Chapter 7

News & Analysis as of

Reviewing 'Caesars' and Bankruptcy Venue in the Ides of March

The realities of the bankruptcy venue provisions require potential debtors and their advisers to prudently weigh the legal significance of a bankruptcy filing in various courts. Originally published in Delaware...more

Delaware USDC Rejects Chapter 7 Trustee’s Request for Direct Appeal to Third Circuit

In the on-going saga of the Conex v. Car-Ber Testing, Inc. adversary proceeding Judge Leonard P. Stark, of the United States District Court for the District of Delaware, denied the Chapter 7 Trustee’s request to allow a...more

Manufactured Home Lien: Forget Perfection, You Need To Have A Lien In The First Place

Morris v. Ark Valley Credit Union (In re Gracy), 522 B.R. 686 (Bankr. D. Kan. 2015) – A chapter 7 trustee sought to avoid a credit union’s security interest in a manufactured home by asserting his strong arm powers as a...more

Lost Mortgage Notes: Those Pesky State UCC Variations

Desmond v Raymond C. Green, Inc. (In re Harborhouse of Gloucester, LLC), 523 B.R. 749 (1st Cir. BAP 2014) – A Chapter 7 trustee objected to the proof of claim filed by a downstream assignee of a lost mortgage note. ...more

Are you expecting a tax refund? It's that time again.

It's now March 1. Do you know what your tax refund is doing? Will the bankruptcy trustee take it? Read on...more

Bankruptcy Beat: Payments Made Directly From A DIP Account More Likely To Be “Unauthorized” Post-Petition Transfers

On December 19, 2014, The Honorable Julie A. Manning issued a Memorandum and Decision in the In re Louis Gherlone Excavating, Inc. case with respect to a Complaint filed by the Chapter 7 Trustee, Richard M. Coan (“the Trustee...more

Substantive Consolidation: When Abuse Goes Too Far An LLC Will Not Shield Assets

In re Carroll, 520 B.R. 491 (Bankr. M.D. La. 2014) – A chapter 7 trustee sought to substantively consolidate the bankruptcy estates of individual chapter 7 debtors with the separate bankruptcy estate of their wholly owned...more

HOA dues still pile up after filing bankruptcy. What to do?

If you own a condo and pay HOA dues, filing bankruptcy eliminates back HOA dues incurred before filing, but not those dues charged after filing. What to do?...more

Land Contracts: Mortgage Priority and Other Complications

Liebzeit v. Intercity State Bank (In re Blanchard), 520 B.R. 740 (Bankr. E.D. Wis. 2014) – A Chapter 7 trustee sought to avoid a mortgage on the debtors’ property using the “strong arm” powers of a hypothetical bona...more

Losing At Dodge Ball: Understanding The Supreme Court’s Implied Authorization Of Consent In Executive Benefits Insurance Agency V....

In this Article: - Introduction - A Tale as Old as Time: The Evolution of Bankruptcy Jurisdiction Before Stern - Let’s Talk About Stern, Baby - Much Ado About Nothing: Executive Benefits Insurance...more

U.S. District Court of Delaware Reverses and Remands A Bankruptcy Settlement Effected With No Notice

On January 16, 2015, Chief Judge Leonard P. Stark of the United States District Court for the District of Delaware issued an opinion that reversed an order of the Delaware Bankruptcy Court that approved a settlement, and...more

I owe too much money to file bankruptcy. Wrong!

Why do some people think this is true? After all, you read about large corporations that owe many millions filing bankruptcy. Whatever the reason, it's just not true. Let's take a look as what is true...more

Blog: The Ninth Circuit Rejects the “Dominion and Control Test” for Determining the Initial Transferee in Fraudulent Conveyance...

Under section 550(a) of the Bankruptcy Code, a trustee or debtor in possession may recover property (or its value) that has been fraudulently transferred “from the initial transferee or the entity for whose benefit the...more

Lease Damage Claim: Federal or State Law – Flip A Coin?

Broadfoot v. Jamestown Mgmt. Corp. (In re Int’l BioChemical Indus., Inc.), 521 B.R. 395 (Bankr. N.D. Ga. 2014) – A chapter 7 trustee objected to the claim of a creditor/lessor on the basis that it should be disallowed...more

With my income, I'll have to file a Chapter 13 bankruptcy and pay all my debts. Wrong (probably)!

The truth about this is not simple. Let's take a look at it. If you make "too much" money, you might not be able to do a Chapter 7 bankruptcy, the one that gets rid of your debts quickly. The usual alternative is a Chapter 13...more

Banks Take A Risk In Freezing A Debtor’s Account During Chapter 7 Proceeding

Introduction - What is a bank to do when an individual depositor files a chapter 7 bankruptcy petition? Do the turnover requirements of the US Bankruptcy Code allow the bank to put a freeze on the debtor’s account, at...more

Typo Disastrous for Lender

The United States Court of Appeals for the Seventh Circuit recently issued a harsh opinion for lenders in In re: David L. Duckworth. The case provides a startling example of the drastic consequences of failing to carefully...more

Chapter 13 Debtors Choosing to Retain Residential Property and Not Claim Homestead Are Not Entitled to Wildcard Exemption

In Florida, it is well settled that a Chapter 7 debtor who does not claim or receive the benefit of the homestead exemption on his bankruptcy schedules is entitled to claim the “wildcard” exemption pursuant to Fla. Stat. §...more

2014 New York Hydraulic Fracturing Caselaw Update

As we approach the end of 2014, it may be useful to reflect on the impact of several important court cases decided in New York this year relating to oil and gas. While the decisions have mainly been against the industry and...more

Bankruptcy would take everything I own. Wrong!

I keep hearing this despite writing about it several times before So lets take another look at this myth....more

Bankruptcy Sales: “It Ain’t Over ’Til It’s Over”

Great Plains Royalty Corp. v. Earl Schwartz Co. (In re Great Plains Royalty Corp.), 520 B.R. 292 (Bankr. D. N.D. 2014) – Two companies that acquired assets in a bankruptcy auction moved to reopen the case to clarify...more

FirstPay Decision: IRS Bests Trustee in Local Tax Case

A decision last month from the U.S. Court of Appeals for the Fourth Circuit marks a disappointing end to a decade-long tax case affecting many Washington-area businesses. The case, Wolff v. United States of America, Adversary...more

UCC Collateral Description: More May Not Be Better

Ring v. First Niagara Bank, N.A. (In re Sterling United, Inc.), 519 B.R. 586 (Bankr. W.D.N.Y. 2014) – A chapter 7 trustee sought to recover as preferences payments made by the debtor to a lender and proceeds of...more

Ms. McNeal Goes to Washington

For those of you who have followed our blog since its inception, you will know that one of our most discussed opinions is that of In re McNeal, in which the Eleventh Circuit held that a debtor may strip a wholly unsecured...more

Delinquent Property Tax Collection: Dancing Around the Automatic Stay

In re Killmer, 513 B.R. 41 (Bankr. S.D.N.Y. 2014) – After reopening a bankruptcy case, a mortgagee moved for a determination that a post-petition delinquent property tax sale was void because it was held in violation of the...more

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