Improve Chances of Payment from a Risky Customer

By Nicholas D. Krawec, Esquire Bernstein-Burkley, P.C. While granting credit to customers is a necessity for doing business, it is always a risk. You, as a small business owner, must look for ways to minimize that risk and improve the likelihood of receiving payment from customers. The methods detailed here are the most common ones […]

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Bridging the Abyss: Reorganization Without Bankruptcy

by Robert S. Bernstein, Esquire Bernstein-Burkley, P.C. The first step in determining whether or not a business can reorganize without formally filing for protection under Chapter 11 is to conduct a three part analysis. The business must analyze its assets, its liabilities and its future prospects. Assets should be analyzed on both liquidation and fair […]

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Background Information for Chapter 11 Committees of Unsecured Creditors

INTRODUCTION This booklet was written for the purpose of providing credit managers and other persons who serve on creditors’ committees with general information on the Chapter 11 process and on the operation and function of Chapter 11 Committees of Unsecured Creditors within that process. This booklet should not be relied upon as legal advice. Practice […]

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Pre-Bankruptcy Lease Termination: Overlooked Benefit?

by Robert S. Bernstein, Esquire Bernstein-Burkley, P.C. reprinted from The Monitor Terminating a personal property lease is often overlooked as an option in the early stages of the collection process. When faced with a lessee in default of its lease agreement, an equipment lessor should aggressively pursue its default remedies with the idea that the […]

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Landlord Recourse in Residential Tenant Bankruptcy

by Robert S. Bernstein, Esquire Bernstein-Burkley, P.C. Landlords can avoid frustration and pursue several forms of recourse under the bankruptcy code when faced with a Residential Tenant Bankruptcy. Personal bankruptcy filings are occurring at record levels and are, in turn, impacting residential property owners more than ever. Once a landlord’s worst enemy, the United States […]

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A Primer on Preferential Actions in Bankruptcy

Robert S. Bernstein, Esquire Bernstein-Burkley, P.C. Creditworthy News THE DOUBLE WHAMMY PROVE IT, MR. T JUST WHAT DO THEY MEAN? TRUSTEE’S BURDEN FOR PREFERENCE TRANSFERS FOR OR ON ACCOUNT OF AN ANTECEDENT DEBT TRUSTEE’S BURDEN FOR PREFERENCE TRANSFERS MADE WHILE DEBTOR WAS INSOLVENT PREFERENCE TIME PERIODS: THE BEGINNING AND THE END TRUSTEE’S BURDEN FOR PREFERENCE […]

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A Short Series on Reclamation for Credit Managers, Part 1: RECLAMATION BASICS

Part 1: RECLAMATION BASICS Contributed by: Robert S. Bernstein, Esquire Bernstein-Burkley, P.C. After reading the answer to Anxious in Alaska about getting inventory back post-bankruptcy if the debtor agrees, a reader asked about the availability of a remedy without the debtor’s consent. That raises the issues surrounding “reclamation.” Since the rules governing reclamation are specific, […]

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Executory Contracts and Unexpired Leases

Contributed by: Robert S. Bernstein, Esquire Bernstein-Burkley, P.C. In bankruptcy cases, it can be beneficial to have an “executory contract” when your customer files a chapter 11. An executory contract is a contract which both parties have some obligation under the contract yet to perform. While leases are executory contracts, they may also enjoy some […]

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A Short Series on the Disappearing Debtor – Ownership Structure

PART 1: Ownership Structure Contributed by: Robert S. Bernstein, Esquire Bernstein-Burkley, P.C. What happens when a business debtor closes up shop one day only to appear the next day under a slightly different name without going through bankruptcy? How does that happen and what do creditors do?  We call these the Disappearing Debtors. To answer […]

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Collection and Enforcement

Robert S. Bernstein, Esquire Bernstein-Burkley, P.C. I. PREPARING FOR THE DOWNTURN It is important that the company resist the temptation to cut corners on documentation. Documentation is most important when the deal goes bad. Although it is always good to get detailed, accurate and extensive credit information before and during a transaction, it will be […]

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Protecting Lease Transactions in Indian Areas

Robert S. Bernstein Kirk B. Burkley Bernstein-Burkley, P.C. This article appeared in the Equipment Leasing Newsletter , January 2003 There are over 500 nationally recognized Indian Tribes in the United States, and as a general rule, state civil laws do not apply to transactions arising in Indian country. As gaming and other profitable enterprises, such […]

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