BUSINESSES ARE FILING BANKRUPTCY AT THE FASTEST PACE SINCE THE PANDEMIC Corporate bankruptcies are surging. June saw the highest monthly bankruptcy filings since 2020. Supply chain issues continue; consumers are spending less; and retailers are closing brick and mortar locations. The pandemic stimulus set off a shopping spree that lasted...
RITE AID TO FILE CHAPTER 11 BANKRUPTCY: WHAT TO KNOW Rite Aid is in financial trouble, and with over 1000 federal, as well as a number of state-level lawsuits over allegations that the company contributed to the opioid crisis by oversupplying painkillers, etc., it is preparing to file a Chapter...
Bankruptcies: They’re Increasing Bankruptcy filings were up 17% in the first half of 2023 of 2022 numbers and the surge continues. •Chapter 11 commercial filings totaled 2,973 during the first half of 2023, which was a 68% increase compared to the first half of 2022. •Small business filings, which are...
Foreclosures The real estate industry runs in cycles with the economy. With the tight economic times, business owners in a pinch cannot pay their lenders. When borrowers stop paying the secured lender, the lender typically begins the foreclosure process. Foreclosures are heating up across the country. As of November 2022,...
CHAPTER 7 BANKRUPTCY PRE-FILING PLANNING Once a Chapter 7 bankruptcy is filed, all of the assets of the debtor that filed becomes property of the bankruptcy estate. Immediately upon filing, a Chapter 7 the bankruptcy court appoints a bankruptcy Trustee to sell your “nonexempt” assets or those things not protected...
BANKRUPTCY DOES NOT PROTECT EMPLOYERS FROM WARN ACT EMPLOYEE LAYOFF NOTICE REQUIREMENTS When operating companies file bankruptcy, it often precipitates employee layoffs. Employers should know about the notice obligations (we’ve posted about them before – or just call us). As a recap, the federal WARN Act requires employers to notify...
Small Business Bankruptcy Faster. Easier. There is a Small Business Reorganization Act that now streamlines existing rules for small businesses to restructure successfully under Chapter 11 of the Bankruptcy Code. There are requirements for what qualifies as a small business, but generally, it can be a business corporation or limited...
Homestead Exemptions in California Protect Your Home Part I A homestead exemption can protect a homeowner’s principal residence from creditors against loss in the case of bankruptcy, judgment or death of a spouse. The California Constitution (Cal. Const. Art. XX, § 1.5 ) protects a homestead: “[t]he Legislature shall protect,...
Letters of Intent – Real Estate and Business Transactions Epps & Coulson, LLP is and has been counsel for buyers and sellers of real estate, operating businesses and asset buy/sale transactions, both in normal conditions, as well as in bankruptcy and receivership conditions. Regardless of the environment in which the...
Bankruptcy Can Fix Tax Problems While many taxes cannot be eliminated in a bankruptcy, personal income taxes, can potentially be discharged if the tax payor meets the following four (4) criteria: (1) The date the tax return was due to be filed is more than 3 years before the bankruptcy...