As a general rule, bankruptcy courts do not enforce provisions in organizational documents, loan agreements, or other prepetition contracts that purport to alter or waive the protections of the Bankruptcy Code. As with most rules, however, there are exceptions.

In case you were wondering, Columbus Day is in the top ten of “legal holidays” that Bankruptcy Rule 9006 recognizes.  Although the Weil Bankruptcy Blog is observing the holiday, we thought it provided a good opportunity to remind everyone of the diminished significance of legal holidays under Rule 9006.

Have you ever wanted to start your own marijuana cultivation and distribution business? Do you see billboards on the highway advertising pot-growing seminars and think, “Maybe I should go?” Does the grass seem greener on the other side?

Generally, the priority scheme in section 507 of the Bankruptcy Code dictates the order in which a creditor is paid.

Regardless of whether a creditor has a claim identified in a debtor’s schedules of assets and liabilities, generally speaking, most attorneys representing creditors in the context of a chapter 11 case will advise their clients to file a formal proof of claim with the bankruptcy court.  Often this is just “belts and suspenders” and a matter of good practice but, if nothing else, a formal proof of claim will serve to protect a creditor’s rights and interests vis à vis the estate.

Because we couldn’t possibly top Judge Fisher’s opening line, we’re borrowing it for our introduction of In re Daniel W.

“Why is electricity so expensive these days? Why does it cost so much for something I can make with a balloon and my hair?” – Dennis Miller

If you were to ask people on the street to name the first Jewish holiday that comes to mind, chances are a significant percentage would name Yom Kippur. A well-known Jewish holiday, Yom Kippur is considered to be the holiest day of the Jewish year and is observed by fasting, asking for forgiveness, and praying.

If you ask the average person (a non-bankruptcy lawyer, that is) what they know about bankruptcy, chances are they will reference the Bankruptcy Code’s “automatic stay” provisions in their answer. That is because, the automatic stay, which is found in section 362(a) of the Bankruptcy Code, is considered one of the most fundamental tenets of bankruptcy law. The filing of a bankruptcy petition triggers the protections of the automatic stay—staying, among other things, “the commencement or continuation . . .

“That ain’t right. Baby, that ain’t right at all.”

– Nat King Cole