News & Analysis as of

Consumer Bankruptcy Debt

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 -

New Putative FCRA Class Action May Signal a Trend

by Ballard Spahr LLP on

A borrower recently filed a putative class action against Fannie Mae under the Fair Credit Reporting Act (FCRA) in federal court in Washington, D.C., alleging that Fannie engaged in unauthorized inquiries into borrowers'...more

Flurry of FCRA Complaints Recently Filed in Nevada Courts

by Ballard Spahr LLP on

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

Worthless Debt Deduction – A Cautionary Tale

For partnership, individuals and other types of taxpayers that are not in the business of making loans, the main avenue for tax relief when a loan goes bad is Section 166 – the bad debt deduction. In order to claim this...more

Property Surrender: Surrender Means Surrender – Really

by Pepper Hamilton LLP on

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

Alabama Bankruptcy Court Holds That Filing Proof of Claim for Time-Barred Debt Cannot Give Rise to FDCPA Claim or Sanctions

by Burr & Forman on

In Jenkins v. Midland Credit Management, Inc., the U.S. Bankruptcy Court for the Northern District of Alabama held that the filing of a proof of claim based on a time-barred debt cannot give rise to a claim for damages under...more

Distressed Downloads - June 2015

A Battle in the Making in the Oil and Gas Sector: Second Lien vs. High Yield Debt - In the oil and gas industry, there is a storm brewing between holders of second lien debt and unsecured high yield bonds. These...more

What might bankruptcy do for me? The short version.

by Malcolm Ruthven on

Many people contact me to see if bankruptcy would be right for them. I find that many of them don't understand the basics of what bankruptcy might do for them, so here is the short version....more

My credit card company "wrote off" my debt. Can I stop worrying about it?

by Malcolm Ruthven on

That's a common question that people ask me when they contact me to discuss bankruptcy. The short answer is "No". We'll look at why that is so in this article....more

Determining Foreigners Insolvency Exception

by Bilzin Sumberg on

Can a foreign person exclude foreign-situs assets in determining insolvency exception to cancellation of indebtedness income? With the worldwide global default rate on corporate debt continuing to rise, a taxpayer’s...more

Can I file bankruptcy if I have gambling debts?

by Malcolm Ruthven on

The short answer is yes, you can file bankruptcy. But then you have to ask if that will discharge (get rid of) those gambling debts. The answer to that depends on in what state you gambled and ran up those debts....more

Affairs of State: When States Are Creditors: Why § 525 Matters and Should Be Expanded

by Jackson Walker on

One of the pillars of a debtor’s fresh start is the anti-discrimination provisions of § 525 of the Bankruptcy Code, which codifies the U.S. Supreme Court’s decision in Perez v. Campbell. The Court held that two state statutes...more

Not All Property Acquired Post-Petition is Safe from Creditors

by Snell & Wilmer on

Although property obtained by a debtor after filing for bankruptcy is usually safe from creditors, a recent case from the Ninth Circuit Bankruptcy Appellate Panel allowed a Chapter 7 Trustee to sell real property obtained by...more

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