How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Dimitry K., Esq. Your Own Question

Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37903
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
18572087
Type Your Legal Question Here...
Dimitry K., Esq. is online now
A new question is answered every 9 seconds

Consider the following scenario Your client is being sued.

Resolved Question:

Consider the following scenario: Your client is being sued. You have asked the client’s lawyer about the possibility of losing the lawsuit. The client meanwhile has asked you to describe what would happen to their financial statements. The client has also informed you that, if they lose the lawsuit, they anticipate losing their mortgage and have started talking to their mortgage lender. They want to know if part of their debt is forgiven or if their mortgage is rewritten or if their mortgage will be written if they file Chapter 11. The lawsuit also involves a patent held by the company. The company had acquired a hedge contract against the impairment of the patent. Aside from the recovery of the hedge, the client wants to know how the impairment of the patent in the event of losing a lawsuit will be reflected on the financial statements.

• Conduct research in FARS individually to answer your client’s questions. Then, write a 700- to 1,050- word memo that is brief
Submitted: 4 years ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 4 years ago.
Thank you for your post. It appears the question was cut off. Could you re-post please?
Customer: replied 4 years ago.
I apologize, but I forgot to include a period. It was not cut off.
Expert:  Dimitry K., Esq. replied 4 years ago.
Thank you for the explanation. I am working on your answer and should have it done by evening. Would that suffice?
Customer: replied 4 years ago.
Absolutely not a problem. I appreciate your help.

Sincerely, XXXXX
Expert:  Dimitry K., Esq. replied 4 years ago.
I am sorry for the delay--it appears that I am not familiar with "FARS" as it pertains to accounting. While I can answer your question from a purely legal perspective, I will no be able to provide you with an accounting background.

My apologies.

Sincerely,

Dimitry Alexander Kaplun, Esq.
Customer: replied 4 years ago.
That is completely fine. My primary reason for your help is to make sure I'm on the right track with what I have.

Thank you again for your help,
Jana Larson-Brock
Expert:  Dimitry K., Esq. replied 4 years ago.
Then let me assist you quickly, if you do not mind.

Legally if the company is sued, the entity itself becomes whole liable for any suit award incurred. Short of bankruptcy and a subsequent closing or a reorganization, the company maintains the responsibility to pay off the debt.

The mortgage lender can choose to forgive or modify their loan, typically though a loan modification, but that solely depends on the lender--the company cannot compel such a situation to occur.

Under Chapter 11, or typically known as a "reorganization" bankruptcy, debts are NOT forgiven or discharged--they are merely organized and set up under the trustee as a means to pay the debt over time. Additionally a judgment lien award cannot be discharged short of the full liquidation of the company. However using that factor the lender may be willing to modify the loans, especially if they are much more likely to be compensated instead of the company fully liquidating itself as under Chapter 7.

Hope that helps!

Edited by Dimitry Alexander Kaplun on 1/8/2010 at 2:41 AM EST
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37903
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
Dimitry K., Esq. and 3 other Legal Specialists are ready to help you
Customer: replied 4 years ago.
Did you get your money? Let me know if you didn't. My cc company sent me an alert for fraud when the charge tried to go through. I accepted the charge stating no fraud, so let me know if you don't get it by tomorrow and I will take care of it. I guess it's good they are watching my back. Just know that you will be compensated.

Thank you,
Jana Larson-Brock
Expert:  Dimitry K., Esq. replied 4 years ago.
Thank you for accepting my answer--yes, I did receive your 'acceptance'. There was no issue on my front.

Should you have any further questions, please do not hesitate to contact me directly. Start your questions "For Dimitry..." or "For Dimitry Alexander Kaplun..." and I will answer them as soon as notified that you are looking for me.

Good luck!
Customer: replied 4 years ago.
I will. Thank you and have a great evening!!

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it. Lee Michigan
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    8436
    JD, BBA Over 25 years legal and business experience.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8436
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/RA/ratioscripta/2012-6-13_2955_foto3.64x64.jpg Ely's Avatar

    Ely

    Counselor at Law

    Satisfied Customers:

    19941
    Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    8189
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/jespoag/2008-12-17_222355_jessepic.jpg JPEsq's Avatar

    JPEsq

    Attorney

    Satisfied Customers:

    2132
    Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor
  • http://ww2.justanswer.com/uploads/gsenmartin/2008-04-22_214950_me1.jpg Guillermo J. Senmartin, Esq.'s Avatar

    Guillermo J. Senmartin, Esq.

    Attorney

    Satisfied Customers:

    110
    7+ years of experience handling various legal matters.
  • http://ww2.justanswer.com/uploads/PA/PaulmoJD/2013-10-10_195858_JAImage.64x64.jpg Law Educator, Esq.'s Avatar

    Law Educator, Esq.

    Attorney

    Satisfied Customers:

    31621
    JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    15975
    Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.