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For New Yorkers involved with the bankruptcy process, whether debtors or creditors, the concepts of “preferences” and “fraudulent conveyances” often cause confusion. (Actually, it’s not just laypeople. They cause for confusion for many law students and even some lawyers as well.) They cause confusion because they both often relate to attempts by debtors to keep certain assets . . . → Read More: Preferences vs fraudulent conveyances in New York: What’s the difference?  Leave a comment  Bankruptcy, Creditors, Debt, Preference Payments, Trustee, Uncategorized  Bankruptcy, Brooklyn Bankruptcy, Eastern District of New York, Manhattan bankruptcy, New York Bankruptcy, New York Bankruptcy Lawyer, Preference Lawsuits, Preference Payments, Southern District of New York, Suffolk County Bankruptcy, Trustee, Trustee actions I had a client situation recently that reminded me of how important preparation and know-how are when dealing with preference actions. The client had received a demand letter from a debtor in a Chapter 11 case (who has the powers of a trustee) informing him that he would be subject to a preference lawsuit unless he paid . . . → Read More: Preference actions: The art of making them disappear There’s a new study out titled “Risky Business: Financial Firms Face Wave of Fraudulent Transfer Claims“ by Navigant Consulting and The Economist Intelligence Unit. The gist of it is that debtors, trustees and creditors committees are increasingly pursuing “fraudulent transfer” (aka “fraudulent conveyance“) claims (i.e., attempts to recover improper payments) in the wake of the financial crisis. . . . → Read More: Fraudulent transfer claims increase. What's the impact on New Yorkers and New York business owners? Leave a comment Bankruptcy, Business Bankruptcy, Chapter 11 Bankruptcy, Chapter 7 Bankruptcy, Preference Payments, Trustee, Uncategorized Bankruptcy, Bronx Bankruptcy, Brooklyn Bankruptcy, Brooklyn Bankruptcy Attorney, Chapter 11, Chapter 7, Eastern District of New York, Long Island Bankruptcy, Manhattan bankruptcy, New York Bankruptcy, New York Bankruptcy Attorney, New York Bankruptcy Lawyer, New York Fraudulent Conveyance, New York Fraudulent Transfer, Preference Lawsuits, Queens Bankruptcy, Southern District of New York, Suffolk County Bankruptcy, Trustee actions, Trustee representation My friend and fellow bankruptcy lawyer David Leibowitz who practices in Illinois and Wisconsin has a very helpful post titled “Who is the United States Trustee?” where he really does a nice job of explaining it all. The main point is that the trustee is not a judge, but he or she makes decisions that can have . . . → Read More: Who is the United States Trustee? A song contest might not be the first thing that comes to mind when you think of bankruptcy. But apparently it is for the folks at the Bankruptcy Bill cartoon site. So if you have any thoughts or feelings about the topic of bankruptcy, whether from personal experience or otherwise, here’s a wonderful opportunity to express yourself. Go . . . → Read More: Bankruptcy Bill's Bankruptcy Song Contest One comment Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit cards, Creditors, Debt, Foreclosure, Loan modification, Means Test, Mortgage, Preference Payments, Trustee, Uncategorized Bankruptcy, Bankruptcy Bill, Bankruptcy cartoon, Bankruptcy humor, Bankruptcy music, Bankruptcy song contest, Brooklyn Bankruptcy, Chapter 13, National Consumer Law Center, New York Bankruptcy, New York Bankruptcy Lawyer "New Value" Defense. Not "True Value." In a previous post (“Defenses to Preference Actions – Part I“), I explained that there are three common defenses to preference actions (also often called “preference lawsuits”) that you can use if you’ve received a demand letter from a bankruptcy trustee, from counsel to a Debtor-In-Possession or counsel to . . . → Read More: Preference Actions: What is the "New Value" defense? In a previous post (“Defenses to Preference Actions – Part I“), I explained that there are three common defenses to preference actions (also often called “preference lawsuits”) that you can use if you’ve received a demand letter from a bankruptcy trustee, from counsel to a Debtor-In-Possession or counsel to a creditors committee. In a subsequent post I . . . → Read More: Preference Actions: What is the "contemporaneous exchange" defense? In previous posts on this site (What is a Preference? And why should you care? and Preference Actions: How to Defend Against Them), I’ve addressed the topic of preference actions (also commonly referred to as preference lawsuits). If you read those two posts, then you know that, from a creditor’s perspective: Preference actions seem unfair at first, but . . . → Read More: Defenses to Preference Actions – Part 1 An extra $56K, thanks to Bill Buckner. You may have seen recent reports that Lenny Dykstra’s World Series ring was sold at auction to a Queens man for $56,000. And if you’ve been following the travails of Lenny Dykstra, or you’ve been reading previous posts on this blog (e.g., “Why Did Lenny Dykstra File for Chapter 11?” . . . → Read More: Lenny liquidated in 11? Dykstra battles with Trustee in losing effort to retain control of his Chapter 11 case. (Note: No trustees were hurt in the making of this post.) Previously, I posted about Lenny Dykstra and why someone like him would file for Chapter 11, which is more typically used for business bankruptcies, rather than Chapter 7 . . . → Read More: Lenny Dykstra learns more about Chapter 11 as trustee appointed in the case |
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