.jpg)
What is the latest on owning a business in a CH 7?
Shawn: each trustee has limits for risk. The filing of a Bk creates an estate. The estate is appointed a trustee. The trustee is liable for all torts committed by the estate. We had a wonderful judge, Judge Dooley, who was judge on a construction case in Long Beach, kids snuck in after dark, one fell down a dark elevator shaft and died. Judge Dooley was devistated. The trustee had insurance
And a bond, but neither would bring the kid back. Can you imagine how the trustee felt reporting this to the court. "your Honor, I let a kid get killed in one of your cases."
This is what all trustee's are afraid of in their cases.
Make sure your clients have sufficient insurance, and send the insurance to the trustee.
D
Sent from my iPhone
On Nov 18, 2010, at 7:07 PM, "Giovanni Orantes, Esq." wrote:
Incorporate before filing and get ample insurance. It's not what it gets them; it's that it might cause the trustee to incur liability. On top of that, look at discussion about S.B. Nuances in old trail.
Sent from my iPad
On Nov 18, 2010, at 5:29 PM, "shawnswhite" wrote:
I know this has been discussed but what is the latest on owning a business in a CH 7?
I have a debtor with a sole proprietorship. His small amount of inventory is exempt. His tools are exempt. It is a service business. His business requires a highly specialized skill set and it would have no value unless he personally ran it.
He does have one employee, which I am sure complicates the issue.
This is a Santa Barbara case and the trustee's office has made some noise about debtor's not being allowed to have a business.
Are they correct? What does stopping the business gain them, or the creditors?
Shawn White
Shawn: each trustee has limits for risk. The filing of a Bk creates an estate. The estate is appointed a trustee. The trustee is liable for all torts committed by the estate. We had a wonderful judge, Judge Dooley, who was judge on a construction case in Long Beach, kids snuck in after dark, one fell down a dark elevator shaft and died. Judge Dooley was devistated. The trustee had insuranceAnd a bond, but neither would bring the kid back. Can you imagine how the trustee felt reporting this to the court. "your Honor, I let a kid get killed in one of your cases."This is what all trustee's are afraid of in their cases.Make sure your clients have sufficient insurance, and send the insurance to the trustee.DSent from my iPhone On Nov 18, 2010, at 7:07 PM, "Giovanni
Orantes, Esq." <go@gobklaw.com> wrote:
Incorporate before filing and get ample insurance. It's not what it gets them; it's that it might cause the trustee to incur liability. On top of that, look at discussion about S.B. Nuances in old trail.Sent from my iPadOn Nov 18, 2010, at 5:29 PM, "shawnswhite" <shawn@cabankrupt.com> wrote:
I know this has been discussed but what is the latest on owning a business in a CH 7?
I have a debtor with a sole proprietorship. His small amount of inventory is exempt. His tools are exempt. It is a service business. His business requires a highly specialized skill set and it would have no value unless he personally ran it.
He does have one employee, which I am sure complicates the issue.
This is a Santa Barbara case and the trustee's office has made some noise about debtor's not being allowed to have a business.
Are they correct? What does stopping the business gain them, or the creditors?
Shawn White
The post was migrated from Yahoo.
I recently had this issue in SB. The trustee asked to be added to the
debtor's liability policy as an additional insured.
On Thu, Nov 18, 2010 at 5:29 PM, shawnswhite wrote:
>
>
> I know this has been discussed but what is the latest on owning a business
> in a CH 7?
>
> I have a debtor with a sole proprietorship. His small amount of inventory
> is exempt. His tools are exempt. It is a service business. His business
> requires a highly specialized skill set and it would have no value unless he
> personally ran it.
>
> He does have one employee, which I am sure complicates the issue.
>
> This is a Santa Barbara case and the trustee's office has made some noise
> about debtor's not being allowed to have a business.
>
> Are they correct? What does stopping the business gain them, or the
> creditors?
>
> Shawn White
>
>
>
Janet L. Mertes
Attorney at Law
Office: (805) 987-7400
Fax: (805) 987-7466
This electronic mail transmission and any accompanying documents contain
information belonging to the sender, which may be confidential and legally
privileged. The Electronic Communications Privacy Act, 18 U.S.C.
