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Consumer Bankruptcy › Unsecured 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 -
Adams and Reese LLP

"The § 1111(b) Election: Overview, Considerations and Unique Issues in Subchapter V"

Adams and Reese LLP on

Under § 506(a)(1) of the Bankruptcy Code, a secured creditor’s claim is secured only to the extent of the collateral’s value. Any amount over that value is bifurcated into a separate unsecured claim. Critically, if a...more

Pullman & Comley, LLC

BANKRUPTCY BEAT: Connecticut Supreme Court Rules that New Homestead Law Applies to Protect up to $250,000 in Equity in a Home from...

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In an important ruling for personal bankruptcy cases in Connecticut, the Connecticut Supreme Court has ruled that Connecticut’s new homestead law, which increased the exempt amount of a “homestead” from $75,000 to $250,000,...more

Nelson Mullins Riley & Scarborough LLP

Bankruptcy 101: Claims: Types and Priorities

Nelson Mullins Riley & Scarborough LLP on

Bankruptcy Basics for New and Non-Bankruptcy Attorneys - 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...more

Freeman Law

Bankruptcy Schedules: Schedule F

Freeman Law on

Continuing our series on bankruptcy schedules, Schedule F is used to list all of your general unsecured debts. General unsecured debts are those that are not secured by collateral and are not entitled to priority payment...more

Haynsworth Sinkler Boyd, P.A.

Fourth Circuit Limits Modifications To Chapter 13 Plans

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The Fourth Circuit stands alone currently as the only circuit requiring unanticipated, changed circumstances in order to modify a confirmed Chapter 13 Plan. The Eleventh Circuit just joined the majority on a circuit...more

Ward and Smith, P.A.

Can a Debtor Choose Salvation Over Creditors?

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In a Chapter 13 bankruptcy, debtors propose a plan to re-pay all or a portion of their debts. The amount to be repaid depends on how much the debtors earn, the amount and types of debt owed, and how much property they own....more

Hudson Cook, LLP

Lien Filing Error Renders Creditor's Claim Unsecured

Hudson Cook, LLP on

Many steps creditors take in the process of directly or indirectly originating a vehicle finance agreement are designed to protect the creditor in the event its credit risk assessment was off and the consumer defaults. A...more

Jones Day

Fourth Circuit Bolsters Claims for Postpetition Attorney's Fees Incurred by Unsecured or Undersecured Creditors

Jones Day on

In SummitBridge Nat’l Invs. III, LLC v. Faison, 915 F.3d 288 (4th Cir. 2019), the U.S. Court of Appeals for the Fourth Circuit ruled that an unsecured or undersecured creditor may include postpetition attorney’s fees and...more

Dechert LLP

Fourth Circuit Allows Unsecured Claim for Post-Petition Legal Fees

Dechert LLP on

It is a well-established principle of bankruptcy law that claims generally crystallize as of the bankruptcy petition date. Of course, section 506(b) of the bankruptcy code allows over-secured, secured creditors to recover...more

Bradley Arant Boult Cummings LLP

Take It to the Limit: Increase in Chapter 13 Debt Limits

Bradley Arant Boult Cummings LLP on

Individuals have several options when filing bankruptcy. Chapter 13 is often preferred for individuals with regular income who wish to keep their homes and other secured assets. In a Chapter 13 filing, the court will approve...more

Rosenberg Martin Greenberg LLP

Fourth Circuit Allows Unsecured Creditors to Assert Claims for Attorneys' Fees In Bankruptcy Cases

Rosenberg Martin Greenberg LLP on

Lawyers who represent debtors in bankruptcy cases, supported by rulings from many bankruptcy judges, have long taken the position that creditors with unsecured claims whose agreements with their debtors provide for payment of...more

BCLP

Killjoy Bankruptcy Court Denies Debtors’ Motion to Buy Totally Boss Camaro

BCLP on

Weird things happen in bankruptcy court. All you high-falutin Chapter 11 jokers out there, cruise down to the bankruptcy motions calendar one day....more

Burr & Forman

Discharge of Federal and State Income Taxes in Bankruptcy

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If an individual or business owes unpaid income taxes to the IRS, or to a state, federal bankruptcy laws may provide relief for some, if not all, of these taxes. Generally applicable to “older” federal and state income taxes,...more

Ward and Smith, P.A.

Fourth Circuit Hands Victory to Lenders in Chapter 13 Mortgage Case

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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

Seyfarth Shaw LLP

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

Seyfarth Shaw LLP on

The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

Lowndes

Three Recent Supreme Court Rulings Will Impact Lenders and Investors

Lowndes on

Three significant opinions issued by the US Supreme Court in the last few months will impact lenders and investors. Bank of America v. Caulkett - In a major win for the nation’s mortgage lenders and...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Bank of America v. Caulkett and Bank of America v. Toledo-Cardona

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On June 1, 2015, the United States Supreme Court decided Bank of America v. Caulkett, No. 13-1421, together with Bank of America v. Toledo-Cardona, No. 14-163, holding that a debtor in a Chapter 7 bankruptcy proceeding may...more

Carlton Fields

Stripping of Unsecured Second Mortgages in Chapter 7 Bankruptcies in the Crosshairs

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Since its 1989 opinion in Folendore v. Small Business Admin., the Eleventh Circuit Court of Appeals has allowed debtors to completely strip off and void wholly unsecured junior liens in Chapter 7 bankruptcies under Section...more

Pullman & Comley, LLC

Northern District of New York Bankruptcy Court Rules On Issue of First Impression Concerning Lien Stripping in A Chapter 7 Case

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“Lien stripping” often takes two forms. A debtor’s attempt to void the unsecured portion of a lien when there is some but not enough equity in collateral to fully cover a lienholder’s entire debt is commonly referred to as a...more

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