News

7 + 13 = 10: The CBRA’s Huge Proposals to Change Consumer Bankruptcy

Posted on: March 14th, 2022 by Michael A. Morris, ABLS Blog Contributor

When a consumer is facing bankruptcy, many are given the choice between Chapter 7 and Chapter 13. While some consumers have successful bankruptcies under these chapters, these gloves don’t fit many financially distressed consumers. The Consumer Bankruptcy Reform Act (CBRA) was introduced to streamline consumer bankruptcy and provide more consumers with the opportunity to receive […]

Death and Taxes is How We Lose It: The Importance of Succession Planning for American Agriculture

Posted on: February 24th, 2022 by Kate Langworthy, ABLS Blog Contributor

The hit TV show “Yellowstone” has achieved popularity with agricultural and non-agricultural audiences alike. Along with dramatized glimpses of ranching life, it also provides nuggets of truth with real world application. In a recent episode, while facilitating the sale of a family farm where one sibling couldn’t afford to buy the other out to retain […]

Choice of Business Entity for Farmers

Posted on: February 24th, 2022 by Michael A. Morris, ABLS Blog Contributor

The choice of business entity for a farm is an important decision that can either protect farm owners and their families from the risks inherent in the farming enterprise or expose them to those risks. Farmers employ various forms of business entity, and the choice varies greatly between types of farms and their sizes. Many […]

Chapter 12 Bankruptcy Rules of Engagement: Farming Operation or Not?

Posted on: January 31st, 2022 by Kate Langworthy, ABLS Blog Contributor

Relief for Farmers Prior to 1986, a debtor intending to reorganize debts had two options for filing for bankruptcy: Chapter 11 or Chapter 13. Unfortunately, neither option was particularly well suited for family farmers. Chapter 11 provided a complicated and expensive route to relief, while Chapter 13 lent itself to reorganizing debt loads much lower […]

Collection of Lawsuit Attorney Fees in Iowa

Posted on: January 14th, 2022 by Michael A. Morris, ABLS Blog Contributor

Attorneys’ fees can be significantly expensive for a party in a lawsuit, and often those fees cannot be recovered by the plaintiff even after winning a judgment. Many parties to a transaction will wisely include a provision in their contract stating that if a judgment is recovered with respect to the agreement then the prevailing […]

Looking to 2022: Can You Weather the Financial Storm?

Posted on: December 21st, 2021 by Kate Langworthy, ABLS Blog Contributor

Few things capture the attention of agricultural producers like the weather. Farmers and ranchers often check the forecast multiple times a day in an attempt to stay ahead of any chances of inclement conditions. Wind, precipitation, and extreme temperatures can have significant effects on the health of animals and crops alike, so it is important […]

Creditor Attorney Fees in Bankruptcy

Posted on: December 16th, 2021 by Michael A. Morris, ABLS Blog Contributor

In bankruptcy, parties fight over a limited pool of assets while fees diminish what remains in the estate. While most creditors are responsible for paying their own attorneys’ fees, oversecured creditors are entitled to attorney fees from the debtor pursuant to 11 U.S.C. § 506(b) which states: To the extent that an allowed secured claim is […]

Chapter 12 Bankruptcy: Is it right for me?

Posted on: December 6th, 2021 by Kate Langworthy, ABLS Blog Contributor

The decision to file bankruptcy is not one that is made lightly. By the time the petition is filed, there have likely been many difficult conversations and strategy sessions to make sure that the entity or individual is making the best move for the future. An essential part of that strategy involves considering the goals […]

Sub V: Sub-par or Superb?

Posted on: December 1st, 2021 by Michael A. Morris, ABLS Blog Contributor

Subchapter V (“Sub V”) of the Bankruptcy Code was created under the Small Business Reorganization Act (P.L. 116-54) to streamline bankruptcy cases and help more small business debtors successfully reorganize by lowering costs. Sub V was meant to strike a balance between Chapter 7 liquidation and Chapter 11 reorganization. Sub V created some significant benefits […]

Terminating the Technicality: Venue Reform, Why It’s Important, and What You Can Do About It

Posted on: November 15th, 2021 by Kate Langworthy, ABLS Blog Contributor

Bankruptcy is a legislative creation aimed at giving debtors the opportunity for a fresh start while still recognizing the rights of their creditors to be paid. Chapter 11 Bankruptcy allows an entity experiencing financial distress, typically a corporation or partnership, to seek relief through reorganization, while retaining their business in hopes of generating revenue to […]