90 Second Lesson: Are Secured Creditors Better Off With a Federal Court Receivership or Bankruptcy?

What benefits creditors more? When considering federal court receivership vs. bankruptcy, bankruptcy is often more predictable, but costly.

90 Second Lesson: I’ve Been Asked to Sign an Involuntary Bankruptcy Petition. Should I?

Filing an involuntary bankruptcy petition is a powerful collection tool, but an involuntary petition can also come with fees and liability.

Getting Over the Scariness of Filing an Involuntary Bankruptcy Petition

Have you heard horror stories about parties who filed an improper involuntary bankruptcy petition? Don’t worry, the risks aren’t as high as you think.

Who Gets Paid First (and Second, Third, etc.) in Bankruptcy

Who makes the top of the list in the order of priority? See where you fall based on the absolute priority rule.

Ponzi Scheme Lender May Be Off The Hook, After All: A Case Study

The Sixth Circuit would quote Ohio case law to explain that “A contract of novation is created where a previous valid obligation is extinguished by a new valid contract, with the consent of all the parties, and based on valid consideration.” In a sense, a novation establishes that the prior contract is fully performed by the novated contract.

Mega RV: Unsecured Creditors Fall Short in Bankruptcy Settlement

An Unfortunate Case for Unsecured Creditors A settlement agreement in the Mega RV Corp. bankruptcy highlighted the interplay between an overzealous lender and a repentant business owner who came together to cooperate and provide a windfall recovery to unsecured creditors. Ultimately, through the machinations of the bankruptcy case, the settlement proved to be insufficient to provide the windfall that was optimistically expected only a short time earlier. Who is Mega RV? Mega RV was founded in 2000 by Mike McMahon as McMahon’s RV. They were in the business of selling […]