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Finance Law News

December 1, 2020

In this issue:



   Business Couple Bankruptcy   

What to Know When Your Customer Files for Bankruptcy

Scott H. Hogan

The COVID-19 pandemic has created financial distress across many sectors of the economy. As a result, there is a good chance that your business has, or soon will, be forced to deal with a customer bankruptcy.

After a customer files for bankruptcy, you will be notified of what “chapter” of the Bankruptcy Code the customer’s case has been filed under. When the debtor is a business, it will file under either Chapter 7 or Chapter 11 of the Bankruptcy Code. Or for certain qualifying small businesses, Chapter 5; for purposes of this article, all references to Chapter 11 should include Chapter 5...

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When it Comes to Land Contracts, One is the Loneliest Number

Stephen W. Smith

Because land contracts typically operate over an extended period of time, a lot can happen as they run their course. If the parties mutually perform their contractual obligations during that time, the land contract will successfully conclude and the property will be conveyed. Alternatively, if the parties get into a dispute about their respective obligations, they and their land contract may wind up in litigation.

But what happens if a land contract buyer disappears or becomes destitute? What are the owner’s rights and remedies? The answer lies primarily in the land contract itself...

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   Steve Smith

Stephen W. Smith

Smith Email  Smith Phone



   Computer Hacker   

Virtual Event: Minimizing Cybersecurity Risks for Remote Working

With more employees working remotely for the foreseeable future, a resulting increase in spoofing and other hacking attempts is becoming a very real threat. Does your business have the proper protection policies and procedures in place? Join us for a virtual training session.

Moderated by Patricia Scott, learn from attorneys Robert Hamor and Taylor Gast, on ways to minimize risk and avoid disaster as more of your employees work remotely. This virtual discussion will touch on the recent rise in spoofing and computer hacking attempts, along with strategies to protect your business and employees.

  • What: Webinar on Minimizing Cybersecurity Risks for Remote Working
  • When: Thursday, December 10; 12:00-1:00 p.m.
  • Cost: Free
  • Registration: See 'Read More' below

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Trending Legal Issues for Year End

As Michigan inches closer to 2021, the uncertainty in the coming months can feel overwhelming. The need to stay up to date on changes to legal issues is greater than ever.

Recognizing a need for individuals and businesses alike to stay up to date on the latest legal trends in 2020, Foster Swift created a “2020 Year in Review” resource webpage.

Including articles and videos on hot topics going into 2021, such as current updates to COVID relief including PPP loan forgiveness and best practices for debt collection during the pandemic, be sure to periodically visit the page at




New Chapter 11 Laws Offer Small Businesses a Lifeline


Bankruptcy attorney Scott Chernich is one of the legal advisors consulted in a recent article published by MiBiz, New Chapter 11 laws offer small businesses a timely, cost-effective lifeline.

The article discusses how the Small Business Reorganization Act, which became effective in February 2020, has become a savior of small businesses filing Chapter 11 in the midst of the Coronavirus pandemic...

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Grand Rapids






St Joseph


Foster Swift Collins & Smith, PC E-Newsletters are intended for general information for our clients and friends. This newsletter highlights specific areas of law and is not legal advice. The reader should consult an attorney to determine how this information applies to any specific situation.

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