Questions tagged [bankruptcy]

Use this for questions about insolvent entities that are unable to repay their creditors, and the processes surrounding this.

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How to obtain Contact info for a business that declared bankruptcy?

Suppose a person made a batch of beer at a small brewery chain here in Boston and was scheduled to pick it up, when they find out the brewery has closed due to bankruptcy. The person wants to file a ...
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Does all public assistance need to be listed as income when filing for bankruptcy?

Asking with respect to the USA. I'm currently homeless and on food stamps and public assistance. I've googled and it's stated everywhere that foodstamps and public assistance cash need to be listed as ...
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Do domains typically have to be declared in bankruptcy proceedings?

I've been trying to research this, and so far all I've found is a lot of academic legal essays concluding the law hasn't really caught up to the technology. Do domains typically need to be declared ...
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Do licenses created by a company dissolve, void, or simply invalidate if said company bankrupts / sells assets?

So I made a previous question about a dissolved or possibly bankrupted company that I wanted to use assets of for a fan-made remaster / remake of their game. The said company has given access to their ...
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1answer
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If a company silently shuts down, what happens to their assets and legal status? [duplicate]

Edit: By assets, I mean actual game assets, like art and music, not legal assets I’m working on a fan game / remaster of a dead game called “Deepworld” that was developed by a... well... also dead ...
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How do possible future court cases affect a bankruptcy application or judgement?

Asking with regard to the USA. I have court cases I have been considering filing, suing specific people or organizations for damages. I've been advised that I don't have a lot of ground to sue and ...
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1answer
52 views

What happens if a creditor can't make it to the creditors meeting for bankruptcy?

I am in the US, and have some foreign debts I will be declaring in my bankruptcy application, as well as some US debts where the people have since moved overseas. It's unlikely anyone living overseas ...
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1answer
85 views

I sued a corporation that declared bankruptcy, but it got acquired. Can I claim from acquiring corporation?

I hope you're safe and good in pandemic. In Dec. 2019, I filed claim online with Ontario Small Claims Court against Barrymore Furniture Co. Ltd. for $7000. Just ask if you want me to summarize ...
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34 views

Bankruptcy Chapter 8

Why there is no chapter 8 bankruptcy? I am a novice in law with no background in legal studies, but in business news, companies file for chapter 7 or chapter 11 bankruptcy. I am wondering what are ...
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1answer
45 views

For bankruptcy, are your finances take into account at the time of filing, or at the time of the 341 meeting several months later?

Pretty much just the title. Just wondering if finances taken into account are at the time of filing or at the time of the creditors meeting? Asking as a matter of law - what does the law say?
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Is it correct that foreign debts declared in a US bankruptcy are still enforceable in their country of origin, but can't be collected in the US?

I know that all debts, including foreign debts, have to be declared when filing for bankruptcy in the US. I am wondering what effect this has on foreign debts. My thinking is that it doesn't 'cancel' ...
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Appraisal Rights in Chapter 11?

Assuming some number of shareholders believe that the bankruptcy process is inadequately compensating them (i.e. by setting the company valuation too low and thus giving creditors too much equity in a ...
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Refused Financing for new car loan due to charge off from bankruptcy 11 years ago

State of Michigan My wife filed for chapter 7 bankruptcy 10 yrs ago and one of the debts was with Ford Motor Credit. She has good Credit now and I have okay credit. We wanted to purchase a Ford ...
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68 views

What happens to debt during a Ch 11 bankruptcy?

Reading newspapers, it seems as if a Ch 11 bankruptcy is like being reborn: you shed off all debts to emerge a pristine new company. But why would debtors agree to this? Aren't they better off with a ...
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How does Equity get lost long before a bankruptcy case is filed?

How's Judge David Jones correct? On May 26 2020, Hertz announced bankruptcy and its price dropped even more, from $2.83 to 0.59. Retail Traders Flout Legal Logic by Buying Up Bankrupt Stocks “No ...
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Is there any limit on how much bonuses can be given before filing for bankruptcy in the United States?

