Our office continues to operate during our regular business hours, which are 8:30 am - 5:30 pm, Monday through Friday, but you can call the office 24 hours a day. We continue to follow all recommendations and requirements of the State of Emergency Stay at Home Order. Consultations are available via telephone or by video conference. The safety of our clients and employees is of the utmost importance and, therefore, in-person meetings are not available at this time except for emergencies or absolutely essential legal services.

Articles Tagged with streamline of chapter 11

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What is Chapter 11 Bankruptcy?”


The unveiling of the American Bankruptcy Institute’s proposed Chapter 11 bankruptcy reforms has been “long-awaited,” reports Katy Stech in the Wall Street Journal.

Old Bankruptcy Ad Charlotte Mecklenburg Bankruptcy Lawyer North Carolina Chapter 11 AttorneyIf you have been waiting for the Institute’s proposals, wait you will no more. It unveiled its recommended changes to Chapter 11 bankruptcies on Monday morning. Some of the proposals might someday become law.

The Institute’s proposed changes would streamline the Chapter 11 bankruptcy process for small businesses, or private companies with less than $10 million in assets or debts. The process would be cheaper as well, eliminating the automatic appointment of an unsecured creditors committee. The Institute also proposed to allow business owners to retain their ownership interest by repaying creditors based on their companies’ market value, as opposed to having to repay all their debts in full, as required under current rules.

Retailing businesses would be given additional time under the proposed changes to decide which store leases to continue and which ones to break. Current rules provide that tenants have 210 days after filing a bankruptcy petition to decide whether to assume or reject a lease. Stech reports that professionals who assist retailers in restructuring business operations have said the 210-day deadline leaves little time to renegotiate leases. Under the Institute’s plan, retailers would have one year to assume or reject leases.

Continue reading

Contact Information