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Chapter 1 — Overview of the Bankruptcy Code and System - Chapter Summary
- I. [1.1] Scope of Chapter
- II. [1.2] Introduction to the Bankruptcy Code
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III. [1.3] The Bankruptcy Rules - [1.4] Part I — Commencement of Case; Proceedings Relating to Petition and Order for Relief
- [1.5] Part II — Officers and Administration; Notices; Meetings; Examinations; Elections; Attorneys and Accountants
- [1.6] Part III — Claims and Distribution to Creditors and Equity Interest Holders; Plans
- [1.7] Part IV — The Debtor: Duties and Benefits
- [1.8] Part V — Bankruptcy Courts and Clerks
- [1.9] Part VI — Collection and Liquidation of the Estate
- [1.10] Part VII — Adversary Proceedings
- [1.11] Part VIII — Appeals to District Court or Bankruptcy Appellate Panel
- [1.12] Part IX — General Provisions
- IV. United States Trustee System
- V. [1.18] Employment and Compensation in Bankruptcy Cases
- VI. Jurisdiction, Venue, Appeals
- [1.23] History
- [1.24] The Present System — Core Proceedings vs. Related Proceedings
- [1.25] Related Proceedings
- [1.26] Related Proceedings Heard by the Bankruptcy Court by Consent of the Parties
- [1.27] Withdrawal of Reference
- [1.28] Mandatory Withdrawal
- [1.29] Permissive Withdrawal
- [1.30] Limitation on Jurisdiction
- [1.31] Abstention
- [1.32] Removal of Pending Proceedings to the Bankruptcy Court
- [1.33] Venue in Bankruptcy Cases
- [1.34] Related Proceedings
- [1.35] Change of Venue
- Appeals
- [1.36] Jurisdiction
- [1.37] Standard of Review
- [1.38] Appellate Procedure
- [1.39] Jury Trials
- Chapter 2 — Consequences of Bankruptcy and Out-of-Court Alternatives
- Chapter Summary
- I. [2.1] Introduction
- II. [2.2] Chapter 7 Bankruptcy Proceedings
- III. [2.3] Chapter 11 Reorganizations
- IV. [2.4] Chapter 12 and the Family Farmer or Fisherman
- V. [2.5] Chapter 13 Cases
- VI. [2.6] Chapter 15 Cases
- VII. [2.7] Out-of-Court Composition Plans
- VIII. [2.8] Assignments for the Benefit of Creditors
- IX. [2.9] State Dissolution Statutes
- Chapter 3 — Section 541: Property of the Estate
- Chapter Summary
- I. [3.1] Introduction
- II. [3.2] Applicable Law
- III. Section 541(a): Property Included in the Bankruptcy Estate
- [3.3] Section 541(a)(1): Legal and Equitable Interests of the Debtor in Property
- [3.4] Effect of Conversion of Bankruptcy Case
- Application to Specific Types of Property or Interests of the Debtor
- [3.5] Exempt Property
- [3.6] Insurance
- [3.7] Encumbered Property
- [3.8] Contracts
- [3.9] Letters of Credit
- [3.10] Tax Refunds and Credits
- [3.11] Deposits
- [3.12] Agency
- [3.13] Security deposit
- [3.14] Escrow funds
- [3.15] Tax accounts
- [3.16] Bonds
- [3.17] Licenses and Permits
- [3.18] Retainers
- [3.19] Legal Claims
- [3.20] Real Estate Commissions
- [3.21] Social Security Benefits
- [3.22] Individual Retirement Accounts
- [3.23] Section 541(a)(2): Community Property
- [3.24] Sections 541(a)(3) and 541(a)(4): Property Recovered or Preserved for Benefit of or Ordered Transferred to Estate
- [3.25] Section 541(a)(5): Entitlements Within 180 Days After Filing Petition
- [3.26] Section 541(a)(6): Proceeds from Estate Property
- [3.27] Section 541(a)(7): Interests Acquired Postpetition by the Estate
- IV. Section 541(b): Property Excluded from the Bankruptcy Estate
- V. Section 541(c): Restricted or Conditioned Interests
- VI. [3.34] Section 541(d): Property in Which Debtor Holds Only Legal Title
- VII. [3.35] Section 541(f)
- Chapter 4 — Proofs of Claim, Priorities, and Distribution
- Chapter Summary
- I. Definitions
- II. Proofs of Claim and Interest
- [4.3] General Considerations
- [4.4] Why Not To File a “Routine” Proof of Claim
- [4.5] Chapter 7 Liquidations
- [4.6] Chapter 11 Reorganizations
- [4.7] Chapter 12 Family Farmer Debt Adjustments
- [4.8] Chapter 13 Debt Adjustments
- [4.9] Proof of Interest Filed by Equity Security Holder or Proof of Right to Record Status Filed by Transferee of Security
- [4.10] Form and Content of Proof of Claim
- [4.11] Where To File Proof of Claim
- [4.12] Amendment of Proof of Claim
- [4.13] Withdrawal of Claim
- [4.14] Filing a Proof of Claim on the Creditor’s Behalf
- III. Allowance of Claims and Interests
- [4.15] General Considerations
- [4.16] Objections to Claims
- [4.17] Burdens of Proof
- [4.18] Disallowance and Limitation of Claims
- [4.19] Unenforceable Claims Against the Debtor
- [4.20] Claims for Unmatured Interest
- [4.21] Property Tax Claims
- [4.22] Insiders’ Claims
- [4.23] Unmatured Alimony, Maintenance, or Support Claims
- [4.24] Landlords’ Claims
- [4.25] Claims for Breach of Employment Contracts
- [4.26] Employment Tax Claims
- [4.27] Tardily Filed Claims
- [4.28] Estimation of Contingent or Unliquidated Claims
- [4.29] Offset Claims
- [4.30] Prepetition
- [4.31] Postpetition
- [4.32] Avoidable Transfers
- [4.33] Postpetition Claims
- [4.34] Claims Agents
- [4.35] Claims Trading
- IV. Treatment of Secured Claims
- V. Claims of Codebtors
- VI. [4.43] Distributions Received by Creditors Outside the Bankruptcy Case
- VII. Reconsideration and Subordination of Claims
- VIII. Priority Claims — Bankruptcy Code §507
- [4.46] Overview
- [4.47] Bankruptcy Code §507(a)(1) — Domestic Support Obligations
- Bankruptcy Code §507(a)(2) — Administrative Expenses, Fees, and Charges
