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Subchapter V and Chapter 11 Plans
David Cox, the founding member of Cox Law Group PLLC, discusses subchapter V of chapter 11, highlighting its benefits for small business debtors. Key points include the 90-day deadline for plan filing, which can be extended if necessary, and the absence of a disclosure statement, reducing costs. Subchapter V plans must include a business history, liquidation analysis and detailed projections. It allows for mortgage modifications on the debtor's principal residence if used for the business. Plans can be confirmed consensually or through cramdown, with disposable income defined broadly to include business operation expenses. Only the debtor can file or modify the plan, adding to their bargaining power.
Duration:
18 minutes 14 seconds
H. David Cox is the founding member of Cox Law Group PLLC in Lynchburg, Va., and practices bankruptcy law throughout the Western District of Virginia. Prior to entering private practice, he clerked for the late Hon. William E. Anderson. He co-edits the treatise Bankruptcy Practice in Virginia, co-authored the fourth edition of ABI’s Consumer Bankruptcy: Fundamentals of Chapter 7 and Chapter 13 of the U.S. Bankruptcy Code, and has lectured at numerous regional and national CLE programs. Mr. Cox is a member of the National Bankruptcy Conference, a Fellow of the American College of Bankruptcy, chair of the Bankruptcy Law Section of the Virginia Bar Association and a faculty member of the mandatory Virginia State Bar Harry L. Carrico Professionalism Course, and he serves on ABI’s Board of Directors. He received his B.A. in 1992 from Virginia Tech and his J.D. in 1995 from the University of Richmond - TC Williams School of Law.
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