Ask MetaFilter questions tagged with bankruptcy and law

How to Defend Against a Secured Parties Claim

Muirwylde — Thu, 05 Nov 2009 20:06:30 -0800

[Bankruptcyfilter] YANML...speaking in hypotheticals only. Exempt furniture / wildcard exemption vs security interest of creditor in same said furniture with a UCC Security Agreement. Does the furniture get an exemption? Or does the furniture get Repossesed via Foreclosure of Security Interest in Personal Property? Furniture was just pledged as collateral...never was sold or belonged to the creditor. How is this determined... by the Bankruptcy Trustees discretion, or by law?

What is the best path...

Muirwylde — Thu, 03 Sep 2009 19:18:32 -0800

Did we receive sound advice? A friend is filing Chapter 7 bankruptcy in the next few days. A creditor is threatening to repossess some items if said person doesn't respond to the written request for a voluntary surrender of the items. A document pledging the items as collateral was signed. A legal advisor gave the following advice... The creditor has given the borrower until September 8, 2009 to respond. If no response is forthcoming, the creditor is threatening IMMEDIATE (September 9, 2009) assignment to a repo company. My question is this. During a legal consultation today, my friend was advised to tell the creditor to expect a bankruptcy filing in the next ten days. This seems counter-intuitive. Wouldn't the creditor speed up their efforts at repossesion in an effort to beat the bankruptcy filing? Was this bad advice and if so why? Was this good advice and if so why? Does it make more sense to remain quiet about the filing until the papers are delivered or does the creditor have to stop making efforts at repossesion the moment they are notified of intent to file bankruptcy documents.

Unsure as to how I should proceed.

Anonymous — Thu, 21 May 2009 14:14:31 -0800

The place I work may be going under. What should I do? I work as an attorney and the managing partner had all of us attorneys in a meeting yesterday. He told us that the firm is basically out of money and that he's worried about making payroll next week. We have 10 attorneys and 2 partners here, so it's a small firm.

I like the work environment here, and the partners are generous (to a fault, it seems). The main partner is a bit oafish and I think he may be putting his head in the sand as to how bad things really are. The other partner is bad about collecting his accounts receivable, which is probably the main reason the firm is in this mess.

I'm already looking for another job, but what do I do if this place does actually go under? There is work to be done and clients whose problems won't go away.

Do I stay on in the hopes I may get paid down the line, or do I just jump ship and leave all the work for others to do?

Is there a proof of claims deadline for Canadian bankruptcy creditors?

AgentRocket — Wed, 22 Apr 2009 15:00:33 -0800

Canadian (you are not my) lawyers: is there a deadline for filing a proof of claim in personal bankruptcies? A client recently filed personal bankruptcy in Ontario. The bankruptcy notice says that for a meeting to be held they must receive a certain percentage of proofs of claim within 30 days of the bankruptcy filing requesting such a meeting. But there does not otherwise appear to be any deadline for filing proofs generally, and neither Google nor the Act appear to suggest one.

We are not a huge creditor and don't have much hope in recovery, so I don't care to request a meeting; I just intend to file the proof of claim and go from there.

I know you are not my lawyer and are not giving me legal advice; any direction you can provide is greatly appreciated.

How much will a bankruptcy cost?

Bjkokenos — Mon, 14 Jan 2008 11:59:06 -0800

How much should a personal bankruptcy cost in Michigan? I know that bankruptcy is not a good idea and believe me I have exhausted all other options. I am going to file a Chapter 13 bankruptcy which includes me and my wife. One attorney that does television advertising in my area told me over the phone that my only out of pocket cost would be $594.00. I have heard from a few other people that this type of thing should cost around $2000. Unfortunately, no other attorney will give me any type of price without an in person consultation. I just want to know what the ball park price for this is going to be and also if anyone has any experience with a reputable bankruptcy attorney in the Metro Detroit area.

How do I get my money back from my ex-roommate?

thefinned1 — Thu, 01 Dec 2005 19:17:22 -0800

How do I get my money back from my ex-roommate? I just finished a one year lease with a roommate who never paid any of his share of the utilities. I asked for them every month but never got any of money out of him. Since I could afford it I paid both my share and his. The last month he didn't pay his share of the rent, and in the interest of keeping my rental history clean I had to pay it. Over the course of the year he ended up owing me $1,300.

I always wanted my money but now that I am out of the apartment I really want my money.

I have sent 2 or 3 letters to him, outlining what he owes me and when I want the money. The deadline for him to pay me was just the other day and surprise, surprise I didn't get my dough.

Initially I had planned on taking him to small claims court but though a mutual friend I found out that he (my ex-roomie) filed for bankruptcy on the last day before the law was changed.

So what are my choices?

Can I still take him to small claims court despite his bankruptcy?

Can I take him to bankruptcy court?

Should I hire a lawyer?

Cut my losses?

Are there other options?