Replies to This Discussion

Permalink Reply by P.G. on August 22, 2008 at 16:12

Why would someone be filing bankruptcy if they got a nice sign on bonus?
Wouldn't their problems be solved?

• ▶ Reply

Permalink Reply by ez on August 23, 2008 at 2:46

thanks for the info i will pass it on. im not 100% sure but i think he may be in a 13 but im sure there are others that are in a bk that has not even thought about this.

• ▶ Reply

Permalink Reply by Roy Altholz on August 23, 2008 at 4:51

I got a letter about a week ago that, in a nut-shell, sayd any sign-on agreement has to go through the bankruptcy firm for approval from the bankrupcy judge. The individual who asked the question should contact his bankrupcy lawyer/firm for details.

• ▶ Reply

Permalink Reply by P.G. on August 25, 2008 at 3:38

Yes!
A bonus should be considered as just another asset to be divided among the creditors. It doesn't seem fair that those who extended a BK filer credit should be left holding the bag while the BK filer gets rewarded. I'd bet most folks who have not filed BK and have debt would use their bonus to apply to their debt.

• ▶ Reply

Permalink Reply by LadySwampwitch on August 24, 2008 at 18:00

I have a friend that was discharged in June with a Chap. 7, but her case is still opened as an asset case and due to close sometime in Sept. Will this make a difference even if she was discharged back in June of this year and does she have to go thru the bankruptcy courts to sign her lease?

• ▶ Reply

Permalink Reply by lavone ames on August 25, 2008 at 1:30

I think if you are in bankruptcy, and this has been going on since march of 2008 why the courts now feels that you should not sign a lease agreement. when some lease as all ready been sign. by others in the area , everyone is looking for money. if you are receiving tax at the end of the year. and the new law state that you can keep your taxes. why bother with it now. we need to hear from the court on the news so everyone will be informed concerning this matter i think.

• ▶ Reply

Permalink Reply by Rick on August 25, 2008 at 7:22

KB, you have been right on so many of you opinions on this site that I have seen, and I think you are right again here; you gave the correct response when you said "your friend must contact his or her attorney".
Contrary to other discussions on here which speculate that landowners may or may not need an attorney for lease negotiations, people who file for bankruptcy DO have to have an attorney and if they are in the process now or have filed in the past and their case has not been discharged, they had better get proactive and contact their attorney.
I have a relative that works for the Federal Government in Bankruptcy Division and they have mentioned that alot of folks are facing this and that anyone that has filed or made application to file will be getting letters telling them that they MUST go through the bankruptcy judge to receive a determination as to what their rights are wtih the mineral lease. When someone files and is granted bankruptcy, they are turning their rights to make these decisions over to a Federal judge and they cannot legally sign lease bonuses without the courts approval.
Since many bankruptcies tie up land assets and are part of the case verdict, the landowner can't just all of the sudden take back their previously held rights to lease the land and dispose of the lease money however they want to, the judge has to consider the circumstances, the money amount and those that are owed money by the bankrupt person and then the court decides how to disperse the lease money.
If anyone in bankruptcy has signed and received lease money without the consent of the Federal bankruptcy judge, they are MOST LIKELY in violation of their bankruptcy ruling and really need to contact the attorney that handled their case.

• ▶ Reply

Permalink Reply by Snake Stewart on August 25, 2008 at 14:17

It would be the right thing to do. Maybe not the fun thing to do but right none the less.

• ▶ Reply

Permalink Reply by Snake Stewart on August 25, 2008 at 14:37

Kicked out of charm school too, huh Remohes ?

• ▶ Reply

Permalink Reply by insomniacnla on August 25, 2008 at 14:38

Remohes,

You do not have to resort to personal insults to get your point across in this forum.

• ▶ Reply