NEWARK, NJ (October 2023) - Buchanan Ingersoll & Rooney continues its strategic growth in New Jersey with the addition of Michael Caruso as shareholder in its Bankruptcy & Creditors’ Rights practice group. His practice focuses on secured lender and creditor representation in commercial loan workouts and restructurings, complex mortgage foreclosures, receiverships, Chapter 11 bankruptcy, and business insolvency. He serves clients across several industries including banking and finance, commercial real estate, equipment leasing, and healthcare.
“Michael adds significant depth to our bench of bankruptcy and creditors’ rights lawyers with his experience in the New York and New Jersey markets,” said Timothy Palmer, shareholder and Bankruptcy & Creditors’ Rights practice group leader. “We look forward to working with him to continue to expand the practice group and enhance value for our clients.”
Caruso has more than 15 years of experience representing financial institutions, private lenders, and commercial real estate (CRE) investors. He also has significant experience representing court appointed receivers and trustees, equipment lessors, drug and medical device companies, surety companies, among other creditors of insolvent businesses.
He advises on all aspects of loan and lease obligations from default to disposition across several asset classes including office, retail, multifamily, hospitality, industrial, and equipment. He regularly handles guarantor recourse liability and lender liability defense. He is efficient in navigating lien priority disputes and fraudulent transfer litigation. Caruso litigates and resolves disputes in the state and federal courts of New York, New Jersey and in bankruptcy courts nationally across multiple jurisdictions.
“I wanted to join Buchanan to give my clients access to the firm’s national, full-service platform and the resources that come with it,” said Caruso. “I am excited to collaborate with lawyers across the firm’s 15 offices on behalf of our clients.”
Caruso’s bankruptcy experience includes asset sales, plan negotiation and confirmation, claim allowance and recovery, relief from the automatic stay, lease assumption and assignment, cure disputes, preference defense, and adversary proceedings.
Additionally, Caruso often leads important transactions for working out troubled loans and obtaining recoveries in special asset situations. He negotiates and closes loan purchase and sale agreements. He resolves and restructures defaulted loans through modifications, extensions, assignments, and forbearance agreements. He also helps CRE investors acquire distressed real estate through judicial and non-judicial measures.
Caruso holds a law degree from Rutgers Law School and received his bachelor’s degree from Rutgers University. He is an active member of the American Bankruptcy Institute, Secured Finance Network and Turnaround Management Association.