I read on https://www.cnn.com/2020/05/26/investing/hertz-bankruptcy-executive-bonuses/index.html (mirror): Hertz paid out millions of dollars in bonuses to its executives just before its bankruptcy ...
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92 views

Not getting paid for work done?

I worked in Colorado, USA for a startup. On a Monday morning we were informed that our investor decided not to continue investing in our company and so our payroll from that last Friday was paid for/...
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Does fraudulent conveyance only apply to bankruptcy?

Say creditor has a judgement and before the judgment I transferred assets to someone else. Can the creditor go after the fraudulently conveyed assets? Or is that only for bankruptcy?
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Which state's statue of limitations for debts applies, for credit card debt?

I used to live in South Carolina, USA and lost my job. As a result I defaulted on credit card debt. I have not paid anything on it for the last year and the debts were "Charged Off", and are in ...
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1answer
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Law firm gave credit to incorporate but business never got off the ground are we liable for debts?

Our firm never went into business and made no revenues in the tax year 2017. The business was given credit by a law firm for simple services like incorporation. If the firm has 34,000 in debt that is ...
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146 views

What happens to loans issued by a startup if the startup fails?

I live in the U.S. Suppose that I invest $50,000 in a startup company, signing "typical" paperwork for a 55% stake. The founder then uses the money to issue a $20,000 loan at a minimal interest rate ...
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How can a different company make a sequel if the original game company goes bankrupt?

Say a game company goes bankrupt but another company wants to make a sequel. Is it possible for the other company to obtain rights to make a sequel? Who would they even contact about this?
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Would a Notice of Entry of Appearance be required in federal bankruptcy case going pro se?

Let's say someone were to initiate a Chapter 13 bankruptcy in federal court of course. And they had an attorney prepare the filing and take the case through confirmation. But a while later, the ...
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how can a creditor prepare for someone's bankruptcy?

My brother's lawyer has recommended he file for bankruptcy, and he owes me a considerable amount of money. I wanted to know what steps I can take now to protect my interests. The majority of the ...
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465 views

Example of True Lease v. Lease intended as Security

In Chapter 11, in the case of True Lease, lessee can assume the lease and continue to make payments or reject the lease and return the asset. In the case of Lease intended as security, lease is re-...
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Fraud if a director lies about being unable to pay

Context: Canadian Law; contractor; fraud Would it be considered fraudulence on behalf of the director (specifically CEO) of a company if they were to lie about being unable to pay a contractor, but ...
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How is property in trustees' hands safe from the trustee's own creditors?

In the context of trust law, trustees are the legal owners of the property in trust. They hold it for the beneficiaries, who are the equitable owners. Even though trustees legally own the property, ...
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2answers
134 views

What happens to a company's negative value property if it is liquidated?

What happens to annoying burdensome assets during a company's liquidation? Perhaps a company owns a mine filled with deadly arsenic trioxide waiting to break out into the environment, or something ...
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1answer
142 views

Lawyer wants to withdraw - Chapter 13

My husband and I filed a chapter 13 about a year ago and recently paid it off 100%. I started reviewing our files after looking at online mortgage monthly statements because I couldn’t completely ...
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1answer
77 views

if all customers always violate a contract, is enforcement legally impossible?

Hypothetical case for U.S. law (close to reality but simplified here): A company offers advertising. Customers may get paid by publishing the advertising. The customers presumably want to do this in ...
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1answer
231 views

Who owns the logo of a company after the company declares bankruptcy?

Who owns the logo of a company after the company declares bankruptcy? For example who owns the logo for toys R'us after they declare bankrupt?
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162 views

What happens if Apple goes bust?

I know this is unlikely... but, many of us now buy our films/books/music through services like Kindle and iTunes. Our purchases stay on the provider's infrastructure until we want them then we can ...
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1answer
177 views

How can you get back intellectual property from a bankrupt startup?

I have written some software for an American startup that has since gone bankrupt. The intellectual property consists of: Software code Patents that have me listed as their inventor, but that, ...
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Landlord's LLC filed for bankruptcy, is that a breach of contract?

