Author Archives: Jay Butchko
Debtor-in-Possession Bank Accounts and Rules: What Happens When You File a Chapter 11 for a Small Business?
What happens when a small business in the Tampa Bay area files for Chapter 11 bankruptcy? Let’s look in particular at the requirement for the business owner to open debtor-in-possession bank account. What rules does the debtor have to follow? In order to understand the answers to these questions, it is important to learn… Read More »
Shopping Mall Bankruptcy
Insolvent Businesses and Bankruptcy Auctions When a business becomes insolvent, it’s unlikely that a bankruptcy court will approve a Chapter 11 reorganization. To be sure, it’s pretty difficult for such a business to prove that it might be able to repay any debts. And that’s exactly what happened recently in Plantation, Florida. According to… Read More »
Tampa/Florida Chapter 7 Bankruptcy and What Happens to Liquor Licenses
Many bars and restaurants that open in Tampa end up having significant financial difficulties, and many end up realizing that they have more debts than they can adequately manage. In some cases, restaurants and bars may be able to reorganize their debts through Chapter 11 bankruptcy, which also allows the business to keep its… Read More »
Commercial Leases in Chapter 11 Bankruptcy
Filing for bankruptcy in Tampa Bay is a stressful process for any business owner. Generally speaking, business owners file for one of two different types of bankruptcy: Chapter 7 or Chapter 11. In a Chapter 7 bankruptcy, the business owner does not have any real options for keeping the business open since this is… Read More »
New Student Loan Modification Program
For debtors in the Tampa Bay area who are considering Chapter 13 bankruptcy because they are having difficulty with student loan payments, it is important to know about a new program in the Middle District of Florida concerning student loan modification. According to a recent administration order, the United States Bankruptcy Court for the… Read More »
Why a Chapter 7 Debtor Should Never Sign a Reaffirmation Agreement
For debtors in the Tampa Bay area who are thinking about filing for Chapter 7 bankruptcy, it is important to learn more about reaffirmation agreements and how they can affect your bankruptcy discharge. As you may know, Chapter 7 bankruptcy is also called liquidation bankruptcy, which refers to the fact that a debtor’s assets… Read More »
IRS Priority Debt in Chapter 7
Do you owe tax debt to the Internal Revenue Service (IRS), and are you considering Chapter 7 bankruptcy in order to have that debt discharged? If you are thinking about personal bankruptcy due to consumer debts or liquidation bankruptcy for your restaurant or small business in the Tampa Bay area, it is important to… Read More »
“Chapter 20” Bankruptcy
What is “Chapter 20” bankruptcy, and how does it related to Chapter 7 and Chapter 13 bankruptcy? In some ways, it is a combination of filing for Chapter 7 bankruptcy and Chapter 13 bankruptcy. However, it is important to recognize that there is no such thing as “Chapter 20” bankruptcy under the U.S. Bankruptcy… Read More »
Discharging Private Student Loans in Chapter 7
Individuals throughout the Tampa Bay area, and indeed across the country, are struggling to repay student loans and are considering personal bankruptcy. In particular, private students loans present particular problems for debtors due to the fact that they are not eligible for the federal loan repayment programs that can take into account a borrower’s… Read More »
Bankruptcy and Family Support Obligations
If you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Tampa Bay, what will the court do with regard to your family support obligations? For instance, imagine a debtor in Tampa decides to file for bankruptcy, and there is currently a court order in place that requires the debtor to make child… Read More »
