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Wayne Greenwald, P.C.

Bankruptcy

What’s Involved In A Bankruptcy?
  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: May 20, 2020

People ask, “what’s involved in chapter 7 personal bankruptcy case?” Here’s a practical answer: Recognize the problem Investigate professionals Interview professionals Chose and retain professional Chose a course of problem-solving – alternatives to bankruptcy may be preferable Decide to file Determine the best time to file Prepare petition, schedules and statements Take mandatory pre-petition counseling File petition If an incomplete “emergency” petition was filed, finish and file schedules and statements (within 14 days of filing) Provide trustee with required documents (e.g. tax returns, pay stubs, bank records) Attend meeting of…Read More

Closing a Bad Faith Filer’s “Escape”(1)
  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: April 28, 2020

Bankruptcy Code2 § 1307(b) has been called an “escape hatch”3 for “bad faith” Chapter 13 filers, facing creditors’ § 1307( c ) motions to convert their cases to Chapter 7. Those debtors assert § 1307(b)’s “absolute right”4 to voluntarily dismiss their case. But, “how can a debtor assert § 1307(b) if they don’t qualify for Chapter 13 relief?” Disqualified from Chapter 13 Access to Chapter 13 relief has specific requirements.5 Failure to satisfy any of these requirements denies debtors Chapter 13 relief.6 Dismissal vs. Conversion A debtor’s § 1307(b) motion…Read More

Bankruptcy Strategies for the Coronavirus
  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: March 19, 2020

It’s official. The Coronavirus is having economic consequences. Business owners face falling sales. Workers face layoffs or shorter hours. Each of these means less funds to pay bills and expenses. So, what’s to do. As always, don’t panic. Similarly, whenever possible, don’t think . . . know. It requires a little more effort. But, the results are usually much better. Thinking of Bankruptcy Meanwhile, if you’re out of work and have bills to pay, don’t rush into bankruptcy. You want a fresh start, not a false start. Waiting may be the hardest…Read More

Ten Commandments for Chapter 11
  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: December 4, 2019

A client suggested I write the “Ten Commandments” of Chapter 11, responding to clients’ misperceptions and mis-expectations of the process. The time for those rules to descend from above1 arrived. They may not be “the” Ten Commandments. But they’re useful. I. THOU SHALT BE ALERT TO EVILS – Too many folks seek chapter 11 relief when it’s too late to save the venture. If a problem exists and the first turn-around effort failed, trying a second, without professional help may exhaust precious resources preventing a successful extraction from a death spiral. II.…Read More

Discrete Chapter 11s or the Beach Club Exception to the New Debtor Syndrome: A Good Faith Bad Faith Filing
  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: June 25, 2019

You may have an identifiable problem that is killing your business or personal finances. The best example of this is owning property which is in foreclosure, or a problem venture with its own identifiable assets and secured creditors. Like a coyote in a trap; you’d bite off your leg to be free of it. That’s one possible bankruptcy strategy. Transferring the problem assets into a new entity which can reorganize in Chapter 11 to solve the problem, while the viable business continues outside of bankruptcy.[1] This solution presents its own…Read More

86ing a 2004 With 69
  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: January 28, 2019

Federal Rule of Bankruptcy Procedure 2004 is one of the most powerful discovery tools around. A legitimate fishing expedition.[2] However, it has limits.[3] Imagine a Chapter 7 Trustee has a money judgment against the debtor in a bankruptcy case. The Trustee seeks Fed. R. Bankr. P. 2004 discovery from the debtor to enforce that money judgment. Should it fly? Fed. R. Bankr. P. 7069 incorporates Federal Rule of Civil Procedure 69 (“Rule 69”)[4] into bankruptcy cases. Rule 69 is the designated vehicle for conducted discovery to enforce judgments.[5] Fed. R.…Read More

  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: October 4, 2017

I stumbled on retired Bankruptcy Judge Charles Case’s video for folks considering bankruptcy relief. It’s the first time I said “amen” after a video. Click here to watch the video. His important points include: This is your bankruptcy case — pay attention — take charge of it. Timing is important to preserve your rights. Fill forms completely and honestly. Bankruptcy is complicated, so hire an experienced lawyer. Don’t think you can afford a lawyer? Most offer a free initial consultation. We also offer a free telephone consultation. We’ll discuss if…Read More

Social Research for Legal Research Examining a Judicial Assumption
  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: July 31, 2017

The Scenario In 2010, you won a state court judgment against “Joe” for breach of contract. In 2017, “Joe” filed for Chapter 7 bankruptcy. Should you be allowed to object to Joe discharging your judgment by now asserting that Joe’s debt to you arose from a fraud? Most bankruptcy courts say you can. Bankruptcy courts frame this issue in statute of limitations and issue/claim preclusion theories. The crux of issue/claim preclusion is “where was this theory years ago when we first fought it out?” Bankruptcy Courts favor you, the plaintiff.…Read More

An Unappealable Contempt Decision Providing Rachmones[1]
  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: May 30, 2017

The American Bankruptcy Institute’s (“ABI”) VOLO Project had me synopsize the Second Circuit Court of Appeals’ decision in U.S.A. v. Kerr-McGee Corp. (In re Tronox Inc.).[2] The sixty-two-page opinion boiled down to two “holdings.”[3] They are: a.) Claims derived through a debtor are bankruptcy estate property which only a trustee can assert; b.) A District Court order on a contempt motion which: 1.) enforced an existing injunction; and 2.) made no contempt finding nor sanctions award was not a “final order”[4] subject to immediate appeal. To some bankruptcy practitioners, the second holding may…Read More

Bankruptcy Case Dismissals Negating Bankruptcy Stipulations
  • On Behalf Of: Wayne Greenwald, P.C.
  • Published: April 2, 2017

Over one month ago, we had a big hearing in a big fight over the following facts: A.) There was an adversary proceeding in a chapter 11 case (“Case 1”). B.) The adversary proceeding was settled during the chapter 11 case.1 C.) The non-debtor party defaulted under the stipulation. D.) The chapter 11 case was dismissed without preserving any entered orders.2 E.) Two years later, the same debtor filed a chapter 7 case (“Case 2”). F.) The Case 2 chapter 7 trustee is suing for the debtor’s rights under the…Read More

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