The latest Bankruptcy Bill cartoon is out (“Bankruptcy Bill #25: Dutch Date“) and finds humor in the euphemisms bankruptcy lawyers might employ in discussing a blind date gone awry. The humor is intended primarily for an audience of bankruptcy lawyers. But I thought it also offers a nice opportunity to educate my clients and other readers on a couple common bankruptcy terms.
So have a look at the cartoon below, and if it doesn’t seem funny at first, take a look at my explanations below and give it one more shot. (If you still don’t find it funny after that, then my apologies, but you’ll have to take it up with the creators of the Bankruptcy Bill cartoons.)
Note: This cartoon is posted on the NYBankruptcyNet site with the express permission of the creators of Bankruptcy Bill.
1. “. . . cents on the dollar” – If a creditor in a bankruptcy says they’re getting 50 cents on the dollar, it just means they’re only getting 50 cents for every dollar they’re owed. It’s the same as saying you’re getting a 50% return. For some reason, though, lawyers seem to enjoy saying “cents on the dollar.”
2. Involuntary filing – In most bankruptcy cases, a debtor files for bankruptcy of his or her (or its) own volition. However, while it’s a relatively less common scenario in practice, a creditor has the option of going to the bankruptcy court and attempting to file a bankruptcy case on behalf of the debtor in an effort to recover money owed.
For more bankruptcy explanations or for help with a New York bankruptcy-related matter, please get in touch for a free initial consultation.
Contact Bruce Weiner, Esq.
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