Episode 7: The Petition

Keep in mind: This podcast is not a substitute for professional council. Consult an expert before filing for Bankruptcy Protection.

Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don’ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.

Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com Their door is always open and they will respond.

09:29 – What a voluntary petition is and its purpose
10:11 – Forms to file and why are they so long and the importance of DISCLOSURE
14:14 – Where and how the forms are filed
16:01 – A case study where the CRO is hired by the company prior to the filing
17:03 – How to report cash on the form and timing for a filing
19:14 – Monthly operating Report (MOR) cash balances to report
24:19 – Amending Bankruptcy schedules
25:14 – Details needed for machinery, equipment, and similar assets
27:34 – Should the company be concerned about disclosing Intellectual Property details
28:59 – When company’s change their mind about filing a bankruptcy
30:16 – Definition and rights of a secured creditor and their priority
37:19 – Unsecured creditors, reconciling claims versus company books
39:03 – Company contracts and leases
42:32 – Look back periods for insiders (owners)
43:48 – Attorney’s perspective on how a company filed the forms
44:47 – Hardest forms to complete – Statement of financial Affairs
46:29 – Will the information submitted by the company be used by others
48:08 – Closing thoughts

Since the start of her legal career, Areya Holder has focused on bankruptcy work for consumers and businesses in Texas. She established her private practice in 2003 after working for six years as an attorney for the Dallas Chapter 13 Bankruptcy Trustee. Call her at 972-438-8800 or email her amy@holderlawpc.com.

Host Information:

Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition. Mr. Goldstein works closely with owners to structure improvements in both operations and finances. With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.

Neil’s book is available on Amazon.com

Call 940-808-9451 or email neil@elementarybusiness.com

Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors and receivers.

Want more content? Then head over to Patreon and become a member. On Patreon we are working on a catalogue of bonus episodes and you can hear the answers to your questions from a business perspective instead of just a legal one. If you want more direct access to Neil and Steve or want to supplement the education you are already getting here, then follow the link in the show notes below and become a Patron today.

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