Consumer Bankruptcy

Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are... more +
Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are eligible for Chapter 7 or Chapter 13 depending on the nature of their debts and assets. less -
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

West Coast Real Estate Update: Feb. 2016

Residential Communities: Proposed Amendment to Allow Owners' Attorneys at Association Board Meetings - In an attempt to further broaden when a member of a common interest development association can bring his or her...more

2nd Circuit Rules Bankruptcy Code Does Not Preclude FDCPA Suit in District Court

In Garfield v. Ocwen Loan Servicing, LLC, 15-527 (2d Cir. Jan. 4, 2016), the Second Circuit Court of Appeals examined whether a debtor who has been discharged in a bankruptcy can sue in a district court under the Fair Debt...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

What Happened to my Mortgage?

In 2015, and just before his retirement, Justice Murray of the Ontario Superior Court of Justice left us with a challenging legal decision that, for the time being at least, will matter to mortgage lenders....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

Revisiting the Post-Bankruptcy Toolbox: Don’t Forget to Compare the Financials

For better or worse, lenders have become increasingly familiar with the strange dynamic that is the post-bankruptcy minefield created by their borrowers filing a bankruptcy petition. Immediately, lenders begin thinking about...more

Restructuring eNewsletter - Global Insight Series: Pro-business reform of Polish Bankruptcy Law – January 2016

The new year will bring tremendous changes to the Polish insolvency regime as significant amendments to the Bankruptcy and Recovery Law (Journal of Laws 2015, No. 233, uniform text) come into force on 1 January 2016 (New...more

New Bankruptcy Forms Affect Residential Mortgage Lenders, Servicers

Sweeping changes to the federal bankruptcy forms went into effect on December 1, 2015. The changes pertaining to proofs of claim for residential mortgage loans are especially significant. The new forms are to be used in all...more

Community Banking Excellence -Fourth Quarter 2015

In This Issue: - Looking Back, Looking Forward: A 2015 Retrospective and 2016 Predictions: This past year has seen many changes in the community banking industry. Some of these issues we expected and some had more...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 & Creditors' Rights News: Updated Forms for U.S. Bankruptcy Court

As of December 1, 2015, many of the Official Forms for use in Bankruptcy Courts were updated. The changes were made as part of a forms modernization effort. Among the forms updated was the Official Proof of Claim Form...more

Court Affirmed Judgment On Breach Of Fiduciary Duty Claim Because Plaintiff Swore In Bankruptcy Filings That He Did Not Have Any...

In Archer v. Allison, a plaintiff sued his daughter and her husband for breaching fiduciary duties and other related causes of action related to their work in certain businesses. No. 07-14-003130CV, 2015 Tex. App. LEXIS 12361...more

The Ultimate Arizona Bankruptcy Guide (pt.1)

Bankruptcy is a big decision and one that most people want to avoid at nearly all costs. However bankruptcy is a powerful tool that can help you deal with your debt problem once and for all and in most cases the benefits...more

Ninth Circuit Permits Lien-Voidance for Chapter 20 Debtors

Bankruptcy practitioners routinely advise secured creditor clients to file protective proofs of claim in bankruptcy proceedings despite those clients’ ability to ignore bankruptcy proceedings and decline filing claims without...more

Bank Settles with DOJ for $81.6 Million for Failing to Timely File Payment Change Notices for Homeowners in Bankruptcy

On November 5, the DOJ announced a proposed settlement with a bank for allegedly violating bankruptcy rules by not providing homeowners with required notices that would have allowed them to challenge the accuracy of increased...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

Sixth Circuit Files Win for Bankruptcy Debtors Harassed During Automatic Stay

Creditors of bankruptcy debtors beware: a recent opinion from the Sixth Circuit Court of Appeals makes clear that creditors cannot circumvent the ban on collection efforts following the petition for bankruptcy by trying to...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

Four Key Takeaways on the Expansion of the Medicare Appeals Settlement Conference Project

On October 15, 2015, the Office of Medicare Hearings and Appeals (“OMHA”) conducted a teleconference to address Phase II of the Settlement Conference Facilitation (“SCF”) Pilot, effective October 1, 2015. SCF, launched in...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

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

Loan Transaction Costs IRA its Bankruptcy Exemption

A recent case illustrates a common problem with IRAs when their participants declare bankruptcy. Generally, IRAs are exempt assets in bankruptcy proceedings, and are thus beyond the reach of the bankrupt individual’s...more

Equitable Liens: No Mortgage Does Not Necessarily Mean No Lien

Marcum v. Marcum (In re Marcum), 508 B.R. 499 (Bankr. M.D. Fla. 2014) – A creditor made two prepetition loans to a chapter 13 debtor for payment of delinquent real estate taxes. The loans were supposed to be secured by...more

Flurry of FCRA Complaints Recently Filed in Nevada Courts

Approximately 50 cases have been filed recently in Nevada state and federal courts against furnishers of information and credit reporting agencies (CRAs) for alleged Fair Credit Reporting Act (FCRA) violations. It appears...more

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