Third Circuit Weighs in on Dischargeability of Late Filed Tax Debts
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 […]
Supreme Court Issues Long Awaited Jevic Ruling, Ending Structured Dismissals in Bankruptcy
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 […]
No Retreat, Baby, When You Surrender
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 […]
FLB Attorneys Recognized as Local Legal Leaders by Lehigh Valley Magazine
Fitzpatrick Lentz & Bubba, P.C. is pleased to announce that all 32 attorneys at the Firm have been named Local Legal Leaders by Lehigh Valley Magazine.
Bankruptcy Court Approves Client’s Reorganization
On January 11, 2017, the United Stated Bankruptcy Court for the Eastern District of Pennsylvania entered an order confirming the Chapter 11 Plan of Reorganization of the Firm’s client, ColdEdge Technologies, Inc., after a lengthy bankruptcy proceeding. ColdEdge was formed in 2008 and provides cryogenic equipment for use in the research laboratory setting. Shortly […]
Strategies For Dealing With Preference Claims In Bankruptcy Cases
Understanding and clearly conveying possible defenses will aid businesses confronting bankruptcy preference clams.
Strategies To Minimize Losses When A Customer Files Bankruptcy
Although some business losses are inevitable, there are tactics to minimize avoidable losses when a customer files bankruptcy.
NJ Bankruptcy Court Holds Inherited IRA Excluded from Bankruptcy Estate
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 .
Supreme Court: Fraud Means Fraud
People engaged in schemes falling within the historical purview of “actual fraud” will no longer find refuge in the bankruptcy courts.
PA Supreme Court Permits Amendment and Relation Back to Allow Trustee to Pursue Claim
The Pennsylvania Supreme Court recently addressed key bankruptcy law questions regarding amendments and relation-back approach.