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

Burr Alert: Lenders Beware: 11th Circuit holds borrower’s false oral statement regarding single asset does not provide basis for...

Section 523(a)(2) of the Bankruptcy Code is clear that a debtor can discharge a debt for money obtained by a false statement respecting the debtor’s financial condition unless that statement is in writing. What hasnot been...more

Ruined, Missing Wine leads to Million Dollar Hangover for Debtor

A Chapter 7 debtor’s failure to comply with a bankruptcy court order to preserve a $2 million dollar-plus collection of fine wines has led to the imposition of sanctions of over $1 million, most of which could be charged...more

Creditor-Friendly Changes to North Carolina’s Accord and Satisfaction Law

A creditor can now reinstate a disputed debt that has been inadvertently discharged. The North Carolina Legislature recently amended its accord and satisfaction law to include creditor-friendly revisions that make it...more

2016 Bankruptcy Statistics for the Western District of Wisconsin: Overall Filings Decreased 5.5%, but Chapter 12 Farm Bankruptcies...

The 2016 bankruptcy statistics tell an interesting story.  While the total number of bankruptcy cases filed in 2016 in the Western District of Wisconsin (“WDW”) fell 5.5% to its lowest level in ten years, Chapter 12 farm...more

Fourth Circuit Hands Victory to Lenders in Chapter 13 Mortgage Case

The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently handed a victory to residential real estate lenders dealing with borrowers who file for Chapter 13 bankruptcy...more

CFPB Monthly Report Returns its Focus to Credit Reporting and Mortgage Complaints Fall Out of the Top Three

The CFPB issued its monthly report on consumer complaints last week. The report is a high-level snapshot of trends in consumer complaints. The Reportprovides a summary of the volume of complaints by product category, by...more

Mortgage Servicer Defeats Class Certification Over Collection Practices Allegedly Targeting Discharged Mortgage Debts

The Middle District of Florida recently denied a plaintiff’s motion for class certification concerning claims that a collection agency illegally and intentionally sent collection correspondence to mortgagees whose debts...more

Banking & Financial Services E-Note - February 2017

The White House clarified that Trump’s January 30 “two for one” Executive Order doesn’t apply to the SEC and other independent regulatory agencies, Reuters reported. Despite press coverage, the Order doesn’t actually require...more

Court Rejects Lender’s Objection to Payment of Debtor’s Counsel’s Fees and Expenses from Pre-Petition Retainer

In a decision rendered on December 30, 2016, the bankruptcy court for the Southern District of Florida (the “Court”) addressed the debtor’s counsel’s interim application for an award of fees and expenses for services rendered...more

Lenders Seeking Loan Modification After Bankruptcy, Beware!

Lenders cannot revive a guaranty obligation discharged in bankruptcy with a subsequent modification or forbearance agreement, even with new consideration; and attempting to do so may lead to lender liability exposure....more

Imperfect!!! – Recordation Alone May Not Be Suficient To Perfect Deeds Under California Law

Once a lender records a deed of trust, isn’t that sufficient under California law to perfect the deed against a Chapter 7 trustee’s attempt to set it aside? Based on the recent bankruptcy court decision of In re Nowlin, the...more

No Trustee Left Behind – Another Bankruptcy Court Requires Colleges to Return Tuition to the Bankruptcy Estate

Another bankruptcy trustee catches another hapless college unaware. In Roach v. Skidmore College (In re Dunston), Bankr. S.D. Ga. (Jan 31, 2017), a trustee appears to win the next battle of “bankruptcy estates v. child’s...more

A Flawless Foreclosure is Not Preference

There is a division among bankruptcy courts across the country as to whether a properly conducted sheriff sale can be considered a “preference,” but Pennsylvania courts continue to send a clear message: They can’t....more

Mass. Bankruptcy Court: Mortgage with Incorrect Legal Description Is Avoidable by Chapter 7 Trustee

On January 4, 2017, the United States Bankruptcy Court for the District of Massachusetts found that a Chapter 7 Trustee could avoid the debtor’s mortgage and preserve it for the benefit of the bankruptcy estate. The opinion,...more

Objection to Proof of Claim Not Barred by Res Judicata

A Virginia bankruptcy court recently ruled that an objection to a proof of claim was not barred by the doctrine of res judicata when an order of confirmation was entered prior to the objection being filed. In re Haskins, No....more

Massachusetts Bankruptcy Court Finds that Debtor Can Claim an Exemption in Her Home Even if She Does Not Live There

In a recent decision, the bankruptcy court for the District of Massachusetts found that a debtor who had not lived at a property for over 30 years could still claim an exemption in that property, even though her principal...more

Exploring the Rule 3002.1 Minefield

In September 2016, the U.S. Bankruptcy Court for the District of Vermont ordered a mortgage servicer to pay a $375,000 sanction to a nonprofit legal aid organization for failing to comply with Rule 3002.1 of the Federal Rules...more

The Gorsuch Nomination: The Return of the Business Friendly Court?

Assuming Judge Gorsuch's confirmation, the Court will add a Justice with extensive commercial litigation experience, a particular expertise in antitrust and securities law, and a track record on the bench that demonstrates a...more

Handy List of Basic Issues to Consider for the Transactional Workout

While significant energy here at the Bankruptcy Cave is devoted to substantive bankruptcy matters, not all aspects of a general insolvency practice are always fun and litigation. Oftentimes insolvency lawyers add the most...more

CFPB files complaint alleging defendants ran unlawful debt relief operation

The CFPB has filed a complaint in a California federal district court against three law firms and two individual attorneys alleging that they offered debt relief services to consumers in violation of the Telemarketing Sales...more

Banking & Financial Services E-Note - January 2017

In an order issued earlier this month, Judge Dalton of the Middle District of Florida held that in anon-bankruptcy context, allegations that collection of a mortgage debt is barred by the statute of limitations do not form a...more

Federal Banking Regulators Assess $65 Million Penalty Against Default Management Company

On January 24, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve, and the Office of the Comptroller of the Currency announced a $65 million fine assessed against a default management...more

Admission of Fraudulent Intent Is Not Conclusive Evidence of Fraudulent Intent (Sometimes)

In a previous blog post, we discussed a situation in which actual fraud could be found where the transferor had the noblest of intentions and had demonstrated no intent to defraud creditors. This week, we address a situation...more

Who Decides Whether Bankruptcy Jurisdiction Exists after Removal from State Court?

Imagine that while a bankruptcy case is pending, the debtor-in-possession or bankruptcy trustee files a state law claim against one of the estate’s creditors. Presumably, if the debtor wins its state law claim, that recovery...more

Post-Petition Transfers: Sixth Circuit Opines on 11 U.S.C. § 542 versus § 549

The United States Bankruptcy Appellate Panel of the Sixth Circuit recently clarified whether a trustee could rely upon 11 U.S.C. § 542, and in the process side-step 11 U.S.C. § 549, to recover an unauthorized post-petition...more

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