2510-2521 may also protect the information. This information is intended
only for the use of the individual or entity to which this electronic mail
transmission was directed, as indicated above. If you are not the intended
recipient, any disclosure, copying, distribution, or action taken in
reliance on the content of the information contained in this transmission is
prohibited. If you have received this transmission in error, please call me
collect at (805) 987-7400 to let me know and delete the message. I
appreciate your cooperation and attention, and apologize for any
inconvenience this may have caused you.
I recently had this issue in SB. The trustee asked to be added to the debtor's liability policy as an additional insured.
On Thu, Nov 18, 2010 at 5:29 PM, shawnswhite <shawn@cabankrupt.com> wrote:
I know this has been discussed but what is the latest on owning a business in a CH 7?I have a debtor with a sole proprietorship. His small amount of inventory is exempt. His tools are exempt. It is a service business. His business requires a highly specialized skill set and it would have no value unless he personally ran it.
He does have one employee, which I am sure complicates the issue.This is a Santa Barbara case and the trustee's office has made some noise about debtor's not being allowed to have a business.Are they correct? What does stopping the business gain them, or the creditors?
Shawn White
--
Janet L. Mertes
Attorney at Law
Office: (805) 987-7400
Fax: (805)987-7466This electronic mail transmission and any accompanying documents contain information belonging to the sender, which may be confidential and legally privileged. The Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 may also protect the information. This information is intended only for the use of the individual or entity to which this electronic mail transmission was directed, as indicated above. If you are not the intended recipient, any disclosure, copying, distribution, or action taken in reliance on the content of the information contained in this transmission is prohibited. If you have received this transmission in error, please call me collect at (805) 987-7400 to let me know and delete the message. I appreciate your cooperation and attention, and apologize for any inconvenience this may have caused you.
The post was migrated from Yahoo.
Incorporate before filing and get ample insurance. It's not what it gets them; it's that it might cause the trustee to incur liability. On top of that, look at discussion about S.B. Nuances in old trail.
Sent from my iPad
On Nov 18, 2010, at 5:29 PM, "shawnswhite" wrote:
> I know this has been discussed but what is the latest on owning a business in a CH 7?
>
> I have a debtor with a sole proprietorship. His small amount of inventory is exempt. His tools are exempt. It is a service business. His business requires a highly specialized skill set and it would have no value unless he personally ran it.
>
> He does have one employee, which I am sure complicates the issue.
>
> This is a Santa Barbara case and the trustee's office has made some noise about debtor's not being allowed to have a business.
>
> Are they correct? What does stopping the business gain them, or the creditors?
>
> Shawn White
>
>
Incorporate before filing and get ample insurance. It's not what it gets them; it's that it might cause the trustee to incur liability. On top of that, look at discussion about S.B. Nuances in old trail.Sent from my iPadOn Nov 18, 2010, at 5:29 PM, "shawnswhite" <shawn@cabankrupt.com> wrote:
I know this has been discussed but what is the latest on owning a business in a CH 7?
I have a debtor with a sole proprietorship. His small amount of inventory is exempt. His tools are exempt. It is a service business. His business requires a highly specialized skill set and it would have no value unless he personally ran it.
He does have one employee, which I am sure complicates the issue.
This is a Santa Barbara case and the trustee's office has made some noise about debtor's not being allowed to have a business.
Are they correct? What does stopping the business gain them, or the creditors?
Shawn White
The post was migrated from Yahoo.
I know this has been discussed but what is the latest on owning a business in a CH 7?
I have a debtor with a sole proprietorship. His small amount of inventory is exempt. His tools are exempt. It is a service business. His business requires a highly specialized skill set and it would have no value unless he personally ran it.
He does have one employee, which I am sure complicates the issue.
This is a Santa Barbara case and the trustee's office has made some noise about debtor's not being allowed to have a business.
Are they correct? What does stopping the business gain them, or the creditors?
Shawn White
The post was migrated from Yahoo.