Originally published in Law360, New York - August 02, 2012.
High levels of unemployment and a slow economic recovery have led to a steady increase in nonbusiness bankruptcy filings over the past several years. In fact, over 1.43 million nonbusiness bankruptcies were commenced in 2011.
With such high levels of bankruptcy filings, the chances are good that you are, or will be, defending against a nonbankruptcy action initiated by a person who is in bankruptcy or has recently emerged from bankruptcy. With a little research, an attorney defending against such an action may be able to identify additional defenses based on positions taken by a debtor in his or her bankruptcy proceeding to use in a subsequent action (the action) commenced by the debtor.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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