Creditors

If You Will®: Short Takes on Estates, Taxes and Trusts - May 2013

by Burns & Levinson LLP on 5/17/2013

"IF YOU WILL®: Short Takes on Estates, Taxes and Trusts” is a quarterly glance through an informal lens at selected news items, court decisions, legislative changes and/or important issues pertinent to estate planning. It is...more

Adversary Proceedings in Bankruptcy Court

by Jeff Field | Jeff Field & Associates on 5/15/2013

Adversary proceedings are lawsuits related to or arising from a bankruptcy case. It can be filed by you, your creditor or the trustee and may involve a variety of issues, including...more

What is the Meeting of Creditors and am I Required to Attend?

by Jeff Field | Jeff Field & Associates on 5/10/2013

Section 341 of the Bankruptcy Code is titled meetings of creditors and equity security holders and contains the provisions for conducting this court hearing. Because it is governed by section 341, the hearing is often called...more

Surprise! Where did this Judgment Come From?

by John Skiba on 5/7/2013

Probably half a dozen times per week I meet with someone who has been notified that their next check is going to be a quite a bit lighter – wage garnishment. If you are living paycheck to paycheck finding out your wages are...more

What to Bring to Your First Meeting with Your Bankruptcy Lawyer

by Jeff Field | Jeff Field & Associates on 5/6/2013

The better prepared you are, the more effectively your attorney can advise you on your debt relief options. Before going to your first appointment, record essential information about your debts, assets, income and expenses....more

"Post-Petition Restructuring Support Agreement Survives Challenge in Delaware"

by Mark Chehi, Van Durrer | Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2013

Background - The debtors in Indianapolis Downs operated a combined horse racing track and casino in Indiana. They had substantial secured indebtedness: more than $98 million of first lien (first priority), $375 million...more

Your Last Resort: The Unpaid Account

by Joe Virene | Looper Reed & McGraw, P.C. on 4/29/2013

A suit on an unpaid account against your customer will likely entitle you to the principal balance plus interest and attorney fees. But a suit on an unpaid account is only as good as your customer’s ability to satisfy the...more

Decisions, Decisions. Bankruptcy or Debt Settlement?

by John Skiba on 4/29/2013

If you have read my blog at all you have likely read my mantra that “no body wants to file for bankruptcy”. Sometimes it is just flat out necessary. But how do you know if bankruptcy is the right choice?...more

A Story of Stock, Security and Simplicity Sacrificed Under French Law

by Brice Mathieu, Anker Sorensen, Andrew Tetley | Reed Smith on 4/25/2013

Introduction - In matters of security over personal property, France for a long time had a complex system of general and particular regimes. It had been hoped that legislative reform in this area, brought about by a...more

Seventh Circuit Holds That Debtor Cannot Circumvent Bankruptcy's Absolute-Priority Rule

by Winthrop & Weinstine, P.A. on 4/25/2013

Unless creditors accept a debtor's plan of reorganization, bankruptcy law requires the plan to provide for the payment in full of creditors before owners of the debtor receive anything on account of their equity interest....more

Bond Consent Solicitation Payments - Court of Appeal Upholds Judgment in Azevedo & Another v Imcopa

by Michael Doran, Kevin Heverin, Stephen Phillips | White & Case LLP on 4/24/2013

In summer 2012, two important judgments were handed down on cases relating to bond consent solicitations. Although the consent solicitation techniques proposed by the debtor companies in each case were markedly different, at...more

CFPB Solidifies Loan Originator Compensation Restrictions, Dumps Zero-Zero Requirement

by Melanie Brody, Jonathan Jaffe, Kristie Kully, Eric Mitzenmacher | K&L Gates LLP on 4/24/2013

Even though the loan originator compensation rule (the “Final Rule” or “Rule”) finalized by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) in January passed without as much fanfare as the Bureau’s Qualified...more

Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated [Video]

by Bloomberg Law on 4/24/2013

April 24 (Bloomberg) -- With $64 million at stake for creditors of Lehman Brothers Holdings Inc., lawyers can find complexity even in simple words like "immediately proceeding," as Bloomberg Law's Lee Pacchia and Bloomberg...more

SEC Approves Final Investor Privacy Rule

by BuckleySandler LLP on 4/22/2013

On April 10, the SEC voted unanimously to adopt a final rule requiring broker-dealers, mutual funds, investment advisers, and other regulated entities to implement programs designed to detect and prevent identity theft. The...more

CFPB Publishes QM Rule Compliance Guide

by BuckleySandler LLP on 4/22/2013

On April 10, the CFPB published a guide to help small entities comply with its ability-to-repay/qualified mortgage rule. As required by the Small Business Regulatory Enforcement Fairness Act, the guide highlights issues for...more

CFPB Issues Small Entity Compliance Guide

by Emily Miller | Ballard Spahr LLP on 4/22/2013

The Consumer Financial Protection Bureau has issued a 45-page Small Entity Compliance Guide for the Ability-to-Repay (ATR) and Qualified Mortgage Rule. The guide, published on April 10, 2013, indicates that its purpose is to...more