- [4.48] General Considerations
- [4.49] Preservation Costs, Taxes, Fines, and Penalties
- [4.50] Preservation Costs — Bankruptcy Code §503(b)(1)(A)
- [4.51] Taxes — Bankruptcy Code §503(b)(1)(B)
- [4.52] Fines and Penalties — Bankruptcy Code §§503(b)(1)(C) and 503(b)(1)(D)
- [4.53] Compensation of Officers — Bankruptcy Code §503(b)(2)
- [4.54] Expenses Incurred by Creditors — Bankruptcy Code §503(b)(3)
- [4.55] Compensation — Bankruptcy Code §§503(b)(4) and 503(b)(5)
- [4.56] Fees and Mileage — Bankruptcy Code §503(b)(6)
- [4.57] Rejection Damages on Assumed Leases — Bankruptcy Code §503(b)(7)
- [4.58] Closing of a Healthcare Business — Bankruptcy Code §503(b)(8)
- [4.59] Seller’s Failing To Reclaim Goods Prepetition — Bankruptcy Code §503(b)(9)
- [4.60] Bankruptcy Code §507(a)(3) — Involuntary Petition Gap Creditors
- [4.61] Bankruptcy Code §507(a)(4) — Wage Claims
- [4.62] Bankruptcy Code §507(a)(5) — Contributions to Employee Benefit Plan
- [4.63] Bankruptcy Code §507(a)(6) — Grain Producers and United States Fishermen
- [4.64] Bankruptcy Code §507(a)(7) — Consumer Creditors
- [4.65] Bankruptcy Code §507(a)(8) — Taxes
- [4.66] Bankruptcy Code §507(a)(9) — Federal Depository Institutions Regulatory Agency
- [4.67] Bankruptcy Code §507(a)(10) — Personal Injury Claims Arising from the Operation of a Motor Vehicle or Watercraft While Intoxicated
- [4.68] Bankruptcy Code §507(b) — Superpriority Claims
- [4.69] Bankruptcy Code §§507(c) and 507(d) — Erroneous Tax Refund and Subrogation
- IX. Distribution of Property of the Estate
- Chapter 5 — Trustee’s Responsibilities and Avoiding Powers in Business Bankruptcies
- Chapter Summary
- I. [5.1] Introduction
- II. [5.2] Trustee’s Duties
- Appointment
- [5.3] Interim Trustee
- [5.4] Chapter 7 Trustee Election
- [5.5] Chapter 11 Trustee Appointment
- [5.6] Chapter 11 Trustee Election
- Specific Statutory Duties
- [5.7] Statutory Duties of Chapter 7 Trustee
- [5.8] Statutory Duties of Chapter 11 Trustee
- [5.9] Statutory Duties of Subchapter V Trustee
- Examination and Investigation of Debtor
- [5.10] Section 341 Meeting
- [5.11] Federal Rule of Bankruptcy Procedure 2004 Examination
- [5.12] Retention of Professionals
- Administration of Assets
- [5.13] Operating Business
- [5.14] Liquidating Assets
- [5.15] Surcharging Collateral
- [5.16] Abandonment
- [5.17] Litigation
- [5.18] Objection to Claims
- Closing the Case
- Filing of Tax Returns
- [5.19] Income Taxes
- [5.20] Employment Taxes
- [5.21] Filing of Final Reports
- III. Avoiding Powers
- Introduction
- [5.22] Trustee
- [5.23] Debtor-in-Possession
- [5.24] Third-Party Avoidance Actions
- [5.25] Trustee as a Judicial Lien Creditor
- [5.26] Avoidance Actions with the Federal Government
- [5.27] Preferences
- [5.28] Elements of Preferential Transfers
- [5.29] Due Diligence Pleading Requirement
- [5.30] Defenses
- [5.31] New Value
- [5.32] Ordinary Course
- [5.33] Other Amendments
- [5.34] Other Defenses and Protections
- [5.35] Fraudulent Transfers
- [5.36] Actual Fraudulent Transfers (11 U.S.C. §548(a)(1)(A))
- [5.37] Constructive Fraudulent Transfers (11 U.S.C. §548(a)(1)(B))
- [5.38] Good-Faith Transferee Defense to Fraudulent Transfers (11 U.S.C. §548(c))
- [5.39] Other Fraudulent Transfer Issues
- [5.40] Unauthorized Postpetition Transfers
- [5.41] Recovery of Avoided Transfers
- [5.42] Claims Arising from the Return of Avoidable Transfers
- Chapter 6 — Advising Business Debtors: Alternatives to Bankruptcy
- Chapter Summary
- I. [6.1] Introduction
- II. [6.2] The Attorney’s Role
- III. [6.3] The Workout Alternatives
- [6.4] Advantages of the Workout
- [6.5] Disadvantages of the Workout
- [6.6] The Workout Process
- [6.7] Analyzing the Problem
- [6.8] Determining Who Should Participate in the Analysis
- [6.9] Meeting with Trade Creditors
- [6.10] Types of Written Agreements
- [6.11] Standstill Agreements
- [6.12] Composition Agreements
- [6.13] Extension Agreements
- [6.14] Combination Agreements
- [6.15] Assignment for the Benefit of Creditors
- IV. [6.16] The Shutdown Alternatives
- V. [6.20] State Law Dissolution Procedures
- VI. [6.21] Conclusion
- VII. Appendix
- Chapter 7 — Illinois Common-Law Assignments for the Benefit of Creditors
- Chapter 8 — Involuntary Bankruptcy
- Chapter Summary
- I. [8.1] Introduction
- II. [8.2] Filing an Involuntary Petition
- III. [8.6] Eligible and Ineligible Debtors
- IV. [8.12] Requirements for Petitioning Creditors
- [8.13] Status as a “Creditor”
- [8.14] Noncontingent Claims as to Liability
- [8.15] Claims Not Subject to Bona Fide Disputes
- [8.16] Burden of Proof
- [8.17] Objective Test for Determining Whether a Dispute Is “Bona Fide”
- [8.18] Depth of Analysis Required by Bankruptcy Court in Determining the Existence of a Bona Fide Dispute
- [8.19] Bona Fide Disputes as to Liability or Amount
- [8.20] Examples of Bona Fide Disputes
- V. [8.21] Number of Petitioning Creditors and Amounts of Claims
- Calculating the Required Number of Petitioning Creditors
- [8.22] Number of Petitioning Creditors
- [8.23] Disputing the Number of Petitioning Creditors
- [8.24] Entities Excluded from the Number of Petitioning Creditors
- [8.25] Withdrawal of Petitioning Creditors
- [8.26] Joinder of Petitioning Creditors
- [8.27] Timing for Joinder
- [8.28] Bad-Faith Bar to Joinder
- [8.29] Aggregate Amount of Claims
- [8.30] Involuntary Petitions Against Partnerships
- VI. [8.31] Grounds for Involuntary Relief
- VII. [8.34] Order for Relief
- VIII. Other Important Considerations When Filing an Involuntary Case
- IX. Assignments for the Benefit of Creditors and Involuntary Cases Under the Bankruptcy Code
- Chapter 9 — Business Chapter 7 Cases
- Chapter Summary
- I. [9.1] Scope of Chapter
- II. Alternatives to Filing, Initial Considerations, and Advantages of Bankruptcy
- [9.2] Alternatives to Filing; Attorney’s Role
- [9.3] Initial Considerations
- [9.4] Advantages of Bankruptcy
- [9.5] Stay of Proceedings
- [9.6] Avoidance Powers
- [9.7] Priority Scheme
- [9.8] Limits on Claims
- [9.9] Executory Contracts and Unexpired Leases
- [9.10] Sale of Assets
- [9.11] Factors That May Increase Chapter 7 Filings
- III. Preliminary Issues and Filing the Petition
- IV. [9.15] Particular Statutory Directives
- V. [9.20] Impact on Trustee’s Obligations and Powers
- [9.21] Operation of a Debtor’s Business — In General
- [9.22] Operation of a Debtor’s Business — Postpetition Financing
- [9.23] Actions by Trustee Against General Partners of Partnership Debtor
- Miscellaneous Obligations of the Trustee Involved in a Business Chapter 7 Case
- [9.24] Duty To Investigate
- [9.25] Duty To Preserve, Maintain, and Secure Property of the Estate
- VI. [9.26] Ethical Responsibilities and Issues — Conflicts of Interest
- VII. [9.27] Conclusion
- Chapter 10 — Representing the Chapter 11 Debtor
- Chapter Summary
- I. [10.1] Introduction
- II. [10.2] First Steps
- III. [10.12] The Chapter 11 Case
- [10.13] Prepackaged, Prearranged, or Free-Fall Chapter 11
- [10.14] Venue Considerations
- First Day Motions
- [10.15] Overview
- [10.16] Joint Administration of Related Cases
- [10.17] Extension of Time To File Schedules, Statements, and Lists
- [10.18] Retention of Debtor’s Counsel
- [10.19] Retention of Debtor’s Other Professionals
- [10.20] Interim Compensation and Reimbursement of Professionals
- [10.21] Retention of Ordinary Course Professionals
- [10.22] Continue Cash Management System
- [10.23] Wages and Employee Benefits
- [10.24] Customer Programs
- [10.25] Essential Trade Creditors
- [10.26] Shipping
- [10.27] Sales and Use Tax
- [10.28] Utilities
- [10.29] Key Employee Retention Plan
- [10.30] Debtor-in-Possession Financing and Cash Collateral
- After the First Days: Potential Calm/Potential Litigiousness
- [10.31] The Calm
- The Storm
- [10.32] Conversion and Dismissal
- [10.33] Motion To Terminate Exclusivity
- [10.34] Motion for Relief from Stay
- [10.35] Executory Contracts and Unexpired Leases
- [10.36] Avoidance Powers
- [10.37] Claims Administration
- [10.38] Section 363 Sales
- [10.39] Getting Close to the Finish Line
- [10.40] Formulation of a Plan
- [10.41] Approval of a Disclosure Statement
- [10.42] Voting on the Plan
- Confirmation of the Plan
- [10.43] Legal Requirements
- [10.44] Practical Considerations — Another Word About Valuation
- IV. [10.45] Showtime — Post-Confirmation and Plan Enforcement
- V. [10.46] Conclusion
- Chapter 11 — Representing the Secured Creditor and Adequate Protection
- Chapter Summary
- I. [11.1] Introduction
- II. [11.2] Creation of the Bankruptcy Estate and the Obligation To Turn Over Property of the Estate to the Debtor
- III. Effect of the Bankruptcy Filing on Secured Creditor’s Rights in After-Acquired Property
- [11.3] General Rule of Bankruptcy Code §552(a) — Applicable to Agreed Security Interests Only
- [11.4] Exception of Bankruptcy Code §552(b)(1) — When Security Agreement and Applicable Nonbankruptcy Law Cover Proceeds
- [11.5] Exception of Bankruptcy Code §552(b)(2) — When Security Agreement Covers Rents or Hotel Room Revenues
- [11.6] Exceptions in Bankruptcy Code §552(b) Do Not Apply in Certain Circumstances
- [11.7] Commingled Proceeds
- IV. [11.8] Commencement of the Bankruptcy Case and the Impact of the Automatic Stay on the Secured Creditor
- V. [11.12] Avoidance of Unperfected Liens — Hypothetical Lien Creditor
- VI. Bifurcation and Lien-Stripping of the Secured Creditor’s Claim
- VII. Claims Assessed Against, or Allowed as Secured Claims of, the Secured Creditor Under Bankruptcy Code §506
- [11.18] Charging Secured Creditor for Certain Administrative Expenses Under Bankruptcy Code §506(c)
- [11.19] Interest, Fees, and Costs of Secured Creditors Allowed Under Bankruptcy Code §506(b)
- [11.20] Attorneys’ Fees
- [11.21] Default Interest
- [11.22] Prepayment Charges
- [11.23] Late Charges
- [11.24] Interest on Bankruptcy Code §506(b) Charges
- [11.25] Appraisal Fees and Expenses
- [11.26] Management and Consultants’ Fees
- VIII. [11.27] Adequate Protection
- IX. Impact of a Bankruptcy Code §363 Asset Sale on a Secured Creditor
- [11.33] General Requirements of a Bankruptcy Code §363 Sale
- [11.34] Sales Free and Clear of Interests
- [11.35] Applicable Nonbankruptcy Law
- [11.36] Consent
- [11.37] When the Sale Price Exceeds the Lien Value
- [11.38] Disputed Liens
- [11.39] Monetary Satisfaction
- [11.40] Rights of a Secured Creditor at the Sale
- X. Other Rights, Remedies, or Concerns of the Secured Creditor During the Administration of the Bankruptcy Case
- [11.41] Dismissal of Case or Conversion to Chapter 7 Liquidation
- [11.42] Appointment of Trustee or Examiner
- [11.43] Appointment of Trustee
- [11.44] Appointment of Examiner
- [11.45] Relief from Automatic Stay
- [11.46] Marshaling Assets
- [11.47] Filing and Assignment of Claims
- Special Tax Lien Considerations for the Secured Creditor
- [11.48] 45-Day Rule
- [11.49] Subordination of Tax Liens upon Conversion to Chapter 7
- XI. [11.50] Treatment of Secured Claims Under a Chapter 11 Plan
- [11.51] Conclusiveness of a Confirmed Plan
- [11.52] Classification of Secured Claims
- [11.53] Cramdown of Claims
- [11.54] Present Value of Secured Claims
- [11.55] Specific Treatment of Secured Claim Under Plan
- [11.56] Negative Amortization
- [11.57] Sales of Assets Under Plan
- [11.58] Valuations Related to Plan
- Strategies of Secured Creditors Under Plan
- [11.59] Election Under Bankruptcy Code §1111(b)
- [11.60] Adherence to the Absolute-Priority Rule
- [11.61] Competing Chapter 11 Plans
- [11.62] Collateral Estoppel
- XII. [11.63] Conclusion
- Chapter 12 — Postpetition Financing
- Chapter 13 — Representing the Official Committee of Unsecured Creditors
- Chapter Summary
- I. [13.1] Purpose of the Committee
- II. Formation and Composition of the Committee
- III. Governance of the Committee
- IV. [13.11] Retention of Professionals
- V. [13.12] Disclosure Requirements to Unsecured Creditors
- VI. [13.18] Fiduciary Duty of Committee Members
- VII. [13.19] Limited Immunity of Committee Members from Lawsuits
- VIII. [13.20] Rights and Duties of the Committee
- IX. [13.21] Role of the Committee During the Chapter 11 Case
- X. [13.28] Dissolution of the Committee
- XI. Appendix — Forms
- Chapter 14 — Executory Contracts and Unexpired Leases
- Chapter Summary
- I. Introduction and Definitions
- II. Standards for Allowing Assumption and Rejection
- III. Time Limitations for Assumption or Rejection
- IV. Performance Pending Assumption or Rejection
- V. Assumption and Assignment of Executory Contracts and Unexpired Leases
- VI. [14.21] Agreements That Are Not Assumable or Assignable
- VII. Issues Related to Rejection of Executory Contracts and Unexpired Leases
- VIII. [14.27] Debtor as Lessor
- IX. Rejection of Intellectual Property Contracts
- X. [14.31] Conclusion
- Chapter 15 — Attorneys’ Fees in Chapter 11 Cases
- Chapter Summary
- I. [15.1] Introduction
- II. [15.2] Retention
- [15.3] Retention of Debtor’s Bankruptcy Counsel
- [15.4] Reasonably Necessary
- [15.5] Disinterested
- [15.6] Holding No Adverse Interest
- [15.7] Concurrent Representation of Both the Debtor and a Creditor
- [15.8] Debtor’s Special-Purpose Counsel
- [15.9] Committee’s Counsel
- Application Process
- [15.10] Retention Application Contents
- [15.11] Nunc Pro Tunc Orders
- [15.12] Additional Required Disclosure of Attorneys Representing Debtors
- [15.13] Sanctions
- III. [15.14] Compensation and Fee Applications
- [15.15] Necessary Services and Expenses
- [15.16] Reasonable Compensation
- [15.17] Lodestar Approach
- [15.18] Johnson Factors
- [15.19] Contingent-Fee Agreements
- [15.20] Fee Enhancements
- [15.21] Treatment of Specific Activities
- [15.22] Overhead Costs
- [15.23] Travel Time
- [15.24] Meals
- [15.25] Office Conferences
- [15.26] Fee Application Preparation and Defense
- [15.27] Copying Expenses
- [15.28] Form of Interim and Final Applications
- [15.29] Local Practice in the Northern District of Illinois
- [15.30] Cover Sheet
- [15.31] Narrative Summary
- [15.32] Detailed Statement of Services
- [15.33] Sanctions
- [15.34] Additional Requirements Relating to Federal Rule of Bankruptcy Procedure 2016 Disclosures
- [15.35] Local Practice in the Southern District of Illinois
- [15.36] Local Practice in the Central District of Illinois
- [15.37] Disgorgement of Interim Compensation and Holdbacks
- [15.38] Fee Applications in Mega Cases
- [15.39] Timekeeping
- [15.40] Prepetition Retainers
- IV. [15.41] Retention and Compensation in Subchapter V Cases
- Chapter 16 — Special Problems in Dealing with the Farm Debtor
- Chapter 17 — The Chapter 11 Plan, Confirmation, and Cramdown
- Chapter Summary
- I. [17.1] Scope of Chapter
- II. [17.2] Who May File and Solicit a Plan
- III. Approval of Disclosure Statement and Solicitation
- [17.3] Disclosure Statement Requirements
- [17.4] Solicitation Mechanics
- [17.5] Notice Requirements Under Federal Rule of Bankruptcy Procedure 3017(d)
- [17.6] Transmission of the Plan and the Disclosure Statement to Beneficial Holders
- [17.7] Forms of Ballots
- [17.8] Voting in “Prepackaged” Cases
- [17.9] Securities Regulations
- [17.10] Voting Requirements
- IV. [17.11] Contents of a Plan
- Requirements of Bankruptcy Code §1129(a)
- [17.12] Section 1129(a)(1) — Plan Complies with the Applicable Provisions of the Bankruptcy Code
- [17.13] Bankruptcy Code §1122 — Classification
- [17.14] Bankruptcy Code §1123(a)
- [17.15] Impairment
- [17.16] Same treatment within a class
- [17.17] Means for implementation
- [17.18] Bankruptcy Code §1123(b)
- [17.19] Impairment
- [17.20] Executory contracts and unexpired leases
- [17.21] Settlement or retention of litigation claims
- [17.22] Sale of assets
- [17.23] Section 1129(a)(2) — The Proponents of the Plan Have Complied with the Applicable Provisions of Title 11
- [17.24] Section 1129(a)(3) — Good Faith
- [17.25] Section 1129(a)(4) — All Payments To Be Made by the Debtors in Connection with Case Subject to the Approval of the Court
- [17.26] Section 1129(a)(5) — Disclosure of All Required Information Regarding Post-Confirmation Management and Insiders
- [17.27] Section 1129(a)(6) — Regulatory Rates
- [17.28] Section 1129(a)(7) — Best Interests of Creditors
- [17.29] Section 1129(a)(8) — Acceptance by the Requisite Classes of Creditors and Interest Holders
- [17.30] Section 1129(a)(9) — Payment of Priority Claims
- [17.31] Section 1129(a)(10) — Acceptance by at Least One Impaired, Non-Insider Class
- [17.32] Section 1129(a)(11) — Feasibility
- [17.33] Section 1129(a)(12) — Payment of Statutory Fees
- [17.34] Section 1129(a)(13) — Continuation of the Reorganizing Debtors’ Obligations To Pay Retiree Benefits
- [17.35] Section 1129(a)(14) — Domestic Support Obligations
- [17.36] Section 1129(a)(15) — Disposable Income Test
- [17.37] Section 1129(a)(16) — The Plan Complies with Any Applicable Restrictions on Transfers of Property of Nonprofit Entities
- [17.38] Section 1129(d) — The Plan’s Purpose Is Consistent with the Bankruptcy Code
- [17.39] Bankruptcy Code §1129(b) — “Cramdown” Requirements for Confirmation
- [17.40] Fair and Equitable
- [17.41] Secured Creditors
- [17.42] Deferred payments
- [17.43] Sales of assets; indubitable equivalent
- [17.44] Unsecured Creditors
- [17.45] Equity Interest Holders
- [17.46] Unfair Discrimination
- V. Effect of Confirmation
- Chapter 18 — Asset Sales Under the Bankruptcy Code
- Chapter Summary
- I. [18.1] Introduction
- II. [18.2] The Requirements of Bankruptcy Code §363 Do Not Apply to Sales in the “Ordinary Course of Business”
- III. [18.5] Sales Outside of the Ordinary Course of Business
- [18.6] Two-Step Public Sales: Bidding Procedures and the Selection of a Stalking-Horse
- [18.7] Approval of Bidding Procedures
- [18.8] Selection of a Stalking-Horse and Approval of Bid Protections
- [18.9] The Business-Judgment Rule
- [18.10] Best Interests of the Debtor’s Estate
- [18.11] Breakup Fees as Administrative Expenses
- [18.12] Credit Bids by Secured Creditors Under Bankruptcy Code §363(k)
- [18.13] Disqualification of Credit Bid “For Cause Shown”
- [18.14] Credit Bidding in Sale Conducted Under Plan of Reorganization
- [18.15] Approval of a Sale Under Bankruptcy Code §363(b)
- [18.16] Standard of Review: The Business Justification Standard
- Other Considerations
- [18.17] Sale of Personally Identifiable Information
- [18.18] Sub Rosa Plans
- [18.19] Sale Free and Clear of Liens and Interests
- [18.20] Requirements of a Sale Free and Clear of Interests
- [18.21] Applicable Nonbankruptcy Law
- [18.22] Consent
- [18.23] When the Sale Price Exceeds the Lien Value
- [18.24] Disputed Liens
- [18.25] Monetary Satisfaction
- [18.26] Additional Extra-Statutory Requirements
- “Interests” Under Bankruptcy Code §363(f): Sale Free and Clear of Successor Liability?
- [18.27] Existing Liabilities
- [18.28] Future Liabilities
- [18.29] Finality of Sales Under Bankruptcy Code §363(m)
- Chapter 19 — Special Issues for Limited Liability Companies
- Chapter Summary
- I. [19.1] Introduction
- II. [19.2] No Specific Treatment for a Limited Liability Company
- III. [19.3] Illinois Limited Liability Company Act
- IV. [19.4] Small Business Debtors and the Subchapter V Amendment
- V. Limited Liability Company as Debtor
- VI. When a Limited Liability Company Member Is the Debtor
- VII. [19.16] Prosecuting Derivative Claims of a Limited Liability Company
- Chapter 20 — Chapter 11 Cases for Individuals and Small Business Debtors
- Chapter Summary
- I. [20.1] Introduction and Scope of the Chapter
- II. Representing the Individual Debtor
- [20.2] Preliminary Matters
- Mechanics of Filing
- [20.3] Petition, Forms, and Schedules
- [20.4] United States Trustee Requirements
- [20.5] Retention and Compensation of Counsel and Other Professionals
- [20.6] Initial Debtor Interview and Code §341 Meeting
- [20.7] The Debtor’s Duties, Dismissal, and Conversion
- [20.8] The Debtor’s Avoiding Powers
- [20.9] Property of the Estate and Cash Collateral
- The Plan
- [20.10] Timing and Contents
- [20.11] Plan Payments
- [20.12] Plan Modification
- [20.13] The Absolute-Priority Rule
- [20.14] Domestic Support Obligations
- [20.15] Obtaining a Discharge
- [20.16] Treatment of Nondischargeable Claims
- [20.17] Final Report and Motion for Final Decree
- III. Representing the Creditor
- [20.18] Proof of Claim or Interest
- The Creditors’ Role
- [20.19] Secured Claims
- [20.20] Creditors’ Committee and Unsecured Claims
- [20.21] Priority Claims
- [20.22] Competing Plans
- [20.23] Curing Defaults
- [20.24] Appointment of Trustee or Examiner
- [20.25] The Involuntary Case
- [20.26] Conversion, Dismissal, and Revocation of Confirmation Order
- IV. Small Business Cases
- V. [20.30] Conclusion
- Chapter 21 — Special Problems in Commercial Real Estate Bankruptcy Cases
- Chapter Summary
- I. [21.1] Introduction
- II. [21.2] Bad-Faith Filings and Motions To Dismiss
- III. [21.3] Turnover of Property by Custodian
- IV. [21.4] Perfecting a Security Interest in Rents
- V. [21.7] Debtor’s Use of Mortgagee’s Cash Collateral
- [21.8] Statutory Framework
- [21.9] Adequate Protection
- [21.10] Application of Cash Collateral to Mortgage Lender’s Claim
- [21.11] Application of Surplus Cash Collateral to Claim of Undersecured Mortgage Lender
- [21.12] Application of Surplus Cash Collateral to Claim of Oversecured Mortgage Lender
- [21.13] Interest
- [21.14] Yield Maintenance Provisions
- [21.15] Attorneys’ Fees
