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    New Bankruptcy Rules in Effect
    2018-05-23

    Amendments to the Federal Rules of Bankruptcy Procedure brought important changes to the administration of consumer bankruptcy cases, particularly Chapter 13 cases, effective on December 1st of 2017. These new rules require adjustment to the calendaring of the due date for a proof of claim.

    Filed under:
    USA, Insolvency & Restructuring, McBrayer McGinnis Leslie & Kirkland PLLC
    Authors:
    Douglas T. Logsdon
    Location:
    USA
    Firm:
    McBrayer McGinnis Leslie & Kirkland PLLC
    Looking at the basics of Chapter 11 for businesses, P.1
    2015-12-30

    Last time, we mentioned that a Virginia-based mining company will be selling of parts of its business—including parts located in Kentucky—as part of its Chapter 11 bankruptcy filing. In this and our next post, we wanted to provide a brief overview of Chapter 11 bankruptcy and why it is important for businesses to work with experienced legal counsel when pursuing a bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, McBrayer McGinnis Leslie & Kirkland PLLC
    Location:
    USA
    Firm:
    McBrayer McGinnis Leslie & Kirkland PLLC
    Kentucky mines to be sold as part of bankruptcy proceedings
    2015-12-21

    Bankruptcy often has a significant impact on the way a business operates. This makes sense, given that businesses going through the bankruptcy process have to figure out a way to make themselves viable after the process is complete. Oftentimes, part of what has to happen for a business to remain viable going forward after a bankruptcy is to sell off assets and portions of the business.

    Filed under:
    USA, Kentucky, Energy & Natural Resources, Insolvency & Restructuring, Litigation, McBrayer McGinnis Leslie & Kirkland PLLC, Bankruptcy
    Location:
    USA
    Firm:
    McBrayer McGinnis Leslie & Kirkland PLLC
    Debtors may want to take it all off, but the Supreme Court says junior liens can’t be stripped
    2015-08-20

    It’s not an uncommon sight, especially in light of the burst of the housing bubble in recent years: a debtor in bankruptcy has two mortgages on a property with a fair market value of less than the amount of the senior mortgage. The junior mortgage lien is then wholly underwater, so that creditor would receive nothing from the sale of the property. The question then becomes, can the debtor void those liens in a Chapter 7 bankruptcy proceeding? The Supreme Court, in an increasingly rare show of unanimity, said “No.”

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, McBrayer McGinnis Leslie & Kirkland PLLC, Debtor, Mortgage loan
    Authors:
    Brittany C. MacGregor
    Location:
    USA
    Firm:
    McBrayer McGinnis Leslie & Kirkland PLLC
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