In a recent decision, the Third Circuit Court of Appeals determined whether Internal Revenue Service Forms 1040, filed after the IRS has made an assessment of the taxpayer’s liability, constitute “returns” for purposes of determining the dischargeability in bankruptcy of tax debts under 11 U.S.C. § 523(a)(1)(B). In plain language, the question before the Court […]
As a general proposition, Chapter 11 bankruptcy proceedings can conclude in one of three ways: (1) confirmation of a plan of reorganization (or liquidation); (2) conversion to Chapter 7; or (3) dismissal. Ideally, a plan is confirmed in which creditors receive payment as required under the distribution scheme embodied in the Bankruptcy Code. Plans can provide […]
Under Section 521 of the Bankruptcy code, an individual debtor is obligated to choose how to treat the collateral of a secured creditor. Under the Code, the choices are: reaffirm the debt, redeem the collateral, surrender it, or claim the property as exempt. The debtor must file a Statement of Intention which explicitly lists the […]
The take-home lesson for worried home builders is that promotional materials should correctly describe your work and ensure you deliver what you advertise.
Understanding and clearly conveying possible defenses will aid businesses confronting bankruptcy preference clams.
Although some business losses are inevitable, there are tactics to minimize avoidable losses when a customer files bankruptcy.
An inherited IRA that meets the requirements of the NJ Statute and satisfies the 5-part Yuhas test is beyond the reach of bankruptcy trustees in New Jersey, per a recent decision from .
People engaged in schemes falling within the historical purview of “actual fraud” will no longer find refuge in the bankruptcy courts.
The Pennsylvania Supreme Court recently addressed key bankruptcy law questions regarding amendments and relation-back approach.
The Bankruptcy Code provides numerous protections for debtors in order to facilitate the goal of enabling a fresh start. Section 305(b) of the Code even permits a case to be reopened for various reasons, including “to accord relief to the debtor.”
Starting a new business can be both exciting and daunting. Here are five common legal pitfalls that all start-ups should seek to avoid.
Good news for small businesses. On November 20, 2020, the Northampton County COVID-19 Relief Small Business Grant Program re-opened and is currently accepting applications. Northampton County Council has approved this Grant Program, in partnership with the Greater Lehigh Valley Chamber of Commerce, that will distribute $1.3 million dollars of CARES Act Funds to Northampton County […]
Most of FLB’s business clients borrow money from commercial lenders, such as banks and credit unions. If any of your loans are priced on the basis of LIBOR (London Interbank Offered Rate), you have probably heard that this is going to change. The “sun will set” on LIBOR at the end of 2021, and lenders […]