Diemer, Whitman & Cardosi, LLP
Call Us Today
408-971-6270

Posts tagged "bankruptcy law"

Preference Actions: Contemporaneous Exchange for New Value Defense

bankruptcy.jpgA preference action refers to a lawsuit brought under the U.S. Bankruptcy Code in which a creditor or bankruptcy trustee seeks to get pre-bankruptcy payments reversed. Under U.S. law, bankruptcy courts can automatically review all payments made by the filing business, to any party, within the last 90 days before the bankruptcy petition was filed. Courts have the authority to force individuals and companies that received inappropriate payments to compensate damaged creditors. In this post, our top-rated San Jose business bankruptcy attorneys discuss one of the common defenses that can be used to fight against preference lawsuits: contemporaneous exchange for new value.

California Bankruptcy Exemptions: What You Can Keep

bankruptcy exemption.jpgWhen you file for a bankruptcy in California, you may exempt, or protect, some of your property from creditors. In a Chapter 7 bankruptcy, you are allowed to keep this property. In a Chapter 13 bankruptcy, exempt property will not be counted towards the value of your assets, which ultimately reduces your monthly payments to creditors.

Creditors' Rights: Securing Reclamation Rights to Reclaim Goods

reclaimation of goods.jpgWhen you are engaged in the business of supplying goods, you have the ability to reclaim these goods when the buyer fails to pay. In rare instances, buyers will purchase more goods than usual, stock up inventory, then file for bankruptcy in an effort to refuse paying for the goods. When the business to which you supply goods becomes insolvent, it may seek protection of federal bankruptcy laws in order to prevent you from recovering any money owed. Regardless of the situation, no business owner wants to ship goods to buyers for free, without payment.

  • Santa Clara County Bar Association | 1917
  • American Inns of Court
  • CWL | California Woman Lawyers
  • Bay Area Bankruptcy | Forun
  • The State Bar of California
Schedule A Consultation Today

Contact Us To Schedule an Initial Consultation.

We are here to assist with your business, real estate and bankruptcy law needs, call 408-971-6270 or complete the contact form below.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy