“Consistently, the highest percentage of filings in the federal docket is bankruptcy cases, which can be up to 75% of filings.”
That’s a conclusion by the authors of a 2014 study.[Fn. 1]
Bankruptcy-Specific
Here are bankruptcy-specific details and explanations from that same study:
On January 13, 2023, the U.S. Supreme Court grants the Petition for a writ of certiorari in Lac du Flambeau Band of Lake Superior Chippewa Indians v. Coughlin, Supreme Court Case No. 22-227, and on January 31, 2023, the Supreme Court enters this order therein: “Set for Argument on Monday, April 24, 2023.”
Johnson & Johnson (“J&J”) has, for a very long time, produced and sold a baby powder product containing talc—a mineral milled into fine powder that includes traces of asbestos.
In recent years, that baby powder product has spawned a torrent of lawsuits alleging that it causes ovarian cancer and mesothelioma.
Currently, over 38,000 ovarian cancer actions and over 400 mesothelioma actions are pending against J&J. Expectations are for thousands more to be filed in decades to come.
The phrase “projected disposable income” is a plan confirmation standard in all reorganization chapters of the Bankruptcy Code for individuals and businesses:
UK Restructuring A YEAR IN RETROSPECT 2 Contents Introduction Birmingham London North West Yorkshire UK team UK Restructuring Employment UK Restructuring Section Header Section Header Contents 3 Robert Russell UK Head of Restructuring +44 (0)161 235 4147 [email protected] 2022 – Unpredictable circumstances It would be fair to say that 2022 was not an easy year.
Bankruptcy benefits for individual debtors are a tough sell—always have been. That’s because no one likes bankruptcy—unless they need it.
But relieving people from debts in unfortunate circumstances is essential to our collective way of life in these United States. That’s always been true.
What follows is the third of three installments on some history of bankruptcy laws through the ages, beginning with ancient times—and to the present in these United States.
Bankruptcy Code
We have emerged from the COVID-19 pandemic amidst war, political instability, strikes and double-digit inflation rates that haven’t been seen since the early 1980s. With interest rates likely to continue to rise during the first half of 2023 and pay increases falling short of inflation, consumer confidence remains low. Companies’ margins are being squeezed by rising interest rates and when combined with increased debt burdens, supply chain difficulties and labour shortages it is no surprise that the number of insolvencies across the UK is increasing.
Remember the old saying, “Grab what you can get, when you can get it”?
Well . . . that old saying is now the federal law of the land, applying exclusively to bankruptcy laws in Alabama and North Carolina.
Here’s how. Congress imposed bankruptcy fee increases on Chapter 11 debtors in every state and territory of these United States, other than Alabama and North Carolina. As to similar fees in Alabama and North Carolina, the U.S. Supreme Court recently observed:
The end of 2022 and the start of 2023 has seen a steady uptick in restructuring activity, not only for companies with complex capital structures but also small-to-medium sized enterprises seeking to take advantage of powerful restructuring tools (such as the UK’s Part 26A Restructuring Plan or Super Scheme).
The case of Goodbox Co Labs Limited (in administration) (Goodbox) is the first example of an individual creditor unilaterally seeking to access the Super Scheme.
Bankruptcy benefits for individual debtors are a tough sell—always have been. That’s because no one likes bankruptcy—unless they need it.
But relieving people from debts in unfortunate circumstances is essential to our collective way of life in these United States. That’s always been true.
What follows is the second of three installments on some history of bankruptcy laws through the ages, beginning with ancient times—and to the present in these United States.
Federal Bankruptcy Act of 1841