U.S. Supreme Court Bankruptcy Update

The U.S. Supreme Court handed down three bankruptcy rulings to finish the Term ended in July 2024. The decisions address the validity of nonconsensual third-party releases in chapter 11 plans, the standing of insurance companies to object to “insurance neutral” chapter 11 plans, and the remedy for overpayment of administrative fees in chapter 11 cases to the Office of the U.S. Trustee. We discuss each of them below.

U.S. Supreme Court Bars Nonconsensual Third-Party Releases in […]

By | July 25th, 2024 ||

Agreement Reached With Creditors In Tehum Care Services (Formerly Corizon) Bankruptcy Proceedings

Houston TX– July 17, 2024 – Tehum Care Services, Inc. a correctional healthcare company formerly known as Corizon, is pleased to announce that a settlement has been reached with creditors, marking a significant milestone in resolving Tehum’s ongoing bankruptcy proceedings. This agreement represents a crucial step in obtaining the company’s long-term goals.

The settlement, reached after extensive negotiations with both creditors’ committees, demonstrates the parties’ commitment to work collaboratively towards a resolution for the benefit of all […]

By | July 18th, 2024 ||

How Does Chapter 7 Bankruptcy Work?

Chapter 7 Bankruptcy, often referred to as “liquidation bankruptcy,” is a legal process designed to help individuals and businesses eliminate most of their unsecured debts. This form of bankruptcy is particularly beneficial for those with limited income and cannot repay their debts. Unlike Chapter 13 bankruptcy, which involves a repayment plan over several years, Chapter 7 aims to discharge qualifying debts quickly, usually within a few months. The primary goal is to provide a […]

By | July 17th, 2024 ||