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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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
53 views
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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2answers
93 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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2answers
9k views
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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1answer
33 views
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 ...
2
votes
1answer
83 views
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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1answer
86 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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1answer
74 views
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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31 views
Appeal from District Court (in San Diego, CA) to a Bankruptcy Court ruling
If an appeal to a Bankruptcy Court ruling on an adversary proceeding complaint is appealed to District Court and you want to appeal the District Court decision, where do you file an appeal to the ...
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votes
4answers
244 views
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
124 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
120 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
55 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
95 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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2answers
148 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 ...
2
votes
1answer
147 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, ...
7
votes
2answers
179 views
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
79 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
42 views
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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2answers
83 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
66 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 ...
2
votes
1answer
70 views
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
74 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 Georgia.) (...
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1answer
44 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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votes
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
42 views
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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1answer
181 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
498 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
106 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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0answers
50 views
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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2answers
307 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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0answers
77 views
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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1answer
917 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 ...
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1answer
195 views
How does a liquidator set aside an attachment order during liquidation?
How can a liquidator set aside an attachment order during a liquidation?
Please excuse the lack of specificity on this question; it's an issue I need to understand for a commercial transactions exam, ...
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1answer
80 views
If a person dies in bankruptcy, do her assets go to her creditors or her heirs?
Jane declares personal bankruptcy. She owes her creditors $1,000,000.
Before bankruptcy proceedings have begun, Jane dies. In her will, she leaves her entire estate to her daughter Sarah. Her estate ...
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vote
1answer
67 views
Can I legally accept funds resulting from the tax deed sale of a house I had owned before a Chapter 7 bankruptcy?
Many years ago, I rented a P.O. box. I no longer have anything with the address on it, all I know is the address itself.
I bought a house, and then a few years later walked away from it because the ...
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0answers
303 views
Civil actions versus Bankruptcy tolling?
This is pretty heady question I am told -taking an artful experienced procedural expert etc. to address.
Relevant to this question is the bankruptcy (automatic stay) tolling of time when a ...
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1answer
203 views
What is the difference between liquidation and receivership of a company?
What are the legal differences between a company that is in "liquidation" as opposed to "receivership" under Australian law?
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1answer
183 views
What assets can a creditor make you forfeit in the UK?
If you owe a lot of money in the UK, what assets can the creditor legally force you to sell to pay off the debts? For example, can they make you sell (or remortgage) your family home? What law is ...
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21 views
Getting Official Legal Documents
Is there a recommended or official location that's recommended to get "official" legal documents that'd be used to file WITH THE COURT for Chapter 7 bankruptcy?
I wasn't sure if getting legal court ...
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0answers
34 views
Bankruptcy petitions granted by state legislatures?
In this document we learn that someone was "discharged as an insolvent debtor, by virtue of an act of assembly of" New Jersey.
And I have learned that Thomas Chandler was similarly discharged in ...
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votes
2answers
587 views
Chapter 7 Bankruptcy and Different Laws per State?
Questions
I was wondering if filing for Chapter 7 Bankruptcy and any
applicable rules and regulations if any of these will vary from state to state?
In terms of assets, paper form procedure wise, and ...
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votes
0answers
21 views
Are Dodd Frank rules applicable to all loan types?
My student loan was transferred to a new servicer several months ago, and I never received notice, neither from the previous or the new servicer, of the assignment of my loan. I thought that Dodd ...
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votes
2answers
100 views
Are you legally required to delete your company's social media profiles if you go out of business?
If you're stopping your business (by choice or bankruptcy), are you legally required to delete your social media and blog content?
I'm asking because someone who works for a company that's closing ...
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2answers
29 views
Second bankruptcy hearing
Say you have had a hearing and it was thrown out for lack of evidence.
Now you're having a second hearing with a new judge. Does he have to read all the new evidence, or can he throw it out, too?
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0answers
28 views
What rights does a lender/loan purchaser lose by being negligent?
A lender wrote a mortgage on a house that was defaulted. The lender waited for several years before foreclosing, instead of acting, say, after 90 days. Shortly thereafter, the borrower declared ...
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votes
2answers
243 views
Can a bailiff seize items belonging to a debtor's spouse or children when executing a writ of seizure?
When a writ of seizure and sale is executed against a debtor, how does the bailiff establish ownership of items that could be co-owned or bought by other family members staying in the residence. Do ...
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2answers
3k views
What is the state of intellectual property when the owner goes bankrupt?
A company makes a great game called "AwesomeGame" that costs 20€.
They sell thousands of copies of the game, but ultimately go bankrupt.
What is the status of the game at that point? Do any ...
3
votes
2answers
95 views
Which takes precedence, conversion or bankruptcy?
Suppose Mr. Investor gives $50,000 to Mr. X to invest in his business. And suppose instead of investing in the business, Mr. X gives the $50,000 to his brother, a day or so later. That would be ...
3
votes
1answer
81 views
What are the rights of the creditors of “nondischargeable” debts after a bankruptcy?
Suppose there was a bankruptcy filing, and there was $500,000 of debt that was ruled non-dischargeable. Let's say that the debtor kept a house that was less than the value of the exemption ($300,000 ...