- VI. Automatic Stay
- [21.16] Scope and Purpose of Automatic Stay
- [21.17] Waivers of Automatic Stay
- Relief from Automatic Stay
- Statute and Rules
- [21.18] Code §362(d)
- [21.19] Federal Rule of Bankruptcy Procedure 4001(a)
- [21.20] Time Periods
- [21.21] Counterclaims
- [21.22] Stay Relief “For Cause”
- [21.23] Lack of Adequate Protection
- [21.24] Bankruptcy Code §362(d)(2) — Lack of Equity and Property Not Necessary to Effective Reorganization
- [21.25] Lack of Equity
- [21.26] Property Not Necessary for Effective Reorganization
- [21.27] Single Asset Real Estate Cases
- [21.28] What Constitutes Single Asset Real Estate
- [21.29] Monthly Payments or Plan
- [21.30] Sua Sponte Relief from Stay
- [21.31] Appeals
- VII. Real Property Leases
- VIII. Chapter 11 Plans of Reorganization
- [21.38] Summary of Plan Confirmation Process
- [21.39] Classification of Claims
- [21.40] Impairment
- [21.41] Designation of Votes Under Code §1126(e)
- [21.42] Feasibility
- [21.43] Cramdown — Confirmation Notwithstanding Rejection by Impaired Class
- [21.44] Fair and Equitable
- [21.45] Unfair Discrimination
- [21.46] Cramdown on a Class of Secured Claims
- [21.47] Fair and Equitable Treatment of Dissenting Class of Unsecured Creditors — The New Value Corollary to the Absolute-Priority Rule
- Chapter 22 — Small Business Reorganization Act of 2019
- Chapter Summary
- I. Introduction and Scope of the Chapter
- II. History of the Small Business Reorganization Act of 2019
- III. Subchapter V Election
- [22.7] Eligibility
- [22.8] Exclusions
- Case Administration and Procedures
- [22.9] No Committee of Unsecured Creditors
- [22.10] Disclosure Statement Not Required
- [22.11] Status Report and Conference
- [22.12] No U.S. Trustee Fees
- [22.13] Claim Bar Date
- [22.14] Reporting Requirements
- [22.15] Creditors’ Considerations
- IV. The Subchapter V Trustee
- V. The Debtor-in-Possession
- VI. Subchapter V Plan
- VII. [22.30] Conclusion
- List of Forms by Chapter
- Paul M. Bauch
Paul M. Bauch
Paul M. Bauch is a Partner at Bauch & Michaels, LLC, in Chicago, where he focuses on complex commercial litigation and bankruptcy. He is a member of the American Bankruptcy Institute, the Institute of Real Estate Management, and the Big Shoulders Fund. Mr. Bauch received his BS cum laude from Western Michigan University and his JD from the University of Miami School of Law.
- Alexander F. Berk
Alexander F. Berk
Alexander F. Berk is an associate at Barack Ferrazzano Kirschbaum & Nagelberg LLP in Chicago, where he focuses on bankruptcy and creditor rights. He is a member of the Chicago Bar Association and the Bankruptcy Court Liaison Committee for the U.S. Bankruptcy Court for the Northern District of Illinois. Mr. Berk received his BA magna cum laude from the University of Illinois and his JD from the University of Minnesota Law School.
- Michael A. Brandess
Michael A. Brandess
Michael A. Brandess is a Partner at Husch Blackwell LLP in Chicago, where he focuses on insolvency and special situations. He has been a 40 Under 40 Honoree of the American Bankruptcy Institute, a past President of the Chicago/Midwest Chapter of the Turnaround Management Association, and is Chambers rated. Mr. Brandess received his BA from the University of Michigan and his JD magna cum laude from the University of Illinois College of Law.
- Matthew Brash
Matthew Brash
Matthew Brash is the Senior Managing Director of Newpoint Advisors Corporation in Chicago. He is the Illinois State Director of the Commercial Receivers Association, a Subchapter V Trustee in the United States Bankruptcy Court for the Northern District of Illinois, and a member of the Turnaround Management Association, the American Bankruptcy Institute, and the National Association of Bankruptcy Trustees. Mr. Brash received his bachelor’s degree from the University of Illinois at Urbana-Champaign.
- Alexander F. Brougham
Alexander F. Brougham
Alexander F. Broughamis a Partner at Adelman & Gettleman, Ltd., in Chicago, where he focuses on business bankruptcy, restructuring, and commercial litigation. He is member of the National Conference of Bankruptcy Judges’ Next Generation Program, Class of 2014, and has routinely received recognition as an Illinois Super Lawyer. Mr. Brougham received his BA from Colby College and his JD from the Northeastern University School of Law.
- Kenny Chiaghana
Kenny Chiaghana
Kenny Chiaghana is a restructuring associate at Clark Hill PLC in Chicago, where he focuses on debtor-side corporate restructurings. Mr. Chiaghana received his BA cum laude from Arizona State University and his JD from the University of Chicago Law School.
- Nicholas R. Dwayne
Nicholas R. Dwayne
Nicholas R. Dwayne is a Partner at Adelman & Gettleman, Ltd., in Chicago, where he focuses on lending, bankruptcy, reorganization, and commercial litigation. He is a member of the Chicago Bar Association. Mr. Dwayne received his BA from Marquette University and his JD from the University of Illinois College of Law.
- Valerie Eliasen
Valerie Eliasen
Valerie Eliasen is an attorney in Chicago.
- Joseph D. Frank
Joseph D. Frank
Joseph D. Frank is a Partner at FrankGecker LLP in Chicago, where he focuses on corporate bankruptcy. Mr. Frank received his B.A. magna cum laude from Carleton College and his J.D. with honors from the University of Chicago Law School.
