Bankruptcy Info

Small Business Reorganization Act of 2019 – Becomes Law (SBRA; H.R. 3311)

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New Subchapter V has been added to Chapter 11 Bankruptcy Code. – Takes Effect 2020. Benefits: Small Business and Entrepreneurs Better Path for small businesses to restructure Reduce liquidations Save Jobs Increase $ recovered for creditors Recognize the value that America has for the entrepreneurs. Should streamline the bankruptcy process and allow businesses to recover […]

Bankruptcy Info

Marital Settlement Agreement – Indemnification Not Automatic; Agreement Unclear; Debtor Includes in Bankruptcy

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Background: Husband and Wife as part of their marital settlement agreement obligated the debtor to pay most of the marital debts Settlement Agreement did not include a hold harmless or indemnification provision. Agreement was incorporated into State Court Order. Ex-wife filed motion in State Court alleging her former husband (Debtor) failed to comply with the […]