The success of a bankruptcy case is frequently determined at the first meeting between client and lawyer. The information that is exchanged and the confidence that is built at that encounter shapes the client’s expectations, the choice of chapter, the timing of the filing and much more. So I cringe when I hear stories about […]
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 […]
The 50 State Treasure Hunt
Joint bank accounts present one of the most vexing problems for a bankruptcy lawyer. Too often, your client is a signatory on an account containing someone else’s money. The parties think a joint account is a convenience; often it’s a hedge so that the client can care for a parent or other dependent person should […]
Business Bankruptcy and The Bingo Effect
The lives of business bankruptcy clients are peopled with a less than obvious cast of creditors. You need to flush them out and herd them in line before the case is filed. Near miss I had a close call, or rather my client had a close call, this week when some new information just slipped […]
Watch Out For The Ripple Effects of Bankruptcy
No man, and the rare bankruptcy debtor, is an island. He or she comes with financial connections to family, former spouses, and partners of various sorts. The challenge for bankruptcy counsel is to identify those interconnected others and to advise the debtor of the consequences of the filing on those he cares about. Real estate […]
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. […]
