In a case currently seeking to come before the United States Supreme Court, the Court is being asked to clarify a provision in the Bankruptcy Code that prevents fraud claims from being discharged in bankruptcy. The case is Husky International Electronics, Inc. v. Daniel Lee Ritz, Jr. Some sections of the Code deal with: intentional…
Chapter 11 Small Business A small business case is a chapter 11 proceeding filed by a person engages in business activities other than owning or operating real property that has liquidated debts as of the filing date of not more than $2,490,925 as of February of 2015 and in which the United States Trustee has…
CLAIMS AND INTERESTS Claims and interests are classified in order to allow treatment which recognizes differences in the rights of creditors and to treat these according to the facts of the case. Similar claims and interests are given similar nondiscriminatory treatment which follows sound business reasoning. However, some discrimination is permitted if it is based…
Business corporations control the largest proportion of the wealth and business of our country. Originally called societies, corporate personality was recognized as far back as 1754 B.C. in the law of the Babylonian Empire, four thousand years ago, as well as by the Roman law. Modern corporations have 6 distinct characteristics. They are: (1) It…
The Automatic Stay Upon filing of a bankruptcy, certain actions of creditors are automatically stayed from collecting pre-filing claims. This stay serves two main functions: First, it allows the debtor some breathing space to see if it can reorganize and retain some or all of the assets, continue its business, stop foreclosure, or resume mortgage payments….
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