Consumer Bankruptcy Debtors

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

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

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

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

A creditor is suing me! What should I do?

We'll take a look at what might happen if you do nothing when a creditor sues you, if you "answer" the lawsuit in a timely fashion, and if you file bankruptcy....more

ERISA: 6th Circuit — Failing to Disclose Disability Claim in Bankruptcy NOT Fatal to Disability Lawsuit

What happens when a long term disability claimant declares bankruptcy, and fails to list the long term disability claim in the bankruptcy estate? Is he judicially estopped from bringing the lawsuit alleging wrongful...more

Express Trusts: Recovering Goods or Proceeds from a Bankrupt Client

When a client goes bankrupt, an unpaid supplier is often left with few remedies. Generally speaking, the unpaid supplier’s recovery is limited to their proportional share of what is left of the proceeds from the bankrupt’s...more

Community Banking Excellence - Fourth Quarter 2013

In This Issue: - Interview with a Community Banking Professional - Holiday Wishes - Accidents Don't Cut It - Ensuring You Don't "Unintentionally" Violate the Automatic Stay - Dodd-Frank Essentials: Executive...more

Is this your "Window of Opportunity" for bankruptcy?

Bankruptcy as an opportunity? And a "window" for it? What's that about? It's about the fact that our Congress gave all of us the opportunity for a Fresh Start from burdensome debts. And yes, for many people there is a...more

The Absolute Priority Rule in Individual Chapter 11 Bankruptcy Cases lives on … for now

The principle behind the absolute priority rule is simple: unsecured creditors should be paid before the debtor is entitled to retain property of the bankruptcy estate. In a corporate setting the absolute priority rule...more

Mortgage Debt Lesson: Don't Pursue Collection Of A Discharged Mortgage

Creditors should double check the bankruptcy status of a debtor/borrower before pursuing collection. As a pending case illustrates, pursuing collection of an initially reaffirmed, but later discharged mortgage could be a...more

Chapter 20 in the Eleventh Circuit: Modification of Secured Claims Impermissible Without Discharge

Nearly a year ago to the day, we published a post regarding the uncertainty that bankruptcy practitioners and lenders faced when a Chapter 7 debtor received a discharge, and subsequently filed a Chapter 13 petition to strip...more

Challenging transactions made by debtors in anticipation of insolvency: the Plenary Session of the Russian Supreme Commercial...

This issue reviews the most important recent changes to the regime of challenging transactions made by debtors in anticipation of insolvency. These changes were introduced in the Resolution adopted at the Plenary Session of...more

What Must a Secured Creditor Do to Get Its Due?

Last month, the Fifth Circuit Court of Appeals ruled that a secured creditor’s claim survives bankruptcy where the secured creditor received notice of the case and was found to have not actively participated in it. Acceptance...more

Cherry Picking Contract Provisions in Bankruptcy: Not so Taboo After All?

One of the quintessential principles of the Bankruptcy Code is that when a debtor assumes an executory contract, it must assume the contract as a whole – a debtor cannot cherry pick the contract provisions it wants to assume...more

Rogers Towers: Dismissal for Failure to Prosecute: Debtor’s Bankruptcy Appeal Tossed for Delay by Eleventh Circuit

As creditors’ counsel, we have often faced debtors who file bankruptcy simply to delay and frustrate the collection process. A recent case out of the Eleventh Circuit typifies the no-nonsense attitude that bankruptcy and...more

Litigation News -- Summer 2013

In This Issue: "Can Bankruptcy Be A Tool To Combat Eminent Domain? Probably Not" and "Finding the Facts Before the Lawsuit Begins: Pre-Complaint Discovery in Pennsylvania" Excerpt from Can Bankruptcy Be A Tool...more

Article 9 of UCC revisions effective July 1, 2013

Article 9 of the Uniform Commercial Code (the “UCC”) governs secured transactions between lenders and borrowers covering personal property which is pledged as collateral. The provisions of Article 9 apply to borrowers who...more

Rogers Towers: Discharge and the Unscheduled Debt Part II: Punitive Effects of Intentional Non-Disclosure

In our previous post we discussed the due process requirements that underpin a debtor’s bankruptcy discharge. We noted that a debtor’s failure to schedule an actual or potential claim may prejudice the debtor’s ability to...more

Rogers Towers: Denying Discharge for Passive Falsification of Financial Statements

As we have discussed in previous posts, if a debtor actively falsifies a financial statement to obtain a loan, such debt is not dischargeable in a subsequent bankruptcy proceeding under § 523(a)(2)(B) of the Bankruptcy Code....more

Credit Counseling and Debtor Education Requirements

The U.S. Bankruptcy Code requires debtors to participate in a pre-filing credit counseling session and a subsequent pre-discharge debtor education course. The U.S. Department of Justice (DOJ) maintains a list of credit...more

Debt Relief and Counseling Scams

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 instituted a credit counseling requirement for debtors filing for bankruptcy protection. Credit counseling agencies sprang up quickly on the heels of this...more

Recent Court Decisions Hold That The Absolute Priority Rule Still Protects Creditors Of Individual Chapter 11 Debtors

As the economic recovery continues to wind along through the up and down financial cycles that have been the hallmark of the last four years, there can be little doubt that some individuals historically on the higher end of...more

Avoiding a Cosigner Catastrophe: Protecting Friends and Family in Bankruptcy

What is a cosigner? A cosigner is usually a friend or family member who signs a legal document or contract and promises to pay your loan in the event you are unable. When a consigner signs a contract, this individual becomes...more

Will Junior Lose His College Fund If We File For Bankruptcy?

“Is the money we have saved for our child’s education protected or not?” This is a frequently asked question by parents considering filing for bankruptcy protection. Obviously these parents don’t want to risk their...more

Should I File for Bankruptcy?

This is one of the questions I’m asked frequently when I meet with an individual about their financial problems. The answer is always, “No, except as a final option and only if you can’t find another alternative that will...more

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