News & Analysis as of

Consumer Bankruptcy › Debtors › 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 -
Troutman Pepper

Fla. Bankruptcy Ruling Is Cautionary Tale for Debt Collectors

Troutman Pepper on

In the case of In re: McIntosh, a debt purchaser’s assertion that it was entitled to enforce a debt not correctly listed on the debtor’s bankruptcy schedules was met with significant pushback from the U.S. Bankruptcy Court...more

Jones Day

Business Restructuring Review Vol. 23 No. 3 | May-June 2024

Jones Day on

In In re Pack Liquidating, LLC, 2024 WL 409830 (Bankr. D. Del. Feb. 2, 2024), the U.S. Bankruptcy Court for the District of Delaware ruled that, in accordance with Third Circuit precedent, the Bankruptcy Code, rather than...more

Jones Day

Fifth Circuit: Preference Claims Are Property of the Bankruptcy Estate that Can Be Sold

Jones Day on

A debtor's non-exempt assets (and even the debtor's entire business) are commonly sold during the course of a bankruptcy case by the trustee or a chapter 11 debtor-in-possession ("DIP") as a means of augmenting the bankruptcy...more

Dinsmore & Shohl LLP

Spotlight on Financial Services- Consumer bankruptcy

Dinsmore & Shohl LLP on

Spotlight on Financial Services | Things happen very quickly in consumer bankruptcy filings. Dinsmore attorneys Edward J. Boll III, Esq. and Shannon O'Connell Egan work on a team that provides clients clear and concise...more

Jones Day

Business Restructuring Review July-August 2023 | Vol. 22 No. 4

Jones Day on

There is longstanding controversy concerning the validity of third-party release provisions in non-asbestos trust chapter 11 plans that limit the potential exposure of various nondebtor parties involved in the process of...more

Troutman Pepper

High Court Bankruptcy Ruling Is a Warning to Joint Obligors

Troutman Pepper on

In a unanimous decision, the U.S. Supreme Court held that Section 523(a)(2)(A) of the U.S. Bankruptcy Code precludes a debtor from discharging a debt obtained by fraud, regardless of the debtor's own culpability. ...more

Patterson Belknap Webb & Tyler LLP

Late Appeals and Excusable Neglect: A Curious Case Where a Court Gives an Individual a Break

Patterson Belknap Webb & Tyler LLP on

Persuading a bankruptcy judge to find “excusable neglect” after missing a filing deadline is usually a tough sell.  You’d think it would be particularly hard when the party seeking relief was “belligerent and disrespectful to...more

Nelson Mullins Riley & Scarborough LLP

Bankruptcy 101: Bankruptcy Cases, Adversary Proceedings, and Contested Matters - Bankruptcy Basics for New and Non-Bankruptcy...

Nelson Mullins Riley & Scarborough LLP on

This entry is part of Nelson Mullins’s ongoing “Bankruptcy Basics” blog series that is intended to address foundational aspects of bankruptcy for new and non-bankruptcy practitioners and professionals. This entry will discuss...more

Miller Canfield

Innocence Is No Defense: Debt Obtained by Fraud Is Nondischargable

Miller Canfield on

A debt “for money, property, services, or an extension [. . .] of credit, to the extent obtained by [. . .] actual fraud,” is not dischargeable in a chapter 7 bankruptcy case. Courts have questioned whether this applied if...more

Freeman Law

The Means Test

Freeman Law on

The Means Test was a change that was added by the 2005 changes to the bankruptcy law.  It’s designed to force those that make over a certain amount to file a Chapter 13 bankruptcy instead of Chapter 7 under the theory that if...more

Seward & Kissel LLP

Crypto implosion? EV C7, the Perelman Polka, bankruptcy bellwethers?

Seward & Kissel LLP on

Below is our initial take on recent bankruptcy-related developments: Celsius Networks, a crypto lending platform that has marketed itself as an alternative to the traditional banking model, does not offer its users any...more

Nelson Mullins Riley & Scarborough LLP

Bankruptcy 101: The “Estate” and “Property of the Estate” - Bankruptcy Basics for New and Non-Bankruptcy Attorneys

Nelson Mullins Riley & Scarborough LLP on

This entry is part of Nelson Mullins’s ongoing “Bankruptcy Basics” blog series that is intended to address foundational aspects of bankruptcy for non-bankruptcy practitioners and professionals.  This entry will explain the...more

Arnall Golden Gregory LLP

Do You Get To Keep Your Roth IRA Even if You File Bankruptcy? In Georgia, Yes, Says the Eleventh Circuit

Arnall Golden Gregory LLP on

In an issue of first impression, the Eleventh Circuit Court of Appeals has ruled that a Roth IRA is not property of a bankruptcy estate in Georgia. Hoffman v. Signature Bank of Georgia, Case No. 20-12823 (11th Cir. Jan. 24,...more

BCLP

Now That We Found Assets, What Are We Going To Do With Them?

