Phantom Creditors In Bankruptcy

Phantom creditors often waft through the lives of debtors.  The client may not see them, but as debtor’s lawyers,we must pull those creditors into the light. Phantom creditors may have no claim against the debtor personally, but nonetheless, need to be scheduled. Liabilities of property In rem is nifty sounding Latin, the original language of  […]

Think Beyond The Means Test

It started as a means test question:  could emergency medical expenses be deemed non consumer debt.  It ended up as a step back to get the bigger picture. Well seasoned bankruptcy counsel brought the fact pattern to a list serve of colleagues.  The prospective debtors’  income in a small consulting corporation is declining,  his health […]

Maximizing the Initial Client Interview

The first meeting with a bankruptcy prospect is the best and hardest work I do. It’s probably the most important as well.  I use it to figure out what the issues in the case are, what the client’s goals are, and to convey what I will need from the client to produce a successful outcome. […]

Beware the Emergency Bankruptcy Filing

Real danger for client and lawyer lurks in the emergency bankruptcy petition: File without all the information about the client’s assets and recent transfers and you risk getting family members sued and the client losing assets. Not to mention your loss of face or worse. Avoidable transfers Chapter 5 of the Bankruptcy Code deals with […]

When To File Bankruptcy

When to file bankruptcy turns out to be just as important as whether to file. I saw it playing out in a single day in my office. All three consultations on Friday featured clients intent on filing bankruptcy IMMEDIATELY. Each of them was  certain that they had no time before some disaster would befall them […]

Beyond The Client’s Preconceptions

The clients were in my office considering bankruptcy because of nasty litigation approaching trial.  While they would undoubtedly win, the expense was enormous.  Victory in court would ruin them. As we talked about their financial situation and their eligibility for bankruptcy, it came out that there were two liens on their house . On their […]