Bankruptcy

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ymmv
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Bankruptcy

Post by ymmv » Fri Jan 26, 2018 1:48 am

Where the rules are made up and the dollars don’t matter.

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North
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Re: Bankruptcy Estimation

Post by North » Fri Jan 26, 2018 2:05 am

ymmv wrote:
Fri Jan 26, 2018 1:48 am
Where the rules are made up and the dollars don’t matter.
I do some bankruptcy adjacent stuff and know enough to know that it is the Wild West of law.

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ymmv
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Re: Bankruptcy Estimation

Post by ymmv » Fri Jan 26, 2018 2:14 am

North wrote:
Fri Jan 26, 2018 2:05 am
ymmv wrote:
Fri Jan 26, 2018 1:48 am
Where the rules are made up and the dollars don’t matter.
I do some bankruptcy adjacent stuff and know enough to know that it is the Wild West of law.
Are you suggesting “whatever method is best suited to the circumstances” is a chaotic if not completely inadministrable standard?
We are a nation of laws, sir.

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Mr. Peanutbutter
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Re: Bankruptcy Estimation

Post by Mr. Peanutbutter » Sat Feb 17, 2018 11:15 am

Can we just make this a larger bankruptcy thread? THE PEOPLE NEED TO KNOW.

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Mr. Peanutbutter
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Re: Bankruptcy

Post by Mr. Peanutbutter » Sat Mar 17, 2018 8:48 pm

*does not play well with other practice groups*

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Saul Goodman
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Re: Bankruptcy

Post by Saul Goodman » Mon Aug 27, 2018 6:32 pm

I'm interested in this practice area. What's a "day in the life" type of experience and what sort of CLEs should I be on the lookout for? Any advice for breaking into this area?

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ymmv
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Re: Bankruptcy

Post by ymmv » Mon Aug 27, 2018 6:41 pm

Saul Goodman wrote:
Mon Aug 27, 2018 6:32 pm
I'm interested in this practice area. What's a "day in the life" type of experience and what sort of CLEs should I be on the lookout for? Any advice for breaking into this area?
Bankruptcy estimation is a lot like any other complex commercial litigation (i.e. tons of research and drafting) except that the case law is a confusing, self-contradicting mess of inconsistently applied lower court standards that are ultimately up to a judge’s discretion anyway. Unlike other lit, many issues are going to be handled via letters and conversations in chambers rather than by formal motions.

The best way to get into it is going to vary with your firm, but at mine it was pretty much openly available to anyone in lit who expressed interest (or got grabbed in a hallway).

Bankruptcy filing and settlement is a whole other rodeo I’ve never been privy to before it goes south.

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Mr. Peanutbutter
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Re: Bankruptcy

Post by Mr. Peanutbutter » Tue Aug 28, 2018 7:51 am

Saul Goodman wrote:
Mon Aug 27, 2018 6:32 pm
I'm interested in this practice area. What's a "day in the life" type of experience and what sort of CLEs should I be on the lookout for? Any advice for breaking into this area?
Do you mean BK lit or just BK in general?

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DorkothyParker
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Re: Bankruptcy

Post by DorkothyParker » Fri Aug 23, 2019 4:49 pm

I'm trying to solve a problem at my in-house counsel job. It's really stupid because a third party wants to give us money even though they have no obligation to do so. I have scoured a ton of bankruptcy documents and I can't find anything like this. I know no one can give legal advice, but if you could point me to a section in Chapter 11 small business bankruptcy where an uninvolved third party wishes to pay a creditor on a claim against another debtor after the debtor has filed, please let me know.

(Why would the third party do that?!? Idiot...)

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Mr. Peanutbutter
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Re: Bankruptcy

Post by Mr. Peanutbutter » Fri Aug 23, 2019 6:34 pm

You mean Party A owes you money, Party B wants to pay with no underlying obligation (to you)?

Are either insolvent?


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DorkothyParker
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Re: Bankruptcy

Post by DorkothyParker » Mon Aug 26, 2019 6:33 pm

This is super helpful. The situation is similar to this example except that Debtor A has already declared bankruptcy! (Debtor A is a small business so I am pretty sure we were informed of the bankruptcy because he listed us as a Creditor.)
At some point, Debtor A did SELL the business to Debtor B, but this sale did not include a transfer of obligations to the buyer (B). (Certainly the Agreement between A and B could have specified this but it didn't!). We have collected from new business owners for the debt of the previous owner in the past and this is not that situation.
In any case, Debtor A listed us as a creditor for the debt owed to us and it's part of the bankruptcy now.

The debt is <$5000 for sure and given that it's a Chapter 11 small business bankruptcy and this is Unsecured debt, I don't expect we would otherwise receive payment. But I still think it's a bad idea to take payment from Debtor B. And I don't understand why Debtor B even wants to give us money. (I can only speculate on the relationship between Debtor A and Debtor B that would drive Debtor B to want to pay this debt. Quite frankly, I think we should wash our hands of this nonsense. It's not a large sum of money...)

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