My landlord owns and maintains the property I'm leasing though an LLC. The lease documents are between myself and the LLC. I was recently sent a letter that says that my landlord's LLC is filing for ...
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1answer
142 views

Corporation files ch. 7 but wholly-owned subsidiary LLC does not file - how does this happen?

I have an interesting situation. I’m a customer of a US corporation through its wholly-owned LLC subsidiary (one of several). The entire corporation (including the subsidiarys) shut down operations ...
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1answer
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India: What happens when flat buyers not interested in claims but in flat's registry? How can IRP help in that?

A person purchases a flat and pays 100% of the flat's value including all other formalities. In return, the builder provides possession but not the registry. What's next? The Buyer is not interested ...
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97 views

Can a US court monetary order against a non-US citizen be pursued outside the US?

Say person A (a US citizen) makes a monetary demand on person B (a non-US citizen) over a dealing in the US whose juristiction is the US. Assume that B a citizen of, and resides in, a "1st world" ...
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1answer
77 views

General bankruptcy inquiry in Germany

A person lives in Germany and owns a business which is in debt. They are afraid they will lose their child and be sent to "debt jail". Is this a real possibility? Is there any liability protection ...
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1answer
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Can a lawyer advise a pro se litigant for technical purposes, without representing them?

May an attorney or legal advisor sit with a pro se litigant to advise on admissibility and/or rules in an Adversarial Chapter 11 proceeding?
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1answer
124 views

Ch 13 Bankruptcy: What happens if you owe too much to repay in 5 years

As I understand it, Ch 13 bankruptcy protects a person by letting them repay their debts over a period of some 5 years. What if a person has more debt than they can repay in 5 years? (In the state of ...
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1answer
46 views

Subcontractor being refused payment

I’m a IT contractor based in the United Kingdom, I have my own limited company. Recently I have been working on a project for a client through a recruitment company. My contract is with the ...
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1answer
2k views

Why is court approval necessary to liquidate?

I found this article in the news, claiming that Sears Canada will ask court for permission to liquidate all remaining stores. I can't see why approval would be necessary. Why would it be illegal to ...
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1answer
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Does filing for bankruptcy preclude pursuing all other legal proceedings?

I have heard that if you file for bankruptcy you cannot file any other legal proceeding (in the state of Georgia, USA) until the bankruptcy filing is resolved. Is that so? If so, does the ban on ...
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241 views

Ohio Dissolution Paperwork Language about Bankruptcy

I am filling out the dissolution paperwork for Ohio and I see the following two options: "The court will retain jurisdiction to enforce payment of debt obligations, in the event a party files ...
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1answer
576 views

If the damages from a lawsuit force the defendant into bankruptcy, are they forgiven?

Say Bob throws a pool party, and because he's secretly homicidal, he decides to poison the pool water, and many of his guests end up in the hospital. He hires a good lawyer to defend him in criminal ...
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1answer
113 views

Can my wife as a bankrupt's partner ask for trusties costs in bankruptcy to be assessed? And what are those questions to ask?

My trustees in Bankruptcy have tripled their costs as result of my appeal against HMRC assessment of income tax whereas they informed the Tax Tribunal that they are not representing me in the appeal ...
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What happens to unsecured debts which were secured in a Ch 13 bankruptcy when dropped?

In some cases in a Chapter 13 bankruptcy, a secured debt can be partially converted to unsecured. For instance an automobile which was not purchased recently can be 'crammed down' For instance a car ...
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315 views

Why the system only favour HMRC even if they in the wrong? [closed]

How can I apply to the court to refuse or postpone at the least an order for sale of a family home under bankruptcy since my trustee solicitors insist to reserve their clients right to proceed to ...
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In the US in a Chapter 13 bankruptcy, when are the amounts considered paid?

Hypothetically, Let's take the case of a debtor filing Ch 13 bankruptcy, with, say 25 thousand in debts secured with a car title, and 25 thousand in unsecured debts. Let's say he's planning to pay ...
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1k views

Termination of agency due to insolvency of an agent?

The Wikipedia article on the law of agency says that an agency relationship is may be terminated by "operation of law", and specifically "by the bankruptcy (insolvency) of either party." (meaning ...