BCLP on

My most recent post surveyed situations in which a debtor might lose assets, or see their value drop to zero, during a bankruptcy case. This article addresses the opposite circumstance: how might a debtor’s estate gain new...more

JAMS

[PODCAST] JAMS Neutrals Discuss the Use of Mediation in Bankruptcy Cases

JAMS on

In this podcast, JAMS neutrals Judge Joan Feeney and Judge Phillip Shefferly share their thoughts on why mediation is a good tool to resolve bankruptcy disputes, provide listeners with a look into their own approaches to...more

Kramer Levin Naftalis & Frankel LLP

Bankruptcy Court Permits Chapter 7 Trustee to Utilize IRS’ Look-Back Period in Seeking to Avoid Fraudulent Transfers

Kramer Levin Naftalis & Frankel LLP on

In its recent decision in Mitchell v. Zagaroli, Adv. Pro. No. 20-05000, 2020 WL 6495156 (Bankr. W.D.N.C. Nov. 3, 2020), the Bankruptcy Court for the Western District of North Carolina held that the Chapter 7 trustee could...more

Foster Swift Collins & Smith

Are Funds Received as the Beneficiary of an IRA Property of the Estate in Bankruptcy?

Foster Swift Collins & Smith on

When an individual files a Chapter 7 bankruptcy case, the debtor’s non-exempt assets become property of the estate that is used to pay creditors. “Property of the estate” is a defined term under the Bankruptcy Code, so a...more

Snell & Wilmer

Married Couple’s Acquisition of Title as Joint Tenants Does Not Rebut the Presumption of Community Property

Snell & Wilmer on

In re Brace, 470 P.3d 15 (Cal. 2020), a California married couple acquired real property with community funds, and took title as “husband and wife as joint tenants.” When the husband filed a chapter 7 petition in bankruptcy,...more

Smith Debnam Narron Drake Saintsing & Myers,...

Reaffirmation: 7 Things Every Creditor’s Attorney Should Know

Smith Debnam Narron Drake Saintsing & Myers,... on

Filing a reaffirmation agreement in a chapter 7 bankruptcy proceeding is a commonplace occurrence for many attorneys. However, the reaffirmation process is fraught with nuances and traps for the unwary attorney.  Absent...more

Miller Canfield

Will the Real Party in Interest Please Stand Up?

Miller Canfield on

In Michigan, the general rule is that only a real party in interest may initiate a lawsuit. MCR 2.201(B). Although it is usually easy to identify the proper party (or parties), it becomes harder if a would-be plaintiff files...more

Bowditch & Dewey

Six Questions About Involuntary Bankruptcy

Bowditch & Dewey on

Trying to collect money from someone who cannot or will not pay you is frustrating. That old chestnut about throwing good money after bad comes to mind. Placing an individual or firm (your “debtor”) into bankruptcy is a...more

Bradley Arant Boult Cummings LLP

Having Trouble with CARES Act Forbearances in Ch. 13 Bankruptcy? You’re Not Alone!

Bradley Arant Boult Cummings LLP on

Consumers that have pending Chapter 13 bankruptcy cases undoubtedly suffered from financial hardship prior to the COVID-19 pandemic. For many of those consumers, the pandemic may have exacerbated that hardship...more

Husch Blackwell LLP

First Circuit Clarifies When College Tuition Can Be Considered A Fraudulent Transfer

Husch Blackwell LLP on

Last month the First Circuit Court of Appeals became the first federal appellate court to take up the matter of whether college tuition paid for an adult child by a bankrupt parent constitutes a fraudulent transfer. Chief...more

Kramer Levin Naftalis & Frankel LLP

Fifth Circuit Joins Circuit Split Upholding Bankruptcy Court Jurisdiction to Hear Social Security Claims: Case Has Impact for...

Kramer Levin Naftalis & Frankel LLP on

In a case that could impact health care bankruptcies, where jurisdiction over Medicaid and Medicare claims in bankruptcy are often disputed, the Fifth Circuit, in In re Benjamin v. U.S. Social Sec. Admin., Case No. 18-20185,...more

Womble Bond Dickinson

HAVEN ACT Provides Military Veterans With Increased Income Protections In Bankruptcy

Womble Bond Dickinson on

Military veterans often pay a heavy toll for their service from a physical, emotional and even financial standpoint. A new federal law— the Honoring American Veterans in Extreme Need Act of 2019 or the HAVEN Act— aims to...more

55 Results
 / 
View per page
Page: of 3
Next »

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide