“In the wake of the recent and very substantial changes to the nation’s bankruptcy laws, the most significant beneficiaries are likely to be commercial landlords.” So says Warren R. Graham, a bankruptcy lawyer with 25 years of experience, much of it representing both landlords and tenants in large Chapter 11 reorganizations.

“Most of the public attention, in the enactment of the new law, has been paid to consumer matters and credit card debt, given that the prime movers for the new legislation were consumer credit issuers,” says Graham. “But many changes have been made in the area of business bankruptcies, which are profound, and which have received virtually no reportage.” Much of this did not seem so important since the new law took effect in October, 2005, in the midst of a vibrant economy and explosive real estate market. “But,” Graham argues, “with the potential confluence of a weakening economy and softer real estate values, the prospect for commercial lease dispositions in bankruptcy cases is likely to increase dramatically, and soon.”

The new law gives a commercial tenant in bankruptcy 120 days, with a possible one-time 90 additional days, to ‘assume’ or ‘reject’ its lease. After that, unless the landlord consents, the lease reverts to the landlord. “Under prior law,” said Graham, “landlords could get stuck for many months, or even years, as debtors marketed valuable leases for the benefit of their creditors, often at the expense and risk of the landlords. The uncertainty occasioned by being held ‘in legal limbo’ created problems for landlords wishing to sell their properties, refinance, or even, in the case of shopping centers, lease adjoining space, because of ‘cross-default’ and ‘use-clause’ provisions.” This is a particularly important phenomenon in large retail Chapter 11 cases, in which hundreds, or even thousands of leases may be implicated, and the values realized by their sales often determine the success or failure of the reorganization effort.

Graham’s own experience, in fact, includes the representation of one shopping center landlord, whose single lease was marketed out of three separate bankruptcies: W.T Grant, Caldor and Ames Department Stores.

According to Graham, the consensus among bankruptcy professionals is that the jury is still very much out on the benefits of the new law for issuers of consumer credit. It has, in fact, been argued that, even as those entities lobbied hard for the changes in the law, the likelihood is that their recoveries will not be materially enhanced by them. “But there is little doubt,” Graham claims, “that landlords will benefit greatly by being able to rely on a swift and certain disposition of their property interests in Chapter 11 Cases. Next year’s Christmas season may come earlier for retail landlords than for their retail tenants. And the role of Santa Claus may be played by the United States Congress, with bankruptcy lawyers in the supporting roles of his elves.”

E-mail: wgraham@ctswlaw.com

In the state of sudden financial crunch the payday seems to be far away. Moreover, bad credit becomes the main hurdles in availing loans. But it can be surmounted by considering the No Credit Check Payday Loans It is designed for salaried persons as they seek extra cash when occult expenses emerge all of a sudden. This is an unsecured form of loan and capable applicants to access the cash without pledging collateral. The extra cash in the mid of the month can be approved by meeting simple and easy eligibility terms. As eligibility criteria, applicants should be a permanent employee of any company and also hold a valid bank account. Cash is instantly transferred to the account number given by candidates while applying.

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When your business begins to experience serious business debt problems and the overall debt is accumulating far faster than the business assets, you may want to consider the protection afforded by filing for bankruptcy. The United States bankruptcy statutes and court filings are designed to aid persons who want to pay their accumulated business debt, but are not able to do so. Before you file a bankruptcy petition is it important that you enlist the advice of a business debt management consultant to determine whether a different form of business debt program may not be a better choice. A businesses debt consolidation or a debt settlement may provide the relief that the business needs with out formally petitioning for bankruptcy.

At any rate, meeting with a business debt management consultant is a requirement of filing for chapter 11 business debt protection. If, in the course of this counselling, a business management plan is developed, a copy of it must be filed alongside the chapter 11 bankruptcy protection.

It is important to understand the difference in the protection the bankruptcy court provides. Chapter 13 is aimed to protect individuals who have an ensured wage from their creditors’ attempts to collect their debts for three years. It is designed to give debtors the designated 3 year time period to make scheduled repayment to the creditors without being bothered by creditor attempts at collection and with out penalty or further accrued interest. Chapter 13 has a debt limit of $175,000 of debt and it may be extended to individuals who operate a business.

However the primary bankruptcy tool that has been designed to afford relief to those with significant business debt is the chapter 11 business bankruptcy plan. In order to file a chapter 11 business bankruptcy petition the individual must provide proof that a debt management professional has been consulted. If a debt management plan has resulted from that meeting, it will be filed with the petition. There is a $1000 basic filing fee for a chapter 11 business bankruptcy, plus additional small fees that must be paid at the time of filing. When the plan outlined in the chapter 11 business bankruptcy is approved by the court, the assets of the business will be placed in receivership or under the guidance of a court appointed conservator who will supervise the manner in which the business assts will be utilized to repay the debts of the business. A debt repayment plan will be formulated by the conservator and will have to be strictly adhered to. A business bankruptcy that is given chapter 11 protection is not an erasure of the business’ debts; it is a strict schedule that is worked out whereby the business operator repays the debts of the business within his or her capacity.

The decision to try to seek protection from business debts by filing a business bankruptcy is best made with the advice of a business debt management consultant. A business bankruptcy may not offer the business debt protection that the business really requires. It may be that other options available to resolve business debt are better choices to alleviate those pressures from creditors without placing the business in an inoperable position. Speak with a qualified and experienced business debt management consultant about the other options available to address business debt. It may be that a business debt consolidation or a business debt resolution may be a better overall choice.

Additionally, there are many types of small business loan plans that are available to that may be enough to take a business over the rough patches and continue to stay in operation, thus providing the owner with an income and the community with a useful service.

A chapter 11 or 13 business bankruptcy should be a measure of last resolve that is used only after all other options have been explored and eliminated.

Check these links to learn more:

http://www.curadebt.com/about.asp

http://www.curadebt.com/settlement/business-debt-negotiation/business-debt-settlement-negotiation.asp

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Debbie White is a contributing writer to http://www.curadebt.com/and is currently writing some special articles to guide businesses on how to manage debt and avoid bankruptcy. For Business Debt Information and Debt Help Consultation, call toll-free 1-877-850-3328.