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Merchant cash advance agreements typically involve selling your business receivables at a price with a significant fee. This fee is repaid usually on a daily or weekly basis by debiting a certain percentage of your business receivables. These types of agreements are...
If your company has been served with a lawsuit asserting preference claims, you will need to file an answer or other responsive pleading on or before the deadline asserted in the summons. To properly evaluate defenses, you will need to locate and identify the checks,...
By: Dean A. Langdon A hallmark of bankruptcy is the ability of a trustee to recover fraudulent transfers from third parties. Fraudulent transfers include transferring property without being paid for it, transferring property for less than its worth, and making...
If you or your company is facing a sizable lawsuit, then you may be considering various bankruptcy options. First, if a judgment has already been entered, you will need to decide if you plan on appealing the judgment or not. For many, an appeal means posting a bond...
If you are in a floundering commercial partnership, there may come a time where bankruptcy is the only solution. There are several types of bankruptcies that you can file depending on your situation. This blog post will give an overview of options available for your...
By: Laura Day DelCotto Times have changed. In the past, troubled companies often had some limited unencumbered assets to pay unsecured creditors. “Unencumbered assets” means cash, litigation claims, tangible and intangible assets that did not have liens on them. Times...
By: Dean A. Langdon Chapter 13 bankruptcy (in or outside of Kentucky) is meant to offer debtors the opportunity to keep property they might lose in a Chapter 7 bankruptcy by paying their creditors over 3 to 5 years. The trade-off is turning over all “projected...
By: Laura Day DelCotto It is most commonly understood that “student loans are not dischargeable” when a debtor files bankruptcy such as chapter 7. This has been the general rule for quite some time. Trying to discharge a student loan obligation under the “undue...
Many Kentucky business owners make tough decisions that affect shareholders, operations, income statements and payroll. Recent worldwide events have adversely impacted small businesses and corporations in multiple industries. For instance, if a meatpacking plant...
By: Laura Day DelCotto I noticed this week that there were two recent senior living-related chapter 11 bankruptcy filings. One in New York and the other in Delaware. This could be one looming example of types of nation-wide fall outs from industry-wide COVID changes....