- Chad H. Gettleman
Chad H. Gettleman
Chad H. Gettlemanis Senior Counsel to Adelman & Gettleman, Ltd., in Chicago, where he focuses on commercial litigation, bankruptcy, insolvency, and corporate reorganization. He was named a Leading Lawyer for Bankruptcy and Workouts in 2004 – 2025 by Illinois Leading Lawyers Network, an Illinois Super Lawyer in the area of Bankruptcy and Reorganization in 2005 – 2025, and a Leading Lawyer for Business by Chambers USA in 2006 – 2025. He was named the 2022 Legal Aid Chicago Bankruptcy Helpdesk Volunteer of the Year. Mr. Gettleman received his law degree from Marquette University Law School. He is also a certified public accountant.
- Luca J. Giovine
Luca J. Giovine
Luca J. Giovine is an associate at Burke, Warren, MacKay & Serritella, P.C., in Chicago, where he focuses on commercial litigation. He was named a Rising Star by Super Lawyers in 2025. Mr. Giovine received his BBA magna cum laude from Florida International University and his JD from the University of Wisconsin Law School.
- Ryan C. Hardy
Ryan C. Hardy
Ryan C. Hardy is a Partner at Levenfeld Pearlstein, LLC, in Chicago, where he focuses on financial services and restructuring and litigation. He is a member of the American Bankruptcy Institute, the Turnaround Management Association, the Commercial Receivers Association, and the Chicago Bar Association. Mr. Hardy received his BA from the University of Puget Sound and his JD magna cum laude from the Saint Louis University School of Law.
- Mazyar M. Hedayat
Mazyar M. Hedayat
Mazyar M. Hedayat is the owner of M. Hedayat & Associates, P.C., in Bolingbrook, where he focuses on commercial litigation, probate, foreclosure, and real estate law. He is the Secretary of the Illinois State Bar Association’s Special Committee on AI and a Featured Attorney and Chair of the Will County Bar Association’s Practice Management Committee. Mr. Hedayat received his BA from the University of Michigan, Honors College, his MBA from the University of Michigan Ross School of Business, and his JD from DePaul University College of Law, where he received the American Jurisprudence Award.
- Jeremy C. Kleinman
Jeremy C. Kleinman
Jeremy C. Kleinman is a Partner at Burke, Warren, MacKay & Serritella, P.C., in Chicago, where he focuses on corporate bankruptcy and restructuring. He is a Friend of the Foundation and Presenter for the Credit Research Foundation. Mr. Kleinman received his BA from the University of California at Los Angeles and his JD from the University of Michigan Law School.
- Richard G. Larsen
Richard G. Larsen
Richard G. Larsen is a Partner at Springer Larsen, LLC, in Wheaton, where he focuses on bankruptcy and insolvency. He was the 2023 Chair of the Bankruptcy Section of the DuPage County Bar Association and is a member of the Kane County Bar Association. He was the winner of the ISBA Lincoln Award for Legal Writing in 1990. Mr. Larsen received his BA magna cum laude from Aurora University and his JD magna cum laude from the Northern Illinois University College of Law.
- David P. Leibowitz
David P. Leibowitz
David P. Leibowitz is a Managing Member of Law Office of David P. Leibowitz, LLC — Lakelaw in Chicago, where he focuses his practice on bankruptcy. He is a recipient of the Excellence in Pro Bono Service Award from the U.S. District Court, Northern District of Illinois (2006); the Liberty Bell Award from the Circuit Court of the Nineteenth Judicial Circuit (2010); and the Annual Service Award from the American Bankruptcy Institute for his work with its Consumer Bankruptcy Extravaganza (2023). Mr. Leibowitz received his BA from Northwestern University and his JD cum laude from the Loyola University Chicago School of Law.
- Mark S. Melickian
Mark S. Melickian
Mark S. Melickian is a Partner at Raines Feldman Littrell LLP in Chicago, where he focuses on restructuring and bankruptcy. He has been recognized as an Illinois Super Lawyer in Commercial Bankruptcy and is a member of the American Bankruptcy Institute and the Turnaround Management Association. Mr. Melickian received his BA from Colorado State University and his JD from the Northwestern University Pritzker School of Law.
- Kevin H. Morse
Kevin H. Morse
Kevin H. Morse is Member in Charge at Clark Hill PLC in Chicago, where he focuses on corporate restructuring and bankruptcy. He is ranked Band 5 in Bankruptcy/Restructuring in 2025 by Chambers USA, named a Leading Lawyer in Chicago in 2024 – 2025 by Leading Lawyers, and named a Best Lawyer in America for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law by Best Lawyers in 2024 – 2026. Mr. Morse received his BA from the University of Colorado at Boulder and his JD from the Pepperdine University School of Law.
- Jill L. Nicholson
Jill L. Nicholson
Jill L. Nicholson is a Partner at Dentons US LLP in Chicago, where she focuses on restructuring, insolvency, and bankruptcy. She was named a top bankruptcy and restructuring lawyer by Chambers USA in 2016 – 2025, one of the Top 100 Lawyers in Illinois by Super Lawyers in 2015 – 2025, and in The Legal 500, Restructuring (including Bankruptcy): Corporate in 2025. Ms. Nicholson received her BA with honors from the University of Chicago, where she was a Norman Maclean Scholar and President of the University of Chicago Debate Team, and her JD with honors from the University of Illinois College of Law, where she was Editor of the University of Illinois Elder Journal.
- John (“Jack”) R. O’Connor
John (“Jack”) R. O’Connor
John (“Jack”) R. O’Connoris a Partner at Levenfeld Pearlstein, LLC, in Chicago, where he focuses on financial services and restructuring. He was a 2025 40 Under 40 Honoree of the American Bankruptcy Institute, the recipient of the Turnaround Management Association Global 2025 Emerging Leader Award, and the recipient of the Turnaround Management Association Chicago/Midwest Chapter’s 2025 Outstanding Service Award. Mr. O’Connor received his BA from the University of Iowa, where he also received a Certificate in Entrepreneurship, and his JD magma cum laude from the University of Illinois Chicago School of Law.
- Bonny Patel
Bonny Patel
Bonny Patelis a law clerk at M. Hedayat & Associates, P.C., in Bolingbrook, where he focuses on comer litigation. Mr. Patel is graduate of the University of Kentucky J. David Rosenberg College of Law.
