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August 2016 Archives

Warren Resources Files for Chapter 11 Bankruptcy Protection

restructuring.jpgAccording to reporting from Reuters, Warren Resources, an oil and gas company, recently filed for Chapter 11 bankruptcy protection. The company, which operates heavily in California, has been hit hard by the steep decline in energy prices. Court filings indicate that Warren Resources currently has approximately $230 million in assets and $545 million in liabilities on their books. Chapter 11 bankruptcy protection will give the company an opportunity to restructure those obligations. If you think your business might need Chapter 11 reorganization, please contact an experienced California Chapter 11 bankruptcy attorney for immediate legal assistance.

Nondischargeability Actions: Claims Based on Intentional Wrongful Acts

creditor-rights.jpgThe primary purpose of bankruptcy is to allow a business, or an individual, an opportunity to get a fresh start. Throughout bankruptcy, highly burdensome financial obligations can be restructured so that a more sustainable path forward can be found. Accordingly, most forms of debt are dischargeable in bankruptcy. However, there are some cases in which some types of debt may be deemed non-dischargeable, specifically when a debt was incurred by fraud or through willful and malicious conduct. Creditors can take legal action to protect their rights to recover these kind of debts. If you have any questions or concerns about nondischargeable debts, please contact an experienced California creditors' rights attorney for immediate assistance.

When Can You Get a Relief from a Stay?

creditor rights.jpgWhen a business files for bankruptcy protection, they are generally granted an automatic stay. This stay temporarily protects the firm that filed for protection from most legal actions that could be taken by a creditor. This could include the halting of a foreclosure, halting any garnishment or putting a stop on any other type of debt collection activity. However, there are some scenarios where a creditor may be able to get relief from an automatic stay. If you have questions about motions for a relief from a stay, or automatic stays in general, please contact an experienced San Jose creditors' rights attorney for immediate assistance.

Chapter 11 Bankruptcy: Dealing with Intangible Assets

chapter 11.jpgIn many ways, Silicon Valley has changed the way the world thinks about business. For example, the innovative transportation company, Uber, is now valued at more than $60 billion, yet it essentially owns no vehicles. Uber's assets are mostly intangible. Increasingly, businesses in Northern California share that characteristic. Intangible assets might be the key to your company. However, if bankruptcy becomes necessary, your business will also face some unique challenges when dealing with these assets.