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Thoughts for Small Businesses Considering Bankruptcy

For an operating business, the bankruptcy process can be time-consuming, invasive, difficult to maneuver, and expensive.  You need someone who can explain all of the options, and prepare you for what’s to come. Rule #1:  Don’t wait until the last minute.  There are lots of things most operating companies need to do when they file for bankruptcy.  Attorneys need time to evaluate what needs to be done, gather evidence, prepare motions, and hit the ground...

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How the CARES Act Has Impacted Bankruptcy Cases

Earlier this year, we wrote about the Small Business Reorganization Act of 2019 (the “SBRA”), which went into effect on February 22, 2020.  For a quick recap on the SBRA, click here for our prior post.  In this post, we’ll discuss a few ways the CARES Act has affected bankruptcy cases. More businesses can seek relief under the new Subchapter V of Chapter 11 One of the things the SBRA did not do was change...

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Wait, What? Bankruptcy Filings Have Gone Down in 2020

The CARES Act, unemployment benefits, and hope that things will reopen soon seem to have buoyed many businesses for the last four-plus months.  Landlords also have been flexible, though county and city moratoria on evictions leave them little choice. Danning Gill partner John Tedford spoke to the Daily Journal for a July 28 article about the stats coming from the Central District of California.  Based on that information, although a number of big-name companies have...

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Brace for Impact: Cal Supreme Court holds that the “Community Property Presumption” trumps the “Form of Title Presumption”

In November 2018 we wrote about In re Brace, in which the Ninth Circuit Court of Appeals asked the California Supreme Court to decide whether the “form of title presumption” trumps the “community property presumption” when spouses take title to real property as joint tenants.  To read our prior post, please click HERE. On July 23, 2020, in a very thorough decision that will have a big impact on family, bankruptcy, and debtor-creditor law, the...

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Telephonic 341(a) Hearings—A Brief Primer

By Brad D. Krasnoff, Esq. Chapter 7 Panel Trustee, Central District of California As you may know, due to the COVID-19 pandemic, all section 341(a) hearings conducted by panel chapter 7 trustees are being done telephonically. At this writing, these telephonic hearings will be conducted (at least locally, and likely nationwide) through early September 2020. This protocol, which was initiated in late March 2020, has impacted significantly the manner in which these hearings are conducted....

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