Chapter 7

News & Analysis as of

The Ultimate Arizona Bankruptcy Guide – Pt. 3 – Getting the Process Started

After a determination is made whether a chapter 7 bankruptcy or a chapter 13 bankruptcy would be better suited to solving your debt situation, it is time to get the ball rolling and start the process. You should be...more

Tenth Circuit Bankruptcy Appellate Panel Approves Settlement Agreement with Foreclosing Lender Over Objections of the Debtor

Often overlooked by lenders and servicers, sometimes striking a deal with the Chapter 7 Trustee in bankruptcy court, is the more prudent and cost effective approach to resolving frivolous lawsuits filed by defaulting...more

Lack of Reaffirmation Agreement Results in Finding That Bank Violated Discharge Injunction by Enforcing Post-Bankruptcy Loan...

In Venture Bank v. Lapides, 800 F.3d 442 (8th Cir. 2015), the Eighth Circuit found that a bank could not recover from its borrower and, in fact, had violated the post-discharge injunction by relying on change in terms...more

11th Circuit Rules that Assignee for the Benefit of Creditors Lacks Power to File Bankruptcy Case for Assignor

On December 17, 2015, the Eleventh Circuit Court of Appeals issued a decision of first impression, finding that an assignee for the benefit of creditors under Florida’s Assignment for the Benefit of Creditors statute (Fla....more

New York AG Announces Settlement Payments to Consumers Affected by Alleged Predatory Lending Scheme

On December 22, New York AG Schneiderman announced that more than 3,000 consumers received partial compensation from funds stemming from a global settlement negotiated by AG Schneiderman and the CFPB. In July 2014, the CFPB...more

The Ultimate Arizona Bankruptcy Guide (pt. 2)

There are different types of bankruptcy designed to help different types of debt problems. Most consumers file either a chapter 7 or chapter 13 bankruptcy. In this article I will walk you through the differences between a...more

Bankruptcy Beat: Does The Automatic Stay Apply To Stay Acts Against An Individual Debtor’s Wholly-Owned Company?

A vexing issue for some creditors arises when an individual who is typically a guarantor or co-debtor of his wholly-owned company’s debt files bankruptcy under chapter 7, 11 or 13 and then takes the position that the...more

Bankruptcy Court Order Compelling Surrender of Property Upheld on Appeal

On November 23, 2015, in the first appellate decision of its kind, the District Court for the Southern District of Florida affirmed a bankruptcy court order to compel chapter 7 debtors to surrender real property by directing...more

Corporate E-Note - October 2015

By now, everyone has heard of the Department of Labor’s ("DOL's") proposed rule requiring a weekly salary of at least $970.00, or $50,440.00 annually, for employees to be exempt from the Fair Labor Standards Act's ("FLSA's")...more

How Long Is Too Long To Reopen A Bankruptcy Case?

In a per curiam opinion that is not precedential but of interest to lenders who take mortgages as security, the Court of Appeals for the Third Circuit decided that the Debtor’s effort to reopen her bankruptcy case was too...more

Nevada Supreme Court Opines On Scope Of Debtor’s Exemption For Stock

NRS 78.746 provides that, with several qualifications, the exclusive remedy of judgment creditors with respect to the stock in a relatively closely held corporation is to charge a stockholder’s shares.  To the extent so...more

New Case Poses Threat to Mortgage Servicers in Bankruptcies

A new decision from the U.S. Court of Appeals for the Ninth Circuit poses a serious threat to mortgage companies that service mortgages of chapter 13 debtors. Mortgage servicers should be aware of the case's implications and...more

Mortgage Acknowledgements: Can A Boo-Boo Be Fixed?

Bank of America, N.A. v. Casey, 517 B.R. 1 (D. Mass. 2015) – A Chapter 7 trustee sought to avoid a mortgage using “strong-arm” powers based on a defect in the acknowledgement. The mortgagee contended that the defect was...more

Third Circuit Affirms Bad Faith Involuntary Bankruptcy Dismissal, Increasing Risk of Punitive Damages

Last week’s decision by the U. S. Court of Appeals for the Third Circuit in In re: Forever Green Athletic Fields, Inc., No. 14-3906 (3d Cir. Oct. 16, 2015) held that an involuntary bankruptcy petition filed under 11 U.S.C. §...more

CR&B Alert: Commercial Restructuring & Bankrtupcy News - October 2015, No. 3

Welcome to the October 2015 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Readers who wish to print and read the newsletter in its entirety may do so by...more

A WARNing to Directors and Officers — Failure to give proper WARN Act notice may breach your fiduciary duty

At first glance, Stanziale v. MILK072011, looks like someone suing over a bad expiration date and conjures up images of Ron Burgundy proclaiming “milk was a bad choice.” But in actuality Stanziale is much more interesting: it...more

Global Private Equity Newsletter - Fall 2015 Edition: Buyer Beware – Court Lowers Hurdle to Make Claim for Withdrawal Liability...

In Tsareff v. ManWeb Services, Inc., the U.S. Court of Appeals for the Seventh Circuit held that an asset purchaser’s pre-closing knowledge of a seller’s potential multiemployer plan withdrawal liability could be sufficient...more

Joint Tenancy: What Happens When a Joint Tenant’s Interest Becomes Part of the Bankruptcy Estate?

Peet v. Checkett (In re Peet), 529 B.R. 718 (8th Cir. BAP 2015) – A chapter 7 trustee proposed to sell real and personal property that was owned by the chapter 7 debtors as joint tenants with parents of one of the...more

Banking & Financial Services E-Note - September 2015

On September 8, 2015, United States District Judge Marvin H. Shoob declared Georgia’s statutory garnishment process unconstitutional in Strickland v. Alexander. In what is sure to be the first of many county-level responses,...more

Property Surrender: Surrender Means Surrender – Really

In re Failla, 529 B.R. 786 (Bankr. S.D. Fla. 2014) – Individual chapter 7 debtors filed a statement of intention electing to surrender their real estate. The mortgagee contended that they had failed to do so and filed a...more

Life After Death for Chapter 7 Corporate Debtors? What Remains After a Corporate Liquidation

Individuals filing for bankruptcy pursuant to Chapter 7 of Title 11 of the United States Code (the "Bankruptcy Code") generally do so to have their debts discharged and receive the proverbial "fresh start." The same, however,...more

A Debtor May Forfeit Right to a Chapter 7 Discharge By Refusing to Lower Standard Of Living

The Seventh Circuit Court of Appeals recently determined that a chapter 7 bankruptcy case can be dismissed if the debtor “avoids repayment of debt without an adequate reason.” In re Schwartz, No. 15-1416 (7th Cir. August 24,...more

Bankruptcy Basics – “Will I Lose My House in a Chapter 7 Bankruptcy?”

Almost daily I meet with families that have avoided filing for bankruptcy because they fear they will lose their home as part of the process. In this article I will discuss how you can know if your house will be put at risk...more

New Administrative Orders Amend Procedures for Creditors in Consumer Bankruptcy Cases Pending in the Middle District of Florida

Prior to September 1, 2015, procedures in consumer chapter 13 bankruptcy cases varied greatly across the divisions of the Middle District of Florida, creating vastly different workflows for creditors and attorneys with cases...more

Strong Arm Powers: Does Sovereign Immunity Trump a Claim Based on State Law?

Kohut v. Wayne County Treasurer (In re Lewiston), 528 B.R. 387 (Bankr. E.D. Mich. 2015) – The debtor made property tax payments on behalf of several real estate projects.  The chapter 7 trustee sought to recover those...more

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