Bankruptcy Law | JD Supra Legal News, Updates, Analysis, & Information

Whalen: Go Back To The Future To Fight Fraud With Equity Receivers [Video]

by Bloomberg Law on 5/24/2012

May 23 (Bloomberg Law) -- Chris Whalen, senior managing director at Tangent Capital Partners, and Bill Rochelle from Bloomberg News talk with Bloomberg Law's Lee Pacchia about how the so-called in pari delicto defense stops...more

Debtor’s can now strip second mortgages in Chapter 7 bankruptcy

by Michael Goldstein on 5/24/2012

The long standing rule in bankruptcy court that lien striping cannot take place in Chapter 7 bankruptcy has been turned on its ear. In Re: McNeal, Case: 11-11352, Lorraine McNeal v. GMAC Mtg. held that, at least in the 11th...more

How Does Bankruptcy Work?

by Rowley Chapman Barney & Buntrock, Ltd. on 5/23/2012

If you decide that bankruptcy is your best option, your first question probably is how does it work. The two most common bankruptcies are Chapter 7 and Chapter 13. A Chapter 7 is the most common bankruptcy filed by...more

Could Dewey & LeBoeuf Have Been Saved From Crashing and Burning? Yes and Here's How:

by Jerome Kowalski on 5/23/2012

Gosh, I could have had a V – 8. Trial lawyers often say that when they try a case, they always wind up trying three cases: The case they plan on trying, the case they actually try and the case they should have tried....more

Supreme Court Addresses Circuit Split Over Cramdown Plans Precluding Credit Bidding

by Duane Morris LLP on 5/23/2012

In a docket crowded with blockbuster cases this term, the Supreme Court's decision concerning the circuit split over cramdown plans precluding credit bidding by secured lenders may not stoke as much passion or fury as the...more

Beware of Debtors Bearing Gifts: Eleventh Circuit Upholds TOUSA Bankruptcy Decision

by Miller Canfield on 5/23/2012

Sleep better at night knowing that the loan you made to your borrower is supported by collateral from the borrower’s subsidiaries? You may want to keep one eye open. On May 15, 2012, the U.S. Court of Appeals for the Eleventh...more

Chapter 7 Bankruptcy in 7 Steps: The Bankruptcy Discharge

by John Skiba on 5/22/2012

The day you receive your bankruptcy discharge is similar to those Christmas mornings back when you were a kid. You wait and wait for the day to arrive, and then, finally it arrives. Your discharge is entered. All those days,...more

Arbitration Limitation: Ninth Circuit Holds That a Bankruptcy Court May Refuse to Enforce an Arbitration Clause

by Mintz Levin - Bankruptcy, Restructuring &... on 5/22/2012

Clients often raise questions concerning the enforceability of arbitration clauses in bankruptcy proceedings. While this topic has been hotly debated for many years, a recent Ninth Circuit opinion, In re Thorpe Insulation...more

Bankruptcy And Your Child’s Bank Account

by Tampa Bay Bankruptcy Center, P.A. on 5/22/2012

If you file for bankruptcy protection, will the bankruptcy trustee take your child’s bank account to repay your creditors? The answer to this question depends on how the bank account was set up. If the bank account was set up...more

Bankruptcy Law and Inheritance

by Tampa Bay Bankruptcy Center, P.A. on 5/22/2012

If you receive an inheritance, what does the bankruptcy law say about it? More specifically, if you are given an inheritance after you file for bankruptcy what happens to it? The bankruptcy code has different ways of treating...more

How to Stop Wage Garnishment

by Harold Shepley & Associates, LLC on 5/22/2012

Wage garnishment can be a very distressing event. Wage garnishment means that a creditor has gone to court and gotten a judgment against you, and you haven’t paid. The creditor can then go back to court and get an order of...more

The Rising Cost of Going Bankrupt

by Lawyers.com on 5/21/2012

Bankruptcy is the last lifeline for consumers facing insurmountable debts, but it still comes at a price. Between 200,000 and one million American consumers are estimated to be unable to afford the cost of filing for Chapter...more

Why Won’t Anyone Just Follow The Rules: Ninth Circuit Bankruptcy Appellate Panel overturns the absolute priority rule in...

by Snell & Wilmer L.L.P. on 5/21/2012

Originally published in the Orange County Business Journal April 30 - May 6, 2012. A fundamental principle of commercial lending holds that debt should be repaid prior to any return on equity. If a borrower cannot...more

How to Deal with Medical Debt

by Tampa Bay Bankruptcy Center, P.A. on 5/21/2012

The cost of medical care in terms of both treatment and medication has pushed many people into bankruptcy. About 60% of those who file for bankruptcy protection do so because of insurmountable medical expenses debt. If you...more

Examiner Motions: Is Good Faith a Required Element?

by Veronique Urban on 5/21/2012

Creditors and other parties-in-interest involved in bankruptcy proceedings have a variety of tools that they can utilize to obtain the best possible position in a debtor’s bankruptcy case. One of the tools that provides...more

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Bankruptcy Updates – May 24, 2012