tax refund
It’s that time of year for tax refunds. We have questions from folks as to whether they can file Chapter 7 bankruptcy before filing taxes and still keep their tax refunds coming to them after they file bankruptcy or whether they can keep a tax refund received right before filing bankruptcy.
The answer is that they generally can keep their refunds, depending, of course, on how large the refund is. The general bankruptcy exemptions available under the federal bankruptcy exemptions (which we can use in Kentucky) are usually large enough to protect most tax refunds from being lost to the trustee. You can also use your tax refund to pay the fees and costs for the bankruptcy.

(posted 2 days 23 hours ago)

Receiving Wide Coverage ...

Canadian Invasion: The Wall Street Journal, Financial Times and Reuters (via the New York Times) all take a closer look at Royal Bank of Canada's decision to acquire City National in Los Angeles. RBC may have stubbed its toe in its previous American incursion with RBC Centura (which it later sold to PNC), but City National is a different play. The California bank has a big presence in wealth management, particularly managing...

(posted 3 days 22 min ago)

In re Castle Home Builders, Inc., 520 B.R. 98 (Bankr. N.D. Ill. 2014) – The debtors obtained confirmation of plans of reorganization that restructured prepetition mortgage loans.  When the servicer for some of the loans continued to ignore the terms of … Continue reading →

(posted 3 days 2 hours ago)

Shutterstock_179420726The general counsel of a financially distressed company calls you.  She of course clearly states that her company does not need to file a chapter 11 case, but she is curious to understand how a chapter 11 case might work for her company.  Specifically, she wants to know: Can the company continue to use intellectual property it licenses and has integrated into its business operations?  Will some or all of the company’s existing shareholders be able to retain their ownership if they contribute to the company’s reorganization?  If the company decides to

Credit Slips
(posted 3 days 3 hours ago)
Michael Capasso and Roy Neiderhoffer, who hope to revive the defunct New York City Opera, inside the Jazz at Lincoln Centers Frederick P. Rose Hall on Wednesday, Jan. 14.
Cassandra Giraldo for The Wall Street Journal

The battle to revive the New York City Opera is starting to look as dramatic as the stage productions both sides hope to produce.
In the latest twist, the City Opera board said Thursday they’ve selected an investor group’s $1.25 million offer as the winner to bring back the opera—but an objection from the losing bidder means the action isn’t over just yet.
The winning bid is backed by former City Opera board member and hedge fund manager Roy Niederhoffer, who plans to reboot the company under the direction of Michael Capasso, the head of a small Manhattan opera company in the process of being wound down. Bankruptcy Beat
(posted 3 days 16 hours ago)

As a consultant to Citibank in the 1970s, former Miss America Bess Myerson helped spearhead landmark consumer reforms Â-- including the first plain-language agreement in the financial services industry.

(posted 3 days 21 hours ago)

Leon Barson

Brandon Shemtob

The United States Bankruptcy Court for the Northern District of Illinois recently handed down an opinion, In re River Road Hotel Partners LLC, 2014 WL 5488259 (Bankr. N.D. Ill. 2014),  dealing with the issue of a financial advisory firm’s entitlement to a $2.6 million “restructuring fee” following confirmation of a Chapter 11 plan of reorganization proffered by the Debtors’ secured creditor.  The opinion sheds light on the importance of clear drafting in engagement letters as well as the need to closely monitor a debtor’s proposed retention application for its financial advisor.     

Bankruptcy Law Watch
(posted 3 days 21 hours ago)

The Firm's other practice groups include litigation and dispute resolution.
The post Litigation & Dispute Resolution appeared first on Culhane Meadows PLLC - Dallas Chapter 11 Business Bankruptcy.

Richard G. Grant, P.C.
(posted 3 days 22 hours ago)

The Firm's other practice areas include technology.
The post Technology appeared first on Culhane Meadows PLLC - Dallas Chapter 11 Business Bankruptcy.

Richard G. Grant, P.C.
(posted 3 days 22 hours ago)