Firm News

Stahl Cowen Bankruptcy Attorneys Prevail in Case Involving a Novel Issue of Law

09.25.09

Congratulations to a team of Stahl Cowen Bankruptcy lawyers on a recent court victory. Our client loaned over $400,000 to his parents over several years. Not surprisingly, there was no promissory note to evidence the loan. When our client's parents sold their house, they used the sale proceeds to repay a portion of the loan. Unfortunately, the parents later lost their jobs and had to file for bankruptcy protection. The bankruptcy Court Trustee sued our client to recover the money he received from his parents, claiming that it was a fraudulent conveyance.

Scott Schreiber, Shelly DeRousse and Eric Malnar proved at trial that the money advanced by our client was a bona fide loan, even without a promissory note, and that the Trustee's case was unfounded. The result was important because there is very little law governing cases like this, even though issues like this often arise out of informal family relationships.

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