How do I File Bankruptcy for My Business

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“I must file bankruptcy for my business.” That is not likely a part of your business plan but, if conditions bring you to that point, you must formulate a cohesive plan to manage safe passage through the bankruptcy minefield. Rule number one: If you are filing bankruptcy for a business entity you must use an …Read more

I Received an Objection to my Claim. Now What?

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You have been pulled into the quagmire of someone else’s bankruptcy. Your priority is to recover what you can, working within the legal framework of the bankruptcy process. The process is designed to be fair to creditors. Use it fully and carefully to recapture what you can. Along the way you will encounter obstacles. One …Read more

How to File a Claim in a Bankruptcy Case

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You just received notice that your customer who owes you money has filed bankruptcy. What should you do? Read the notice you receive from the court. Among other things, that notice will give you the deadline for filing a claim in the bankruptcy case. In a Chapter 7, 12 or 13 case, in order to receive …Read more

A Bankruptcy Trustee has contacted you demanding repayment of a preference – now what?

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If a customer of your business has entered bankruptcy proceedings, and you have obtained payment from that organization recently, you may receive a letter demanding “repayment of a preference” or “repayment of an unfair preference.” This article aims to shed light on this issue and help you understand your options. Often when a business gets …Read more

Is Filing Bankruptcy for My Business an Alternative?

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The economic downturn in the recent past hit many small and medium sized businesses very hard. Some have been able to hang on, but only because their creditors have been willing to work with them. Things are starting to turn around, but perhaps not quickly enough to satisfy creditors. If your creditors are getting impatient …Read more

Can My Claim Survive Bankruptcy?

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One of the key reasons a debtor files bankruptcy is to obtain a discharge of the debtor’s pre-petition debts.  Generally, only an individual debtor obtains a discharge.  In cases of corporate reorganizations, the Plan may include a provision that except as provided in the plan all pre-petition obligations are discharged, but otherwise, the corporation does …Read more

Can Debtor Avoid Turning Over Assets to the Bankruptcy Trustee?

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Let’s say “Jane” doesn’t see a lawyer in time to orderly dissolve the company, and now Big Bank and a few other creditors are coming after her.  She hasn’t found a new full time job, and she’s coming to the end of her savings.  Pretty soon she won’t be able to pay her credit card …Read more

Creditors Don’t Forget to File Your Proofs of Claim When a Debtor Files for Bankruptcy

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One of the first things you as a creditor should do when you receive notice that a customer has filed bankruptcy is to file a proof of claim.  The Proof of Claim form (Official Form 10) often accompanies the notice of the commencement of the case, and can also be found at the Court’s website.  …Read more