News & Analysis as of

Debt Chapter 7

Troutman Pepper

Fla. Bankruptcy Ruling Is Cautionary Tale for Debt Collectors

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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

Troutman Pepper

Florida Bankruptcy Court Sanctions Debt Buyer for Seeking to Collect Debt that Consumer Failed to Schedule in Bankruptcy Case

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The debt purchaser in In re McIntosh argued that because it was enforcing a debt that was not listed correctly on the debtor’s bankruptcy schedules, it was entitled to assume the debt had not been discharged. The U.S....more

Rivkin Radler LLP

U.S. Supreme Court: Debts Due to Business Partner’s Fraud Non-Dischargeable

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Earlier this year, the Supreme Court issued a decision that all business owners should be aware of. The Supreme Court resolved a Circuit split over whether a debtor can discharge a debt incurred by a fraud committed by the...more

Harris Beach PLLC

Cannabis-Related Companies Alternatives to Bankruptcy

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The federal bankruptcy courts are largely inaccessible to companies that operate in the cannabis space¹. While cannabis companies cannot wholly avoid pending lawsuits, or the ability to restructure or maximize value through a...more

Arnall Golden Gregory LLP

Death, Taxes & Preference Suits: At Least One May Be Escaped

There is an old saying that only two things in life are certain: death and taxes. When it comes to bankruptcy cases, there is another certainty: creditors who got paid within the 90 days prior to their customer’s bankruptcy...more

Fox Rothschild LLP

The Tragic Case Of The Dangling Debt

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We live in an age when it is oh-so-easy to incur debt, sometimes without even knowing it. The moral of this story is that clients need to try to remember the documents they signed before their divorce is over. And even...more

Nelson Mullins Riley & Scarborough LLP

Consensus Builds That Some Private Student Loans Can Be Discharged in Bankruptcy

Last month, the United States Court of Appeals for the Second Circuit, in Homaidan v. Sallie Mae, Inc., 3 F.4th 595 (2d Cir. 2021), affirmed a New York federal court's ruling that private student loans are not explicitly...more

Patterson Belknap Webb & Tyler LLP

Appeals Court Rules That a Discharge Injunction Bars a Fraudulent Transfer Claim Based on a Non-Dischargeable Debt

A discharge of debt in bankruptcy “operates as an injunction against the commencement or continuation of an action, the employment of process, or an act, to collect, recover or offset any such debt as a personal liability of...more

Foster Swift Collins & Smith

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

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

Bowditch & Dewey

Six Questions About Involuntary Bankruptcy

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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

Burr & Forman

Municipalities: Revenue Crunches and Chapter 9 Bankruptcies on the Horizon

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Last year many states and municipalities across our country as well as the elected officials who led them celebrated our nation’s low unemployment, increasing tax revenue and the zenith moments of what was the longest...more

Hinshaw & Culbertson LLP

Fifth Circuit Rules For-Profit Student Loans Are Dischargeable Without Proof of "Undue Borrower Hardship"

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Many student loan borrowers, lenders, and servicers operate under the presumption that student loans are generally not dischargeable in bankruptcy, absent an "undue hardship." That notion may no longer be a bright line rule,...more

Hinshaw & Culbertson LLP

A Reminder for Borrowers: Post-Discharge Communications by Creditor Must Coerce or Harass in Order to Violate Bankruptcy Law

In Kirby v. 21 Mortg. Corp., the First Circuit Bankruptcy Appellate Panel examined the Kirbys' claim that the 19 written communications they received from their mortgage holder following their Chapter 7 discharge violated the...more

King & Spalding

Southern District of New York holds that intercreditor agreement allows for payment of subordinated lender’s post-petition...

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On January 27, 2017, the United States District Court for the Southern District of New York ruled that the subordinated creditor was entitled to payment of post-petition interest prior to repayment of the senior lender’s...more

Ballard Spahr LLP

New Putative FCRA Class Action May Signal a Trend

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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

Troutman Pepper

Property Surrender: Surrender Means Surrender – Really

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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

Troutman Pepper

Potpourri Of Issues In Foremost Building Bankruptcy Sale

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In In re Scimeca Foundation Inc., 497 B.R. 783 (Bankr. E.D. Pa. 2013), a Chapter 7 trustee sought court approval for a sale of the debtor’s property and resolution of related issues over the objections of the debtor. In...more

Snell & Wilmer

Not All Property Acquired Post-Petition is Safe from Creditors

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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

Katten Muchin Rosenman LLP

Ninth Circuit Holds That Debt Can Be Recharacterized as Equity

The US Court of Appeals for the Ninth Circuit recently resolved a split within the circuit when it held that a bankruptcy court has the power to recharacterize debt as equity. In In re Fitness Holdings International, Inc.,...more

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