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Bankruptcy/Creditors’ Rights

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Karen M. Crowley

Crowley, Liberatore, Ryan & Brogan PC
Norfolk

Title: Managing partner
Other legal specialties: Commercial litigation
Birthplace: Lancaster, Calif.
Education: Oral Roberts University, bachelor’s degree; Regent University School of Law, law degree.
Spouse: Timothy Crowley
Children: Samantha, 17; Shannon, 15; Conor,13; Alyssa, 11.
Hobbies or pastimes: Volleyball, attending opera and musical theater productions.
First job as a lawyer: Law clerk for The Hon. Hal J. Bonney Jr., United States Bankruptcy Court judge, Eastern District of Virginia
Favorite vacation spot: Any semi-luxurious facility with my family!
Recently read book: I start many books but finish few (please see number and age of children above!). “The Fault in Our Stars” was one of my daughter’s books that I managed to complete.  I still cried when I watched the movie.
Career mentors: The Hon. Frank J. Santoro and Jane Wrightson.

What trends are you seeing in bankruptcies since the height of the recession?
The recession resulted in the reduction of opportunities for reorganizing in bankruptcy.  The typical exit strategies of selling assets or refinancing became unavailable.  This created an environment where lenders and creditors were more flexible in reworking obligations and often enabled us to achieve outside of bankruptcy what would likely have been achieved inside of bankruptcy.  A challenge during this period has been learning how to work with lenders covered by a loss-share agreement.  The traditional factors governing the exercise of judgment and the evaluation of risk by the lender did not apply in these cases.


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