Frequently Asked Questions
Bankruptcy
- What happens to my corporation if I file personal bankruptcy?
- Can I file bankruptcy only on my personal debts? Only on business debts?
Construction Law
- Are there provisions that I should include within the dispute resolution clause of a contract?
- If a contractor files for bankruptcy, can its contract be terminated for default and a new contractor be retained so that the project is not delayed?
- Can anyone file a mechanic's lien and how long do they last?
Business Litigation
Bankruptcy
What happens to my corporation if I file personal bankruptcy?
The corporation is a legal entity different and distinct from its shareholders. A personal bankruptcy does not affect the corporation. Your shares in the corporation are an asset of your bankruptcy estate, however.
Can I file bankruptcy only on my personal debts? Only on business debts?
No, a bankruptcy filing must include all of your debts, regardless of how or why they were incurred. You might, however, be able to separately classify business debts and pay them in full in a Chapter 13 if necessary to continue to utilize vendors.
Construction Law
Are there any provisions that I should include within the dispute resolution clause of a contract?
There are many possible provisions that can be included in a disputes clause and the types of provisions are limited only by the parties' imagination to structure a dispute resolution procedure that suits their particular needs and preferences.
If a contractor files for bankruptcy, can its contract be terminated for default and a new contractor be retained so that the project is not delayed?
A bankrupt contractor's contract cannot be terminated by its customer without permission from the bankruptcy court. Once a contractor files for bankruptcy, all of the contractor's assets become the property of the bankruptcy estate, including all executory contracts, i.e., contracts where performance is still outstanding.
Can anyone file a mechanic's lien and how long do they last?
The right to file a mechanic's lien is defined in the statutory laws of each state. The laws also distinguish between public and private construction projects and have different requirements for each.
Business Litigation
What is a statute of limitations?
A statute of limitations is a legal deadline by which a plaintiff must start a lawsuit. If the plaintiff does not start his or her lawsuit by the time the statute of limitations runs out, then he or she is barred from bringing the action. Statute of limitations varies from state to state.
Your questions personally answered by a professional
If you have additional questions or would like more information call Dale Rycraft at 702-823-5715 or contact him online.