Always Be Prepared: Forecasting a Business Partner's Financial Problems and How to Prepare

by Christopher Giaimo, Donald Workman | BakerHostetler on 4/19/2013

As the American economy continues to slog through the ongoing Great Recession, even financially sound companies face challenges due to the continued economic malaise. In particular, a company that works with suppliers,...more

Strategies for Avoiding the Headache of Preference Liability

by James Holman | Duane Morris LLP on 4/17/2013

Although business bankruptcy filings have trended down in recent months, the lingering legacy of litigation prompted by the surge in filings at the outset of the U.S. financial crisis remains with us and continues to strike...more

Creditors Can Reach Benefits under "Top Hat" Plan, United States District Court of Maryland Rules

by Katherine Lange | Womble Carlyle Sandridge & Rice, PLLC on 4/17/2013

Executive Summary: ERISA “top hat” plan’s anti-alienation provision does not trump state garnishment laws. A familiar feature of ERISA is its protection of a participant’s retirement savings from creditors; ERISA...more

Utah’s New Domestic Asset Protection Statute Makes State a Top Choice to Shield Assets

by Geoff Germane | Kirton McConkie PC on 4/16/2013

A new Utah law taking effect May 14, 2013 will provide some of the strongest options in the country for those looking to shield assets from creditors or predatory litigation. The Domestic Asset Protection Trust (DAPT) is a...more

Dechert OnPoint: NDNY Bankruptcy Court's Broad Interpretation of the Definition of "Interests" in 363 Sale

by Matthew Ginsburg | Dechert LLP on 4/12/2013

A recent decision out of the Bankruptcy Court for the Northern District of New York has brought greater certainty to the interpretation of what qualifies as an “interest” when determining the scope of a Section 363(f) “free...more

Debt Buyer Lawsuits: The Illusion of Evidence

by John Skiba on 4/10/2013

Midland Funding Law suitIf you have been sued by one of the debt buyers, Midland Funding, Portfolio Recovery, LVNV Funding, you may have felt intimidated not only by the debt collection process but by the fact that you are...more

Judge Rules In Favor Of Stockton And Accepts Chapter 9 Petition

by Danielle Kennedy | Sheppard Mullin Richter & Hampton LLP on 4/10/2013

Round one of the fight between the City of Stockton, California and its creditors is finally over. On April 1, 2013, Bankruptcy Judge Christopher M. Klein held that Stockton satisfied the eligibility requirements for a...more

To Release Or Not to Release – If That Is the Question, What Is the Answer?

by Ella Shenhav, Kevin J. Walsh | Mintz Levin - Bankruptcy, Restructuring &... on 4/8/2013

In a recent decision by the Bankruptcy Court for the District of Delaware, the court adopted a flexible approach to consensual third party releases in a plan of reorganization. In In re Indianapolis Downs, LLC, 2013 Bankr....more

Kazakhstan’s Bankruptcy Law Overhaul

by Vladimir Shuster, Aset Shyngyssov | Morgan Lewis on 4/1/2013

Key changes proposed in the new Rehabilitation and Bankruptcy Law affect involuntary petitions for bankruptcy, invalidations, trustees' avoidance powers, debtors' dissolution, and priority of claims....more

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If You Will®: Short Takes on Estates, Taxes and Trusts - May 2013

Adversary Proceedings in Bankruptcy Court

What is the Meeting of Creditors and am I Required to Attend?

Surprise! Where did this Judgment Come From?

What to Bring to Your First Meeting with Your Bankruptcy Lawyer

"Post-Petition Restructuring Support Agreement Survives Challenge in Delaware"

Your Last Resort: The Unpaid Account

Decisions, Decisions. Bankruptcy or Debt Settlement?

A Story of Stock, Security and Simplicity Sacrificed Under French Law

Seventh Circuit Holds That Debtor Cannot Circumvent Bankruptcy's Absolute-Priority Rule

Bond Consent Solicitation Payments - Court of Appeal Upholds Judgment in Azevedo & Another v Imcopa

CFPB Solidifies Loan Originator Compensation Restrictions, Dumps Zero-Zero Requirement

Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated [Video]

SEC Approves Final Investor Privacy Rule

CFPB Publishes QM Rule Compliance Guide

CFPB Issues Small Entity Compliance Guide

Always Be Prepared: Forecasting a Business Partner's Financial Problems and How to Prepare

Strategies for Avoiding the Headache of Preference Liability

Creditors Can Reach Benefits under "Top Hat" Plan, United States District Court of Maryland Rules

Utah’s New Domestic Asset Protection Statute Makes State a Top Choice to Shield Assets

Dechert OnPoint: NDNY Bankruptcy Court's Broad Interpretation of the Definition of "Interests" in 363 Sale

Debt Buyer Lawsuits: The Illusion of Evidence

Judge Rules In Favor Of Stockton And Accepts Chapter 9 Petition

To Release Or Not to Release – If That Is the Question, What Is the Answer?

Kazakhstan’s Bankruptcy Law Overhaul

Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated [Video]

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