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Courts Are Now Split on Whether a Subchapter V Debtor Must Be ‘Currently’ Engaged in Business

Debts acquired from running a business do not qualify someone for subchapter V of chapter 11 if the business has terminated and the assets are gone, according to Judge Cynthia Norton.

Federal Credit Union Held to Be a ‘Governmental Unit’ for All Purposes

Although federal credit unions are not controlled by the government, they are governmental units under the Bankruptcy Code, Judge Jacobvitz says.

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