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Involuntary Bankruptcy
DON’T LET YOUR MONEY GO UP IN SMOKE: A Legal Marijuana Business Owes Me Money; Now What?
Times and mores are changing. More and more people and more and more states have de-stigmatized and legalized (in at least some respects) marijuana use, sales and cultivation. As the marijuana “industry” expands, and however unlikely it may seem, a marijuana business could run into creditor problems just like any other. In fact, this has happened already. Locally […]
Ponzi Scheme Lender May Be On The Hook, After All!
The Skinny The Sixth Circuit recently revived a trustee’s $17 million avoidance and claw-back suit against a lender, finding that the lender’s existing security interests could have been extinguished via novation. Impact: secured lenders entering into amended and restated loan documents should adopt definitive and irrefutable language demonstrating that the parties do NOT intend for the new […]
Getting Over the Scariness of Filing an Involuntary Bankruptcy Petition
Mention involuntary bankruptcy to many in the credit industry and you often get a sharp response: no way. Decisions that have awarded punitive damages to debtors have received broad attention. Trying to collect on a bad loan is tough enough. Why compound the struggle by giving the debtor the claim that an involuntary filing was […]
90 Second Lesson: I’ve been asked to sign an involuntary bankruptcy petition. Should I?
Editors’ Note: this is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to info@dailydac.com and we will try to answer it.