- Peter J. Roberts
Peter J. Roberts
Peter J. Roberts is a Partner at Seyfarth Shaw LLP in Chicago, where he focuses on bankruptcy and restructuring. He is a Fellow of the American College of Bankruptcy, the Chair of the Seventh Circuit Bar Association’s Committee on Bankruptcy Law and Procedure, and Associate Editor of the American Bankruptcy Institute Journal. Mr. Roberts received his AB cum laude from Boston College and his JD from te Duke University School of Law.
- Samantha M. Ruben
Samantha M. Ruben
Samantha M. Ruben is a managing associate at Dentons US LLP in Chicago, where she focuses on restructuring, insolvency, and bankruptcy. She was named an Emerging Leader in 2024 by the Turnaround Management Association Chicago/Midwest Chapter and a Rising Star in 2025 by Bisnow’s Chicago Women Leading Real Estate. Ms. Ruben received her BA from the University of Miami and her JD magna cum laude and Order of the Coif from the Chicago-Kent College of Law.
- Nathan Q. Rugg
Nathan Q. Rugg
Nathan Q. Rugg is a Partner at Barack Ferrazzano Kirschbaum & Nagelberg LLP in Chicago, where he focuses on bankruptcy and creditors’ rights. He is Band ranked in Bankruptcy/Restructuring by Chambers USA, has been named a Best Lawyer in Bankruptcy and Creditor Rights/Insolvency by Best Lawyers, and has a Martindale Hubble Peer Review Rating of AV Preeminent. Mr. Rugg received his BA from Dartmouth College and his JD cum laude from the University of Illinois College of Law.
- Carolina Y. Sales
Carolina Y. Sales
Carolina Y. Sales is a Partner at Robbins DiMonte in Park Ridge, where she focuses on commercial litigation and bankruptcy. She is an Honoree for Crain’s Chicago Business 2024 Notable Women of Law and a member of the Chicago Bar Association Judicial Evaluation Committee in 2017 – 2025. She was named an Emerging Lawyer in 2018 – 2025 and a Leading Lawyer in 2021 – 2025. Ms. Sales received an Honors BA cum laude from Marquette University and her LLM with honors and her JD cum laude from the University of Illinois Chicago School of Law.
- Jack Shadid
Jack Shadid
Jack Shadid is an associate at Hinshaw & Culbertson LLP in Chicago, where he focuses on bankruptcy and restructuring. He is a member of the Turnaround Management Association’s Education Committee, Hinshaw & Culbertson’s Artificial Intelligence Committee, and a Board Member of the Peoria Black Business Alliance. Mr. Shadid received his BA from the University of Notre Dame and his JD from te Chicago-Kent College of Law.
- Adam P. Silverman
Adam P. Silverman
Adam P. Silverman is Managing Partner at Adelman & Gettleman, Ltd., in Chicago, where he focuses on commercial insolvency and bankruptcy. He was named a Rising Star in 2008 – 2010, a Super Lawyer in 2012 – 2022, and a Leading Lawyer in 2015 – 2022. Mr. Silverman received his BA from the University of Illinois, his MBA from the DePaul University Kellstadt Graduate School of Business, and his JD with honors from the Chicago-Kent College of Law.
- Michael J. Small
Michael J. Small
Michael J. Small is a Partner at Foley & Lardner LLP in Chicago, where he focuses on corporate restructuring, bankruptcy, and finance, as well as litigation related to each. He represents financial institutions and funds, operating companies, asset purchasers, debtors, creditors’ committees, secured and unsecured creditors in reorganization cases, workouts, out-of-court transactions, and a variety of federal and state court litigation. He previously led the firm’s Bankruptcy & Business Reorganizations Practice Group. He is a member of the firm’s Sports & Entertainment and Food & Beverage Industry Teams, the Health Care & Life Sciences Sector, and the Environmental, Social, and Corporate Governance (ESG) Team. He continues to be a member of the Trial Bar of the U.S. District Court for the Northern District of Illinois. Mr. Small received his BA Phi Beta Kappa from Brown University, his MA from the Jewish Theological Seminary of America, and his JD from the University of Chicago Law School.
- Elizabeth B. Vandesteeg
Elizabeth B. Vandesteeg
Elizabeth B. Vandesteegis a Partner at Levenfeld Pearlstein, LLC, in Chicago, where she focuses on bankruptcy and litigation. She is a member of the American Bankruptcy Institute, theInternational Women’s Insolvency & Restructuring Confederation, and the Turnaround Management Association. Ms. Vandesteeg received her BA from Columbia University and her JD from the Boston College Law School.
- Neema T. Varghese
Neema T. Varghese
Neema T. Varghese is the Managing Director of NV Consulting Services in Chicago, where she focuses on financial restructuring. She is a member of the American Bankruptcy Institute and a Board Member of the Turnaround Management Association. In 2016, she received the M&A Advisor Emerging Leader Award. She is a Certified Insolvency and Restructuring Advisor. Ms. Varghese received her degree in accounting from the University of Illinois at Urbana-Champaign.
- Matthew L. Warren
Matthew L. Warren
Matthew L. Warrenis a Partner at Paul Hastings LLP in Chicago, where he focuses on restructuring. He is a member of the American Bankruptcy Institute, the American College of Bankruptcy, and Chambers. Mr. Warren received his BS summa cum laude from Southern Illinois University Edwardsville and his JD summa cum laude from the University of Arizona James E. Rogers College of Law.
- Brian P. Welch
Brian P. Welch
Brian P. Welch is an associate at Partner at Burke, Warren, MacKay & Serritella, P.C., in Chicago, where he focuses on insolvency, bankruptcy, and restructuring. He was named a Rising Star in Bankruptcy by Super Lawyers in 2016 – 2025, one of 40 Under 40 Attorneys to Watch by Law Bulletin Media in 2025, and an Illinois Emerging Lawyer in Bankruptcy & Workout Law. Mr. Welch received his BS from the University of Illinois Urbana-Champaign and his JD cum laude from the University of Illinois Chicago School of Law.
- Sean P. Williams
Sean P. Williams
Sean P. Williamsis Partner at Levenfeld Pearlstein, LLC, in Chicago, where he focuses on bankruptcy and financial services. He is a member of the American Bankruptcy Institute, the Turnaround Management Association, and the Chicago Bar Association. Mr. Williams received his BA cum laude from Augustana College and his JD cum laude from the University of Illinois Chicago School of Law.
Business Bankruptcy Practice 2026 Edition
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