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Michael Avanesian

Michael Avanesian’s Answers

890 total

  • Does the court assist a chapter 11 company with getting immediate payment of their accounts receivables?


    Michael’s Answer

    The Court does not assist companies that file for Chapter 11 with anything. There are mechanisms in the bankruptcy court which may allow a company in bankruptcy to exert additional pressure on entities who owe the company money but in general, unless the receivables are large, it is not worth using a bankruptcy attorney to pursue AR.

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  • Bankruptcy attorney

    I would like to know what would be moreless a fee range for retaining to file a chapter 11 , not corporate...just personal.

    Michael’s Answer

    It really depends on the facts and circumstances of your case. Complexity of your assets, earning potential and the like. For example, we have a case where our client had many assets and was hit with a large multi-million dollar judgment. That creditor was not going to go away easy. We charged $50k down and ultimately resolved the case to our client's satisfaction. We also have individual cases where we charge $5k down! The overall cost though is still hourly. I hope that helps. I know a range of $5k to $50k does not narrow it down too much. Good luck!

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  • My individual bankruptcy converted from chapter 11 to chapter 7 bk without my husband filed with me ,they removed me by force .

    My individual bankruptcy converted from chapter 11 to chapter 7 bk without my husband filed with me or he didn't filed bankruptcy ,they removed me by force from my primary private property my husband was not part of my bankruptcy the order for evi...

    Michael’s Answer

    You definitely need to speak with a lawyer. I am fairly certain the order that got you evicted included language that you were to be evicted along with anyone else in the property. Now, if you believe your husband has rights to the property exclusive of the Chapter 7 Trustee, which he may, then your husband should contact an attorney in the area that is knowledgeable on the subject.

    I would love to help you more but I am not licensed in your state and I am so accustomed to community property rules that I wouldn't know what I was doing! Good luck.

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  • My mtg. servicer claimed ch. 11 and I filed a claim for breech of contract. WhenI I win how does this effect my acct w/new svcr

    I will win my breech of contract claim against my old servicer in Chaper 11. It will show a significant breech on their part which will have prevented them from collecting the late fees and other charges they charged me as a result, which i will ...

    Michael’s Answer

    • Selected as best answer

    This is quite a complicated fact pattern. Your loan is owned by a company, call it investor. Another company, call it servicer, is servicing the debt on behalf of the investor. You're saying you have a breach of contract claim against both the servicer and the investor for improperly doing something.

    Somehow, they breached your deed of trust and what you would like to do is offset your percentage recovery from the servicer's chapter 11 against monies you owe the investor. The reason you would like the offset is so you are not restricted to the percentage payout to unsecured creditors.

    See, the difference between my description the facts and yours is I would sue both the investor and servicer was sued. So you have an avenue for recovery from both sources. That is the approach I would take.

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  • Chap 11 Corporate Bankruptcy in 2013. Legally dissolved the corporation with the state in 2013. What records need retention?

    There were no creditors with claims at the close of Chap 11 and all prior to close were paid in full or rescinded claim. On debt at filling was held by the stockholders who accepted the bankruptcy and closure of the corporation thereafter. All leg...

    Michael’s Answer

    • Selected as best answer

    I wouldn't be too concerned. I'd keep whatever I had in digital format and trash the rest.

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  • My claim was disallowed, the automatic stay was annulled in retro, and my judgment stands do I have to have an adv. proceeding?

    What do I do? Will he be able to have my claim discharged? should I have an advosary proceeding to get my judgment declared non-dischargeable? He failed to include me as a creditor, in his Chapter 13 Bankruptcy, even though the divorce proceeding...

    Michael’s Answer

    Your facts demonstrate that the Judge is on your side and is likely to help you. The problem with asking us these questions is we would be second guessing a lawyer that is well versed with the facts of the case. We simply cannot know enough about what's happened to give you an answer that you can rely on.

    I recommend something a little different. Find a lawyer well versed in bankruptcy and family law crossover and see if he will accept payment, say $1,000, to write you an opinion letter about what he recommends that you do.

    If you don't need to do anything, it would be unfair for the lawyer to spend 2-3 hours + costs to look through the facts of your case. If you are recommended to take a particular course of action, then the $1,000 would be well worth it.

    I hope this was helpful.

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  • My home is splitting apart at the center. The manufacturer went chapter 11. What can I do.

    I bought a home from palm harbor homes in NC. Shortly after they went chapter 11. When I moved in I was complaining about the seem. But nothing was ever done about it. I refinanced my home and the contractor I hired showed me that the home was nev...

    Michael’s Answer

    I would agree that you should hire an attorney. The company probably has insurance you can go after. The attorney would figure that out then ask the Court for relief from stay to liquidate your claim and to satisfy your claim through insurance. You would also file a proof of claim which would then be amended to reflect whatever liquidated damages were and again amended after insurance proceeds pay down your claim.

    Don't expect to receive much if you can pursue insurance. Your claim is unsecured and unsecured claimholders are not usually made whole.

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  • I am in foreclosure. My lender is in Chapter 11 And suddenly a Loan servicer states that I have to accept their insurance

    I am in foreclosure. My lender is in Chapter 11 And suddenly a Loan servicer states that I have to accept their insurance for the property. My question is : What legal document does the loan servicer provide in order for me to know that he is the...

    Michael’s Answer

    The loan servicer having to place "forced placed" insurance on your property has nothing to do with the Chapter 11 the lender filed.

    Your concern is a valid one in this modern age of scams. You can call the servicer, if it's a major servicer to help determine whether the letter you received is valid or fraudulent. If this is a small servicer and you have legitimate concerns over its legitimacy, the only recourse I see is to hire and attorney to dig deep.

    I have personally not seen this scam because if Company A is servicing the loan, they will send you a bill each month. If Company B sends you a fake bill, you will have 2 bills: one from Company A and one from Company B.

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  • I have a pending lawsuit with radioshack

    now i know radioshack, is in chapter 11 bankrupty, but i have read, that if they commited fraud agaiest or malice act agaiest me, i can still sue then and bankruptey will not get them off the hook, details, i was falsey imprisoned because radio em...

    Michael’s Answer

    Hello. Yes, you can sue them but there is a process that you need to go through. The best way to proceed is to hire an attorney to sue them for the fraud etc. that is familiar with the bankruptcy code or has friends that are familiar with it.

    The steps are probably going to be as follows:
    You will file a proof of claim for what you believe you are owed. A placeholder POC.
    Then you will file a motion for relief from stay to allow you to sue them. Once granted, you will file a lawsuit.
    When you win the lawsuit, hopefully with a fraud judgment that matches federal law, your proof of claim will need to be amended so that it's air tight.
    Then you need a seasoned bk attorney to tell you what happens next. It really depends on the posture of the case etc.

    This does not mean you will be paid anything, but it's likely that radio shack has insurance that will pay you out whether or not you are entitled to payment under bk laws. Good luck.

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  • Large retail chain goes bankrupt ch 11 sec 363 in Mi, i am a vendor and they have my consignment product. What can I do?

    do I need a MI lawyer? Is it complicated can I do some work myself?

    Michael’s Answer

    If it's a true consignment, you are probably okay. Once thing is for certain, if you don't get a good attorney to stand up for your rights, you will not fair well.

    You should also move quickly as you may have a right of redemption which is about to expire!

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