Consumer Bankruptcy Chapter 7

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

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

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

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

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

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

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

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

Top 5 Consumer Articles in 2014!

Each year on New Year’s Eve I like to take a look back at the articles I published and which ones helped the most people. During 2014 over 85,000 people from 146 countries read the articles on my blog! It always amazes the...more

The Bankruptcy Discharge, Debt Buyers, and Credit Reporting: Recent Developments

Recent news stories by The New York Times and NPR have brought much attention to a question that many creditors likely face on a regular basis: When a debt is sold to a debt buyer prior to the debtor entering bankruptcy, what...more

Rent-Stabilization Lease A “Public Benefit” For Exemption Purposes

Faced with bankruptcy, one of the foremost thoughts on an individual debtor’s mind is whether or not, upon exiting bankruptcy, the individual will retain any property he or she possessed prior to bankruptcy. Addressing this...more

Mortgage Recording: What Happens When There Is An Extra “E”?

Weiss v. JPMorgan Chase Bank, N.A. (In re Thibault), 518 B.R. 635 (Bankr. D. Mass. 2014) – A chapter 7 trustee sought to avoid a mortgage using his “strong-arm” powers on the basis that it was not properly recorded...more

Mortgage Recording Requirements: Tiny Technical Defect Strikes Again

Rogan v. U.S. Bank, N.A. (In re Partin), 517 B.R. 770 (Bankr. E.D. Ky. 2014) – A chapter 7 trustee sought to avoid mortgages on three properties using his “strong arm” powers, arguing that they were improperly recorded...more

Creditor's Willful Violation of Automatic Stay Results in Fee Award

In Snowden v. Check Into Cash of Washington Inc. (In re Snowden), 2014 DJDAR 12677, the United States Court of Appeals for the Ninth Circuit decided a bankruptcy case involving the award of attorney fees....more

Recorded Documents: Who Loses When A Document Is Not Properly Indexed?

Agin v. Dookhan (In re Hultin), 516 B.R. 190 (Bankr. D. Mass. 2014) – A chapter 7 trustee sought to avoid a transfer of the debtor’s real property using his “strong arm” powers based on an argument that the deed...more

Supreme Court Update: Warger V. Shauers (13-517), Integrity Staffing Solutions V. Busk (13-433) And Order List

We're back with summaries of the first signed decisions of the term, Warger v. Shauers (13-517) on whether Federal Rule of Evidence 606(b) precludes juror testimony during a proceeding in which a party seeks to secure a new...more

Bankruptcy Beat: Connecticut District Court Affirms the Bankruptcy Court’s Dismissal of an Individual Chapter 11 Case For The...

Countless individual debtors file for bankruptcy to save their homes from foreclosure, but some of them abuse the bankruptcy court system in the process. Vega v. United States Trustee, 2014 WL 4843698 (D. Conn. 2014)...more

Leases: Avoid Unnecessary Headaches With Precise Drafting

Charter v. Kearney (In re Colen), 516 B.R. 618 (Bankr. D. Or. 2014) – A chapter 7 trustee sued the tenants’ landlord to recover payment of a fee that he contended was illegal under state law. The issue turned on...more

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