Profile cover photo
Profile photo
Feinman Law Offices
1 follower
1 follower
About
Posts

Post has attachment
It should be obvious that this fellow needs some good legal advice. His soon to be ex-wife seems to already have done her homework. If you find a situation that needs legal assistance, don't try to do it yourself, or you will likely get your money's worth for the services you get. Get information and help. Knowledge is power.
Photo
Add a comment...

Post has attachment
Not all conflicts of interest are easy to spot, but in the end, the uninformed client is usually the one that gets hurt. Conflicts can be waived, but only after disclosure. Does your lawyer explain things to your satisfaction. If not, start asking. Knowledge is power.
Photo
Add a comment...

Post has attachment
Timing is not everything in life. Selling sweaters for the fall is a good idea, but management could still kill a business with bad decisions. Bad decisions don't need to be fatal, however. Businesses, like people with illnesses, can recover. Ask questions and get help. Knowledge is power.
Photo
Add a comment...

As a follow up to my post about the Fahey decision in this Circuit, there are presently two petitions for certiorari pending before the US Supreme Court to resolve the question of whether a late filed income tax return is a “return” for purposes of the Bankruptcy Code. The answer to this question will determine whether a bankrupt taxpayer’s tax debts can be discharged or are permanently barred from discharge. A split exists in the courts requiring resolution. Stay tuned.
Add a comment...

Post has attachment
Once again, another example of how technology affects businesses that need to adapt or die. Now, in photography, cell phone cameras, which have greatly improved in quality, are threatening the camera industry. As a photographer, I have been waiting for this camera for over a year, only to learn that now it is being cancelled because of costs and that they don't expect sufficient demand.

As with all entities that exist in an economic world, people and businesses, everyone needs to keep up to avoid becoming a dinosaur like the Yellow Pages. Workers needs to re-train themselves to stay competitive. When one fails to adapt, or fails to adapt on a timely basis, the consequences are not forgiving, economically.

Knowledge is power.
Add a comment...

When an individual’s chapter 11 case converts to chapter 7, does property acquired post-petition revert to the debtor or does it belong to the chapter 7 estate?

There is no explicit answer in the Bankruptcy Code when conversion is from chapter 11 to chapter 7. But for cases where conversion is from chapter 13 to chapter 7, Congress added Section 348(f)(1)(A) to provide that property in the converted case includes property of the estate at the time of the original filing that has remained in the debtor’s control at the time of conversion. In other words, on conversion from chapter 13 to chapter 7, the debtor keeps after-acquired property and wages.
Further buttressing the rights of the debtor, the Supreme Court decided Harris v. Viegelahn in 2015 by holding that undisbursed wages in possession of the chapter 13 trustee go to the debtor on conversion to chapter 7.

Section 1115 points in the other direction. Amended in 2005, that section says that money earned by an individual while in chapter 11 is part of the bankrupt estate, not separate property the individual can keep.

Sometimes filing in one chapter or another is strategic, and sometimes it is warranted by the facts of the case. Either way, one needs to know to consequences of a filing, and to be prepared for those consequences.
Add a comment...

The internet and technology continues to change everything. First, it changed the way that news is reported, resulting in a financial crunch for newspapers. Now, with online shopping being the craze, retail companies with bricks and mortar outlets are hurting. Even through the biggest bankruptcies in 2016 were in the energy industry, retail is close behind. As reported by the American Bankruptcy Institute:

Of the seven big retail filings in 2016, three chains suffered through large-scale closures (golf retailer Golfsmith International Holdings Inc., mall-based clothing retailer Aeropostale Inc. and casual dining chain Roadhouse Holdings Inc.). A fourth, clothing retailer Pacific Sunwear of California Inc., closed hundreds of stores in the months before its bankruptcy, but only shuttered 10 while in chapter 11. A fifth, Sports Authority Holdings Inc., liquidated everything and a sixth, American Apparel LLC, will likely suffer the same fate after it failed to find a buyer for its retail business at auction.

Recognize trends. Adapt. Business needs attention.
Add a comment...

A recent bankruptcy case showed a new theory for trying to overturn a foreclosure sale in Ventre v. Fifth Third Bank, 2017 WL 387361. Rather than attack the sale a fraudulent transfer, the debtor claimed that the second mortgagee, who bought the property at a first mortgage foreclosure and captured about $80K of equity as well as payment of its claim, received a preference. Unfortunately for the homeowner, this theory for recovery, although clever and within the plain language of the statute, was rejected by the court. My review of the facts is that there were few, if any, other theories to recover the property based upon the state of foreclosure and bankruptcy law today. A tough result for the property owner, and a great investment for the second mortgagee.
Add a comment...
Wait while more posts are being loaded