Anticipating post-filing conflict is one of the more important pre-filing jobs for bankruptcy attorneys.
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Bankruptcy filings have started to increase this year and the number of new cases filed in March jumped significantly from February, but remain below last year's numbers, according to data released on Tuesday by legal research firm Epiq.
Toys R Us filed for Chapter 11 protection in September 2017 with more than $5 billion in funded debt, arising mostly out of financing owners received to fund taking the company private.
Ultimately, under a confirmed Chapter 11 plan, which incorporated a settlement among interested parties, Toys R Us gave a near total release of all avoidance actions to pre- and post-petition creditors.
Pandemic-related mortgage bailouts are ending and foreclosures have started to rise. However, does this mean there will be a tsunami of consumer bankruptcies and foreclosures? Some experts think not.
Recently, a bankruptcy judge denied confirming a Chapter 11 plan because the Debtor preferred one creditor among a class of creditors over the others. Section 1122(a) is a mandatory prerequisite for confirmation. That section requires Chapter 11 plans place substantially similar claims in the same class.