Continuances of Meetings of Creditors – What is the Bankruptcy Trustee Investigating? Imagine this: you have filed all necessary bankruptcy paperwork and have attended your mandatory 341 meeting of creditors. You honestly answered all questions that the bankruptcy trustee asked you. Then, you get a notice that your bankruptcy trustee is continuing the meeting of … Read More
The Bankruptcy Section 341 Meeting of Creditors [11 U.S.C. 341] The meeting of creditors, also called a Section 341 meeting in reference to Section 341 of the Bankruptcy Code, is a required meeting for bankruptcy filers conducted by the appointed bankruptcy trustee. The purpose of a 341 meeting is for the trustee (and creditors, if they … Read More
Limits on Court Authority to Deny Bankruptcy Exemptions When a debtor files for chapter 7 or chapter 11 bankruptcy, the debtor is entitled to certain bankruptcy exemptions which effect creditor’s rights. The exempt property is shielded from the creditors circling around the debtor’s estate for collection of their outstanding loans. One well-known exemption is the … Read More
Escrow Holder Liability Theories An escrow holder is typically able to be held liable on theories of: breach of contract, general negligence, and breach of fiduciary duty, among others which will not be discussed herein. Talkov Law, however, does have a stable of attorneys ready to assist with any other potential theories of liability which … Read More
Debtor’s Rights in Bankruptcy to Avoid Judgment Liens Under Section 522(f)(1) of the Bankruptcy Code Debtors are likely subject to bankruptcy due to their inability to satisfy outstanding obligations to unsatisfied creditors. Bankruptcy affords a debtor protections in furtherance of the bankruptcy code‘s central goal to provide a fresh start to good faith debtors subjected … Read More
Preference Actions in Bankruptcy For a simple explanation of what a preference action in bankruptcy is, click here. A preference action is undertaken by the trustee or debtor in possession in either chapter 7 or chapter 11 bankruptcy. In some ways, it is similar to a fraudulent transfer or fraudulent conveyance proceeding in that it … Read More
What is a Preference in Bankruptcy? The trustee in bankruptcy is incentivized to claw-back any transfers made by the debtor before the bankruptcy petition is filed in order to maximize the trustee’s own compensation. In addition to the trustee’s ability to attack fraudulent conveyances and actions taken by creditors in violation of the automatic stay, … Read More
Often times, divorcing couples decide to allocate their assets by a stipulated marital settlement agreement (MSA) that provides a property division that may not be entirely equal. Creditors, either those during the marriage or those post-separation owed only from the assets of one of the spouses may challenge the transaction as a fraudulent transfer, effectively … Read More
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