Filing Chapter 11 for Your Small Business

Posted by Adam R. Leighton on Jul 3, 2022 in Uncategorized | Comments Off on Filing Chapter 11 for Your Small Business Bankruptcy Lawyer Most people are aware of Chapter 7 and Chapter 13, the two different personal bankruptcy options. However, if you are a small business owner who is also struggling with overwhelming debt in your business, you can also file for bankruptcy protection for your business. This type of bankruptcy is called Chapter 11. What Happens If I File Bankruptcy for My Business? Once a company files a Chapter 11 bankruptcy petition, they gain certain key rights and responsibilities. The filing company becomes responsible for offering a reorganization plan that assigns updated legal rights to the creditors. The reorganization plan will specify how much, and when, each class of creditor is to be paid. All impacted creditors will have an opportunity to vote to accept or reject this reorganization plan. However, in some cases, the debtor company may be able to get its planned approved over the rejections of creditors. This is referred to as a cramdown. What Are the Cramdown Requirements? All Chapter 11 bankruptcy plans must adhere to the requirements in the U.S. Bankruptcy Code. As a general rule, reorganization plans must be approved by each class of affected creditor. However, the code includes a ‘cramdown’ provision, which provides an exception but this can only be done if the plan meets certain strict legal requirements. A cramdown can only occur if a reorganization plan: Has at least one class of creditor voting in favor of itEnsures that each objecting creditor class receives no less under the plan than they would if the company was liquidatedIs feasible, meaning that the likely result of the plan cannot be future liquidation or further necessary restructuringDoes not unfairly discriminate against any objecting creditor class Finally, in addition to those requirements, a cramdown can only move forward if the reorganization plan treats each objecting class fairly and equitably. How Does the Bankruptcy Court Determine What Is Fair and Equitable Treatment? Determining whether or not treatment is ‘fair and equitable’ is complicated in any legal case. For cramdowns, there is a two-part standard for assessing a reorganization plan’s fairness and equitability. The plan must ensure that no payment can be made in excess of the claim and that it conforms to the absolute priority rule. The absolute priority rule states that all objecting creditors cannot be forced to accept partial payments, via a cramdown, if a lower priority level of creditor or equity...
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How Spinal Cord Injuries Affect Victims

Posted by Adam R. Leighton on Jun 9, 2022 in Uncategorized | Comments Off on How Spinal Cord Injuries Affect Victims Personal Injury Lawyer Damage to the spinal cord can be a life-changing traumatic event that can cause temporary or permanent changes to how someone feels in their body and what their abilities are. Hundreds of thousands of people across the nation are living with some kind of spinal cord injury, which could have an impact for the rest of their life. Such injuries are often caused by trauma to the central nervous system and may warrant legal action if the fault of another was a contributing factor. Spinal cord injuries can add severe emotional, physical, and financial burdens on the injured person and their loved ones. The medical bills for such a severe type of injury can add up very quickly, putting the victim and their family in excessive medical debt. Family members may have to carry the burden of arranging their loved one’s medical care, attending physical therapy, and managing other responsibilities. While accidents happen every single day and may not have been preventable, there are times when it was avoidable and someone was at fault. When a person is injured because of another’s recklessness or negligence, then the victim may be entitled to compensation for what they have been through. Examples of damages the victim may receive in their lawsuit include medical bills, rehabilitation, pain and suffering, treatments, medications, loss of wage, equipment, special devices, and so much more. Common causes of spinal cord injury cases include: Violence: knife, gunshot, or other weaponsProduct Defects: poorly made car parts or productsMedical Malpractice: surgical mistakes, incorrect diagnosis, other negligenceMotor Vehicle Collision: car, truck, or motorcycle accidentSlip and Falls: most prevalent in those 65 years of age and olderSports Injury: sports such as football, basketball, hockey (high-contact) The location of the spinal cord damage will determine what area of the body is most affected. Generally, the higher the injury is on the spinal cord, the more severe the symptoms are going to be. Injury to the upper spine and neck vertebra can impact how the lungs and respiratory muscles function, potentially making it hard for the person to breath on their own. By comparison, injury to the lower area of the spine may affect sexual function, control of bladder and bowel, and leg movement. Being part of a serious accident where you sustained injury can flip your world and health upside down, and as our spinal cord injury lawyer friends...
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Don’t Let Car Accident Injuries Ruin Your Life

Posted by Adam R. Leighton on May 28, 2022 in Uncategorized | Comments Off on Don’t Let Car Accident Injuries Ruin Your Life Car Accident Lawyer Car accidents are among the leading causes of serious injury across the nation. Millions of motor vehicle accidents happen each year, and many are fatal. Those who are able to walk away from the scene of the accident are lucky, despite still probably enduring some terrible injuries. Even those who feel okay in the moments after have likely sustained some degree of injury. And let’s face it, being in a car accident not only ruins your day, but it can ruin your life, health, and pocketbook too.  Injuries from a car accident can take a toll on a person, along with the stress of dealing with medical bills, insurance, work, family needs, etc. Maybe your injuries were severe enough to necessitate emergency medical care. Then, you may need a period of rest and healing after that. All that time you could have been earning money and going about your life, but that got ruined because another person chose to drive unsafely.  It is within a person’s rights to seek financial compensation after a car accident if another was at-fault. While financial damages cannot take back an accident, it can help victims obtain a sense of justice and ensure they have the funds needed to recover. Unfortunately, many victims don’t realize their options in pursuing monetary compensation. And, they may accept a settlement offer from an insurance company that doesn’t fully cover their losses. As our Car Accident Lawyer associates from Therman Law Offices, LTD can attest, unless a victim has someone to watch out for their best interests in the aftermath of a collision, they are likely to suffer both in the short and long...
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