I am regularly asked what happens when a Chapter 7 Trustee sells a debtor’s asset in a bankruptcy. This post answers that question. I. Business Chapter 7 If a business files for Chapter 7 bankruptcy protection, the Chapter 7 Trustee assigned to the case seizes all of the business’s assets and… Continue Reading
Category Archives: Small Business Chapter 7
Subscribe to Small Business Chapter 7 RSS FeedPreferential Transfers II
Posted in Chapter 11, Chapter 7, Small Business Chapter 7I’m back. I have been busy writing a book on Chapter 13 bankruptcy — I was asked to do so by a publisher. I should have it completed in a few months, so watch for it. In any event, I am ready to start posting again. Some time ago I posted on preferential transfers (a.k.a…. Continue Reading
Can I File For Bankruptcy More Than Once? (Part 1)
Posted in Chapter 11, Chapter 11 for Individuals & Married Couples, Chapter 13, Chapter 7, Small Business Bankruptcy, Small Business Chapter 7The short answer to this is, yes. But as you may suspect from the fact that this post is considerably longer than one sentence, there is a good deal more to a thorough answer than that monosyllabic response. There are two possibilities regarding your previous bankruptcy: (1) you received a discharge, and (2) your case… Continue Reading
Involuntary Bankruptcy: What Is It, And Why Would Anyone File One?
Posted in Chapter 11, Chapter 11 for Individuals & Married Couples, Chapter 7, Debt, Small Business Bankruptcy, Small Business Chapter 7A fellow attorney, but not a bankruptcy attorney, recently asked me this question because he had a business client who wanted to use an involuntary bankruptcy filing to collect money from a judgment debtor. To answer my colleague’s question we need a little background. Let’s start with the concept of a voluntary bankruptcy. I. Voluntary… Continue Reading
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