We help individuals & businesses with too much debt!
Bankruptcy Court Trustee Hearings Will Soon Be On Zoom Bankruptcy Trustee hearings are now telephonic. That started for the pandemic, effective April 9, 2020. They are moving to Zoom, soon. Associate Attorney General Vanita Gupta made that announcement Friday at the annual convention of the National Association of Consumer Bankruptcy Attorneys. Colorado, Wyoming, and Utah […]
The post Bankruptcy Trustee Hearings Will Soon Be on Zoom by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.
Bankruptcy Court Trustee Hearings Will Soon Be On Zoom Bankruptcy Trustee hearings are now telephonic. That started for the pandemic, effective April 9, 2020. They are moving to Zoom, soon. Associate Attorney General Vanita Gupta made that announcement Friday at the annual convention of the National Association of Consumer Bankruptcy Attorneys. Colorado, Wyoming, and Utah […]
The post Bankruptcy Trustee Hearings Will Soon Be on Zoom by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.
ABL Advisor's is reporting that new Chapter 11 bankruptcy filings increased by 79% in March 2023. The article can be found at https://www.abladvisor.com/news/36211/commercial-chapter-11-filings-rise-79-y-y-in-march
Jim Shenwick, Esq [email protected] 917-363-3391We held individuals & businesses with too much debt!
Bed Bath & Beyond ("BBB") filed for Chapter 11 Bankruptcy Protection. Individuals & businesses who are owed money by BBB should organized their business records & file a Proof of Claim when notified by the Bankruptcy Court.Also & importantly, If a vendor delivered goods to BBB in the 20 days before the Debtor filed bankruptcy, and those goods were delivered in the ordinary course of business, then you can get administrative claim status of the amount of the goods delivered. See 11 U.S.C. § 503(b)(9) and you should consult with a bankruptcy attorney as soon as possible.
Jim Shenwick, Esq. 917 363 3391 [email protected]We held individuals & businesses with too much debt!
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