To take advantage of a change in decisional law, a plan must be modified within the time limits imposed by Federal Rule 60(c), the Seventh Circuit says.
Bankruptcy Judge Gunn found the power to revoke a small business designation and proceed under ‘traditional’ chapter11 in lieu of dismissing or converting to chapter 7.
Had Congress considered the facts that were before Bankruptcy Judge Elizabeth Brown, it surely would have written the statute differently, this writer believes.