Bankruptcy

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Senior District Court Judge, Bernard A. Friedman, for the United States District Court for the Eastern District of Michigan Southern Division, held that Social Security benefits can be considered in deciding whether a Chapter 7 can be dismissed for “abuse” under 11 U.S.C. § 707(b)(3)(B) “totality of circumstances”. On August 18, 2020, in the case of In re Meehean[1], Judge Friedman upheld the dismissal of the Chapter 7 case of Debtors, Wayne and…
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Earlier this year, I wrote about various bankruptcy courts that have allowed debtors to redesignate or convert previously filed “traditional” Chapter 11 and 7 cases to Subchapter V /Small Business Reorganization Act (“SBRA”) cases. Again, the SBRA came into effect this year and added Subchapter V to the Bankruptcy Code’s existing Chapter 11.…
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Century 21 Stores, an off-price retailer with 13 stores across New York, New Jersey, Pennsylvania, and Florida filed for Chapter 11 bankruptcy protection Century 21 Stores, an off-price retailer with 13 stores across New York, New Jersey, Pennsylvania, and Florida filed for Chapter 11 bankruptcy protection on September 10, 2020 in New York citing the nonpayment of the company’s insurance providers of approximately $175 million purportedly due under policies put in place to protect against…
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You may have read headlines recently such as “Court Allows Bankruptcy Discharge of $200,000 in Student Loans” and thought now is the time for file bankruptcy and get rid of your student loans.  Unfortunately, headlines can be deceiving.  In McDaniel v. Navient Solutions, LLC, the Tenth Circuit Court of Appeals affirmed the bankruptcy court’s ruling denying Navient’s motion to dismiss the borrower’s  complaint to discharge $200,000 in private loans.  The default rule in bankruptcy…