GCK On Law
The Corporate Transparency Act: New Reporting Requirements for Businesses
On January 1, 2021, Congress enacted the Corporate Transparency Act (codified as 31 U.S.C. §5336) (“CTA”) within the larger National Defense Authorization Act (“NDAA”). The NDAA authorized funds for the Department of Defense, the military, the Department of Energy,...
Courts divided whether corporations are “individuals” for purposes of awarding damages under Section 362(k)
Damages for stay violations are allowed under Section 362(k) of the Bankruptcy Code. Section 362(k)(1) provides that “[e]xcept as provided in paragraph (2), an individual injured by any willful violation of a stay provided by this section shall recover actual...
Effect and Severance of Rights of Survivorship in Bankruptcy Proceedings under Section 541(a)
In In re Chernushin, 911 F.3d 1265 (10th Cir. 2018), Gregory and Andrea Chernushin owned a second home in Colorado in joint tenancy with right of survivorship. Eventually, Mr. Chernushin (but not Ms. Chernushin) filed for bankruptcy. During the bankruptcy...
Courts Disagree Whether Post-Petition Acquisition of Property May be Basis for Revocation of Discharge Under Section 727(d)(2)
Section 727(d) of the Bankruptcy Code provides for a debtor’s discharge to be revoked in certain circumstances, including under subsection which states: (d) On request of the trustee, a creditor, or the United States trustee, and after notice and a hearing, the court...
Eligibility considerations in Chapter 13 for Simultaneous Proceedings under Section 109(e)
The Bankruptcy Code (the “Code”) does not expressly prohibit a Chapter 7 debtor from simultaneously seeking relief under Chapter 13. Notwithstanding this fact, courts have split on whether a debtor may maintain two separate pending bankruptcy proceedings. A majority...