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The Small Business Reorganization Act of 2019, also known as SBRA (Pub. L. No. 116-54), became effective on Feb. 19, 2020. This legislation allows a small business debtor to choose, during the filing process, to proceed under subchapter V within chapter 11.
Real Estate Property taxes are often a major issue that drives a debtor into chapter 13 and perhaps 7. The various states and municipalities have may different ways to collect the taxes, including the opportunity to sell the taxes to a buyer who can ultimately obtain title to the property for payment of those taxes. This session would be a discussion of common issues faced by debtors, municipalities and courts around the country regarding the payment and collection of these taxes.
Attendees will understand the many ways that real estate property taxes are handled by municipalities and bankruptcy courts.
Attendees will understand the various procedural and legal issues that a debtor much be aware as they attempt to deal with these taxes in their Bankruptcy case.
Consumer
Janet
Baer
janet_baer@ilnb.uscourts.gov
US Bankruptcy Court, ND Il
Judge Harner's recent Cleary Packaging opinion is a good illustration of how amorphous some of the jurisprudence on new value is after 203 N. LaSalle. This is a topic that practitioners need to know well in a contested non-sub v confirmation hearing. A survey of what works and what doesn't could be very helpful.
Business
The ‘new value’ offered by old equity in a chapter 11 plan was insufficient because it was only a small fraction of claims and because the dividend to creditors was also small.
