GCK On Law
Courts Divided on Abandonment of Assets not Disclosed on Schedule A/B
Section 554(c) of the Bankruptcy Code provides that, unless the court orders otherwise, “any property scheduled under section 521(a)(1) of this title not otherwise administered at the time of the closing of a case is abandoned to the debtor.” Surprisingly, courts...
Self-Employed Taxpayers: How to Claim COVID-19 Sick and Family Leave Credits on Your 2020 Form 1040 Income Tax Return
In March 2020, the federal government passed the Families First Coronavirus Response Act (“FFCRA”) which provided a refundable tax credit for eligible self-employed individuals who were unable to work or telework because they or a family member had COVID-19. The tax...
Split in Whether Petitioning Creditor May Hold Partially Disputed Claim
Section 303(b)(1) of the Bankruptcy Code provides, in relevant part, that “[a]n involuntary case against a person is commenced by the filing with the bankruptcy court of a petition under chapter 7 or 11 of this title – (1) by three or more entities, each of which is *...
Courts Divided as to Whether a Debtor May Convert a Case After Discharge
Section 706(a) of the Bankruptcy Code (“Code”) provides “[t]he debtor may convert a case under this chapter to a case under chapter 11, 12 or 13 of this title at any time, if the case has not been converted under section 1112, 1208 or 1307 of this title.” While the...
Bankruptcy Court Rules Horse Boarding and Training Facility Not an Eligible Chapter 12 Debtor
Under Section 109(f) of the Bankruptcy Code, “[o]nly a family farmer * * * with regular annual income may be a debtor under chapter 12 of this title.” Chapter 12 of the Bankruptcy Code provides for the adjustment of debts of a “family farmer” as the term is defined...