Bankruptcy Wills, Trusts, & Estate Planning

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Not All Property Acquired Post-Petition is Safe from Creditors

Although property obtained by a debtor after filing for bankruptcy is usually safe from creditors, a recent case from the Ninth Circuit Bankruptcy Appellate Panel allowed a Chapter 7 Trustee to sell real property obtained by...more

Caveat Debtor: Disgorging Inheritance in Chapter 13 Cases

A recent case out of the 9th Circuit, In re Dale, revives a controversial subject for Chapter 13 debtors: whether an inheritance received more than 180 days after commencement of the case is part of the bankruptcy estate. ...more

Express Trusts: Recovering Goods or Proceeds from a Bankrupt Client

When a client goes bankrupt, an unpaid supplier is often left with few remedies. Generally speaking, the unpaid supplier’s recovery is limited to their proportional share of what is left of the proceeds from the bankrupt’s...more

Spendthrift Trusts and Bankruptcy

If you are thinking about filing for bankruptcy and are the beneficiary of a trust, you're probably concerned that you will lose your interest in the trust if you file. To determine whether your trust is at risk you must...more

FACT Act Promises Transparency in Bankruptcy Trust Claims and Payments for Asbestos Exposure

Asbestos defendants are one step closer to greater transparency regarding the often illusive bankruptcy trust claims and payments. On Wednesday, November 13, 2013, the U.S. House of Representatives passed H.R. 982, the...more

Atari Files Reorganization Plan to Exit Bankruptcy

Atari Files Reorganization Plan to Exit Bankruptcy by Joel R. Glucksman on October 4, 2013 Video-game maker Atari, Inc. has filed a reorganization plan in the U.S. Bankruptcy Court in Manhattan with the support of its...more

Employer Wins Bankruptcy Discharge of Withdrawal Liability

The Ninth Circuit Court of Appeals recently ruled that employers may discharge multiemployer trust withdrawal liability in bankruptcy. Employers required to contribute to multi-employer pension trusts face growing withdrawal...more

Analysts Debate the Effectiveness of Municipal Bankruptcy on Improving Cities

Analysts Debate the Effectiveness of Municipal Bankruptcy on Improving Cities by Joel R. Glucksman on August 22, 2013 Five years after the Great Recession began, a number of cities across the country are still...more

Bullock v. BankChampaign: Defalcation Under § 523(a)(4)

Whether because of the declining docket of the Court or the technical subject-matter involved, bankruptcy topics have come before the United States Supreme Court infrequently in recent years. This term, the Court heard a case...more

American Airlines Nears Bankruptcy Exit, Merger

American Airlines Nears Bankruptcy Exit, Merger by Joel R. Glucksman on August 15, 2013 American Airlines parent AMR Corporation is gearing up to make its formal exit from bankruptcy proceedings, and to enter into a...more

Should Detroit Follow Central Falls’ Bankruptcy Strategy?

Should Detroit Follow Central Falls’ Bankruptcy Strategy? by Joel R. Glucksman on August 6, 2013 In the wake of Detroit filing the largest municipal bankruptcy in U.S. history, many analysts are looking at the...more

Endicott Interconnect Technologies Seeks Bankruptcy Protection

Endicott Interconnect Technologies Seeks Bankruptcy Protection by Joel R. Glucksman on August 2, 2013 Endicott Interconnect Technologies has filed for bankruptcy protection with the U.S. Bankruptcy Court in Utica, and...more

UK Supreme Court rules on priority ranking of pension liabilities in company insolvencies

On 24th July the UK Supreme Court handed down its unanimous decision in relation to the LBIE/Nortel appeal, overturning the previous Court of Appeal and first instance judgments....more

SDNY Holds Trustee Cannot Evade Section 546(g) Safe Harbor

On June 11, Southern District of New York Judge Jed Rakoff dismissed the complaint of the Trustee for the SemGroup estate seeking to avoid a novation made to Barclays pre-bankruptcy under a swap agreement....more

U.S. Supreme Court Resolves Circuit Split in Bullock v. BankChampaign, N.A.

One of the primary purposes of bankruptcy is to provide for the discharge of certain debts in order to enable a debtor to obtain a "fresh start" post-bankruptcy. Notwithstanding this specific purpose, section 523 of Title 11...more

May the Trustee’s Personal Debt to the Trust Owed as a Result of a Breach of Trust be Discharged in Bankruptcy?

The U.S. Bankruptcy Code provides that a personal debt is not dischargeable if the debt had been occasioned by the debtor’s defalcation while acting in a fiduciary capacity. Courts of appeals had long disagreed about the...more

Following in Ohio’s Footsteps: The Expansion of Asbestos Transparency Legislation

Asbestos personal injury trusts proliferated after many of the early primary asbestos product manufacturers reorganized under bankruptcy law. It is estimated that nearly 100 companies have declared bankruptcy in the face of...more

Indalex: What Are the Pension Implications?

On February 1, 2013, the Supreme Court of Canada released its much anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers, a case which pitted the claims of pensioners against those of secured creditors in...more

New Concerns for Bondholders, Lenders and Other Creditors Following SCC’s Indalex Decision

On February 1, 2013, the Supreme Court of Canada (SCC) released its much-awaited decision in the Indalex case. While the central issue in Indalex was the priority of wind-up deficiencies in defined benefit pension plans...more

Update on Preparing Living Wills for Bank Holding Companies and Depository Institutions

This analysis updates a previous memo and incorporates advice we have received from the Federal Reserve Board (“FRB”) and the Federal Deposit Insurance Corporation (“FDIC”) regarding the preparation of living wills for bank...more

Supreme Court of Canada Affirms Federal Paramountcy in Insolvency but Leaves Uncertainty for the Credit Community Regarding...

The Supreme Court of Canada released its highly anticipated decision in Indalex Limited (Re) this morning. The ruling stemmed from an appeal of an Ontario Court of Appeal decision that had created commercial uncertainty...more

Points & Authorities - Fall 2012

In This Issue: - The Innovative Design Protection Act: Bound for Success or Doomed to Fail? - Strategic Licensing Considerations - New Faces - Points from the President - Think Again Before Walking Away from...more

Is your IRA safe from creditors?

If a substantial portion of a person’s wealth is in one or more IRAs, protecting the assets in those accounts is critical to his or her estate plan. IRAs provide significant benefits, including tax-deferred wealth...more

Legal Sense with James Andrews

Attorney James R. Andrews II is the host of Legal Sense with James Andrews. James was born in East Orange, New Jersey. He graduated from high school in Whippany, New Jersey and then attended the University of Virginia where...more

Damon Key Legal Alert (Spring/Summer 2012) - Legal newsletter with articles on Foreign Accounts and the 2012 Offshore Voluntary...

Legal newsletter with articles on Foreign Accounts and the 2012 Offshore Voluntary Disclosure Initiative, Bankruptcy law, the new I-9 Form in Immigration law, and an update on the law of Hawaii vacation rentals. ...more

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