Patience can be Rewarded: Tennessee Judgments are Good for Ten Years

A few years ago, when borrowers still had cash or available credit, collections was an easier process–sometimes involving only a strongly worded letter or the filing of a lawsuit. Even post-judgment, collections could just be a matter of finding the bank account with all the cash or placing a lien on the rapidly appreciating real … Continue reading “Patience can be Rewarded: Tennessee Judgments are Good for Ten Years”

Michael Vick’s Gifts May Result in Fraudulent Transfer Lawsuits

The Wall Street Journal’s Bankruptcy Beat Blog reports that the Bankruptcy Trustee is going after Michael Vick for making allegedly fraudulent transfers to family and friends. Well, the Trustee is technically going after the family and friends to recoup the $2 million in gifts and transfers. Under Section 548 of the Bankruptcy Code, a trustee … Continue reading “Michael Vick’s Gifts May Result in Fraudulent Transfer Lawsuits”

How to Get a Chapter 7 Trustee’s Attention: Show Off Your Stuff on TV

In most cases, Chapter 7 Bankruptcy Trustees have far more cases than they have time to focus on each case. It’s common that there are 30-40 cases on each 2 hour docket. But, a sure-fire way to stand out and really get the Trustee’s attention is show off your wealth on reality TV. That’s what … Continue reading “How to Get a Chapter 7 Trustee’s Attention: Show Off Your Stuff on TV”

Unpaid Invoices: To Collect or Not?

In this economy, everyone is looking to find new revenue, and this invariably leads them to that stack of old invoices and accounts receivable they never touched when they were so busy dealing with good, paying customers. Collections attorneys are seeing more “first time” collections clients and, with those clients, are seeing the same two … Continue reading “Unpaid Invoices: To Collect or Not?”

Negative Equity May be New Culprint in Foreclosure Crisis

Negative equity drastically increases foreclosure risk. This Christian Science Monitor article notes that the current focus of existing home mortgage modification programs–reductions in monthly payments and interest rates–is misplaced, because the real culprit may be the fact that so many people simply owe far more than their houses are worth. While lenders may be willing … Continue reading “Negative Equity May be New Culprint in Foreclosure Crisis”

2,500 Employees Laid Off in “Successful” Bankruptcy Reorganization

When talking about big corporate bankruptcy reorganizations, things like “running leaner operations” and “payment in full” (with interest!) to creditors are generally really good things. (Extraordinary things, actually, in Bankruptcy Court.) But, for the 2,500 employees who are part of the “trimmed” operations of Utah’s Flying J gas stations, the remarkable success of the Bankruptcy … Continue reading “2,500 Employees Laid Off in “Successful” Bankruptcy Reorganization”

Nashville Foreclosure Rates Drop in May…But Expect a Roller Coaster Ride for Next 3 Months

The Nashville Business Journal reports today that the foreclosure rates have dropped in the middle Tennessee area for May 2010.  Regardless of what happened in May, I expect the foreclosure numbers to spike in June, and then virtually disappear in July and August, 2010. Here’s why: On April 27, 2010, Governor Bredesen signed House Bill … Continue reading “Nashville Foreclosure Rates Drop in May…But Expect a Roller Coaster Ride for Next 3 Months”

Things to Consider Before a Bankruptcy Preference Lawsuit

It only takes one lawsuit from a Bankruptcy Trustee to prove that, despite all the talk about fairness and equality, an avoidable preference lawsuit is one of the most unfair creations of the Bankruptcy Code. For those lucky few without first-hand experience, here’s the summary: A bankruptcy trustee may be able to sue creditors to … Continue reading “Things to Consider Before a Bankruptcy Preference Lawsuit”