GCK On Law
Treatment of nonresidential real property within the Bankruptcy Code
Under the Bankruptcy Code, non-residential real estate gets special treatment. Pursuant to Sections 362(b)(10), 365(c)(3), 365(d)(4)(A) and 541(b)(2) of the Bankruptcy Code, if real estate is deemed “nonresidential” in nature, a lease of such property terminated...
Gasp! An IRS Letter Arrived! What Should I Do?
Given the complexity of the U.S. tax system, it is not surprising that most taxpayers fear IRS on some level. Many of our clients are often overwhelmed by the idea of having to deal with a tax issue, no matter how simple. If you happen to receive a letter or notice...
Advice of Attorneys Not Necessarily a Section 727 Defense
“[A]n explanation by a bankrupt that he had acted upon advice of counsel who in turn was fully aware of all the relevant facts generally rebuts an inference of fraud.” In re Zizza, 875 B.R. 728, 732 (1st Cir.2017) (quoting In re Mascolo, 505 F.2d 274, 277 (1st Cir....
Courts Split on Clawback of Prepetition Tuition Payments for Dependents (Bankruptcy Code Section 548(a)(1)(B))
Section 548(a)(1)(B) authorizes a trustee to avoid a transfer of an interest in property of the debtor under a theory of constructive fraud. That section provides: The trustee may avoid any transfer . . . of an interest of the debtor in property, or any obligation ....
Courts Split on Application of Factors for Stay Pending Appeal Under Bankruptcy Rule 8007(a)(1)(A)
The purpose of a stay pending appeal is to mitigate the damage that can be done before the matter is substantively resolved. Thus, in In re Heotis, 2017 WL 4310513 at *2 (N.D.Ill.), the court stated that motions to stay pending appeal are similar to preliminary...