Traditionally, large commercial real estate loans have been non-recourse, meaning lenders can look only to their collateral in the event of a default. Increasingly, lenders are implementing contingent personal guarantees into loan agreements which bring a developer’s personal assets into play if they behave “poorly.” “Bad boy” acts often center around “milking” a distressed property [...]
5 Ways to Deal With Financial Stress
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“I am an old man and have known a great many troubles, but most of them never happened.” Mark Twain To be sure, stress is a constant for many of us in this fast paced, high tech day and age. Pressure and anxiety are an expected part of many professions, including the practice of law. [...]
New Business Bankruptcy Laws Coming in 2011?
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It has long been suggested that struggling small businesses have little potential to reorganize by virtue of traditional Chapter 11, which was designed more for manufacturing giants than the local diner. Typically, attorney costs, large creditor leverage and the administrative drains on management overwhelm and ultimately doom a small business. Some of these concerns were [...]
Bankruptcy Can Be Involuntary
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Although most people are familiar with voluntary bankruptcy, a debtor can be forced into an involuntary bankruptcy. Under certain circumstances, creditors can initiate a Chapter 7 or Chapter 11 bankruptcy case by filing an involuntary petition against the debtor. Before creditors can initiate an involuntary bankruptcy, a debtor must have 12 or more creditors, three [...]
Bankruptcy and Appeals
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In most consumer bankruptcies (i.e., non-business bankruptcies), there will be no adversary proceedings, challenges to discharge, or other contested issues and in turn, no issues for you or anyone else to appeal. However, every case is unique, and any bankruptcy could require the bankruptcy court to rule upon certain issues. If a party in interest [...]
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