“I meant to do it, but I’m really sorry” doesn’t count in bankruptcy- Kentucky Bankruptcy Law Blog Post by Lexington Bankruptcy Attorney Greg Napier

“Where things went wrong is that Mr. Marklin, with full knowledge that the bank held a security interest in the proceeds, sold the crop but kept all of the money for his own use. Now, I do not know that Mr. Marklin spent the money on luxury items or if he just used it to live off of and keep the farm going. It doesn’t really make a difference; what mattered to the court is that Mr. Marklin knew the security interest was in place but did what he did regardless.”
Fellow Kentucky Bankruptcy Blogger Greg Napier has a good blog post on a recent Western District case. The excerpt above is from the blog post.
Practicing law in a rural area, I see these issues arise quite frequently.  It is extremely critical that a person that is facing issues related to crops and cattle, and the liens on them, seek legal advice immediately if they are contemplating bankruptcy.
John Rogers, Kentucky Bankruptcy Attorney