Towards the beginning and towards the end of a Chapter 11 case the debtor must summarize its financial condition for creditors and the court. In the beginning, the debtor files schedules of assets and liabilities and a statement of financial affairs. These documents are often creditors’ first look at the debtor’s inner workings and are […]
Chapter 11 is a powerful tool to help businesses and high income individuals restructure their debt. The ability to modify secured claims, reject burdensome leases and negotiate steep creditor discounts create unparalleled opportunities to give new life to struggling debtors. However, the right to reorganize is not absolute: debtors need to be able to prove […]
Most debtors believe that once they receive a discharge in bankruptcy and their case is closed they can put their troubles behind them. While that’s true almost all the time the bankruptcy code does leave the door open for creditors to complain that the discharge was obtained as a result of fraud. Like many other […]
Please Help Our Facebook Campaign for Maryland Volunteer Lawyers Service! Ronald J. Drescher, Maryland bankruptcy attorney and founder of Drescher & Associates, http://www.Drescherlaw.com, has launched a Facebook campaign to raise funds for an organization he believes in and volunteers for – Maryland Volunteer Lawyers Service (MVLS). Maryland Volunteer Lawyers Service (MVLS) the largest pro bono […]
Creditor’s Rights: 6 Tips To Get The Information You Need In A Deposition In Aid Of Enforcement In many lawsuits, the real challenge begins after the plaintiff becomes a judgment creditor by winning the judgment. Collecting from the defendant can feel daunting, even impossible. Sometimes defendants have transferred their assets, hid their assets or have […]
Bankruptcy And The Frozen Bank Account: Keep Your Money On Deposit Safe When deposit account holders write a check or make a withdrawal, they may believe that they are accessing their own money, but that is not precisely true, for important reasons. What is actually happening is that the account holder is making demand upon […]
Two, Four, Six, Eight: Waiting Periods For Discharge In Subsequent Bankruptcy Cases When clients ask “how many times can I file for bankruptcy” they usually want to know “how often can I receive a bankruptcy discharge?” They ask this question because they’ve found themselves in a financial bind years after receiving a discharge and want […]
Use A Forbearance Agreement To Negotiate With Your Creditors And Stay Out Of Bankruptcy Anyone in business will tell you that bumps come up in the road. Temporary dips in sales, problems collecting accounts receivable, even adding expense to manage a potentially profitable new line of business may all contribute to creating a cash flow […]
7 Steps To Survive Your Meeting With The Trustee: Follow These Tips To Take Control Of Your First Meeting Of Creditors If you’re getting ready to meet the bankruptcy trustee for your Chapter 7, Chapter 13, or even your Chapter 11 meeting, you’ve already gotten through the hardest parts of your case: picking up the […]
The absolute priority rule in Individual Chapter 11 cases may make reorganization impossible for high income debtors. Last month the Fourth Circuit Court of Appeals dealt a blow to the drive by consumer bankruptcy lawyers to eliminate the absolute priority rule in individual Chapter 11 bankruptcies. The absolute priority rule is simple: if a class […]
