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On
this page you will find some Frequently
asked questions as well as some helpful
links that you may take a couple of minutes
reviewing to learn more about your options
regarding bankruptcy.
As a
reminder,
the
information presented at this site should
not be construed to be formal legal advice
or the formation of a lawyer/client
relationship. If you still have
questions then feel free to
Contact Us.
Links:
US Courts Bankruptcy Courts:
This is
the United States Bankruptcy Court Website.
It is an excellent source for any general
bankruptcy information.
Middle District of Florida District Court:
Another good site that has some excellent
information on bankruptcy basics.
Public Service Video
on the Bankruptcy Process:
The Tampa Bay Bankruptcy Bar association, in
conjunction with the U.S. Bankruptcy Court,
Tampa Division, and Bay Area Legal Services,
has produced a 36 minute video
explaining the bankruptcy process to
individuals who may not be able to afford an
attorney.
FAQ:
What
is an assignment for the benefit of
creditors?
Assignment for the
Benefit of the Creditors is also know as an
"ABC".
One of
the ways to liquidate or sell the assets of
an insolvent business is
an Assignment for the Benefit of Creditors
("ABC"). This method of
liquidating or
transferring assets has the advantage of
avoiding the significant expense and unpredictability
of a Chapter 7 or a Chapter 11 Bankruptcy.
The difference between an ABC and other
bankruptcy filings is that the bankruptcy
court is not involved and the "trustee" does
not report to the bankruptcy court. The
trustee is also known as the "assignee". An assignment is a
transfer of the debtor's legal and equitable
title of property to the assignee. Under an
ABC it is possible to operate the business
until a sale of the assets is approved by
the court. An ABC is very similar
to a Chapter 7 filing.
To learn more about
"ABC", Morse &
Gomez recommends an article written by the
Honorable Michael G. Williamson
titled
"The
ABC's of Business Liquidations A Flexible
Alternative to Bankruptcy".
Reprinted with permission from the honorable
Michael G. Williamson. |
