By: Dean Langdon It’s not unusual for a company in financial distress to be involved in some sort of litigation, with claims being asserted back and forth between one or more parties. One of the benefits of filing bankruptcy is the automatic stay, which stops prosecution of most legal actions
Limited liability companies (LLC’s) are the entity of choice these days for small, medium and even huge (think General Motors) businesses. Laws governing the operation of LLC’s vary from state to state, but tend to offer owners greater flexibility and control than for other entities. LLC’s can be managed by
By: Laura Day DelCotto, Esq. So, this is not a very good week for Duke University and media headlines. As a life-long Kentuckian, I feel so bad for them. Even Duke University can get caught up in debtor/creditor fiascos. That should make the rest of us feel better. First, we
Trustee must return debtor’s funds after Chapter 13 conversion. By: Dean A. Langdon, Esq. On May 18, 2015 the U.S. Supreme Court ruled that money paid to a Chapter 13 trustee, and still held by the trustee, belongs to the debtor if the case converts to Chapter 7. Harris v.
By Jamie L. Harris Creditors who receive a notice from a debtor in a Chapter 11 bankruptcy case may find the Chapter 11 bankruptcy process overwhelming and confusing. If someone owes you money that makes you a creditor, and them a debtor. As a creditor, it is critical to understand
When a debtor files for bankruptcy, it is extremely important for creditors to understand their rights and the effect of a bankruptcy filing. If you are a creditor in a current Chapter 7 bankruptcy case, here are a few key tips: 1) Abide by the Automatic Stay. Once a debtor
With the current uncertainty of Medicare reimbursement rates and rising operating costs, many medical practices–in particular, independent medical practices–are closing their doors. If you are in the process of closing a medical practice, here are a few areas of concern: Patient notice of closing. You will want to consult your state