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Our Legal Blog

Bunch Named Senior Counselor by Kentucky Bar Association

Bunch & Brock, Attorneys is pleased to announce that W. Thomas Bunch was honored by the Kentucky Bar Association earlier this year as a Senior Counselor. Mr. Bunch was admitted to the Kentucky bar in 1965 and has practiced in the Comonwealth for nearly fifty years. He is also a member of the Kentucky and Fayette County Bar Associations, the American Bankruptcy Institute, and is an associate member of the National Conference of Bankruptcy Judges. He is a life member of the Lexington Kiwanis Club. Mr. Bunch founded Bunch & Brock, Attorneys in 1976, and […]

Sale of Mines in Bankruptcy of James River Coal

A bankruptcy judge in Virginia has approved the sale of three coal mining complexes to Lexington, Ky.-based Blackhawk Mining. The deal was part of the James River Coal Co. bankruptcy, Case No. 14-31848 (Bankr. E.D. Va.). The three facilities are located in West Virginia, Kentucky, and Indiana. The total sale price was $52 million. The buyer will pay $20 million to the bankruptcy estate and assume $32 million in liabilities which relate to the three mining facilities. This arrangement is common in bankruptcy because it brings liquid assets into the estate plus it reduces the […]

Bankruptcy’s Automatic Stay Isn’t Absolute

understanding bankruptcy

The automatic stay of bankruptcy, found in section 362 of the bankruptcy code, stops creditors from taking certain actions against debtors who have filed for bankruptcy. The automatic stay can stop a foreclosure sale and it can stop harassing phone calls from creditors. For the vast majority of debtors, the automatic stay will stop all collection activities. Or at least it is supposed to. But the automatic stay isn’t absolute. Some creditors can continue their collection activities even though a bankruptcy has been filed. The Sixth Circuit recently considered such a situation. In Robinson v. […]

What are your bankruptcy options?

Facing financial difficulties? Bankruptcy may be an option, but it can be complicated determining what kind of bankruptcy you should file (if at all). It is important to understand all of your options. As with any important decision, it is critical to know the facts and how you will be impacted. There are five different chapters under the Bankruptcy Code. A Chapter 7 is a “straight” bankruptcy. Here, a trustee is appointed to administer your non-exempt assets. The trustee will sell the assets and the proceeds will go to your creditors. Most Chapter 7 bankruptices, […]

Pre-Bankruptcy Credit Counseling isn’t Optional

Bankruptcy Credit Counseling

Individuals filing for bankruptcy must complete two credit counseling sessions in order to receive their discharge. A certificate of credit counseling must be obtained by consumer debtors before they can file for bankruptcy and a copy of the certificate should be filed with the petition. And these requirements are not optional. The Sixth Circuit has held that strict compliance with 11 U.S.C. ยง 109(h) – the section requiring credit counseling – is required. In re Ingram, 460 B.R. 904 (6th Cir. 2011). Credit counseling is usually completed in part on the computer and in part […]

The Employment Contract’s Covenant Not to Compete

Non-compete Clause

Many individuals blindly sign employment contracts so that they can get back to work and generate income as quickly as possible. This is especially true when jobs are scarce and the economy is struggling. In doing so, these individuals may overlook important provisions that could have negative consequences for them down the road. One such provision is the “covenant not to compete.” A covenant not to compete is a promise by an employee to its employer that continues beyond the time the employee has his or her job. Typical covenants not to compete prohibit the […]

New Year Resolutions

The New Year brings about resolutions. The start of a new year is a source of inspiration for people who want to achieve a new goal. A new year can mean a fresh start. Perhaps they want to shed a few pounds, or perhaps the hope is to be learn a new skill. Maybe 2014 is the time to finally meet with a lawyer and get your will drafted. Many are struggling to get their financial house in order and the resolution may involve paying down debt or making important financial decisions. In order to […]

Debtors: Honest but Unfortunate or Dishonest and Calculating

Most debtors in bankruptcy are honest but unfortunate debtors. They are in need of a fresh start. There are times, however, when a “dishonest and calculating debtor” arrives at the bankruptcy court. These so-called “bad apples” exist in every arena in our lives and, too often, they sour the batch of all those with whom they are grouped. The “bad apple” causes society to assign a stigma to all those in a similar situation. That is often the case in bankruptcy. Judge Fulton for the U.S. Bankruptcy Court for the Western District of Kentucky wrote […]

Understanding the Different Chapters of Bankruptcy Relief

understanding bankruptcy

Even though the economy is showing some signs of improvement, many individuals, families and businesses are still struggling to make ends meet. Although few consider it their first choice, bankruptcy may be the right choice for you to get a “fresh start.” There are five different types of bankruptcy. Each kind of bankruptcy is referred to by a ‘chapter’ and a short explanation of these bankruptcy chapters follows. For individuals and families, there are generally two types of bankruptcy: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, a trustee is appointed by the […]