News & Analysis as of

Debtors Tax Returns

Patterson Belknap Webb & Tyler LLP

Clarity Of Drafting And Reliance On A Spouse For Bankruptcy Protection - A Cautionary Tale

The importance of clarity in drafting agreements can never be understated. And while there are strategies available to spouses of business owners to help protect a family in bankruptcy, it is imperative to properly plan and...more

Jones Day

From the Top in Brief: U.S. Supreme Court Clarifies Whether Debts Based on False Statements Can Be Discharged in Bankruptcy

Jones Day on

On June 4, 2018, the U.S. Supreme Court ruled in Lamar, Archer & Cofrin, LLP v. Appling, No. 16-1215, 138 S. Ct. 1752, 2018 WL 2465174 (U.S. June 4, 2018), that an individual debtor's false statement about a single asset, as...more

McGuireWoods LLP

Statement By Debtor About Single Asset Can Be Statement Respecting Debtor’s Financial Condition Under Bankruptcy Code Section...

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Section 523(a)(2)(B) of the Bankruptcy Code provides that a discharge under the Bankruptcy Code does not discharge an individual debtor from any debt for money, property, services, or an extension, renewal, or refinancing of...more

Ward and Smith, P.A.

In Chapter 7, Oral Lies Are Safer Than Written Lies

Ward and Smith, P.A. on

In my last article, I discussed how the Fourth Circuit Court of Appeals affirmed the denial of a Chapter 7 debtor’s discharge because the debtor intentionally lowballed the value of his interest in a real estate investment...more

BakerHostetler

Supreme Court Holds That a Statement About a Single Asset Can Be a Statement Respecting a Debtor's Financial Condition

BakerHostetler on

The Supreme Court held that a statement about a single asset can be a “statement respecting the debtor’s financial condition” for purposes of determining the application of the exception to discharge set forth in Section...more

BCLP

SCOTUS Reminds Us To Get It In Writing When Dealing with Someone that Owes You Money

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The recent decision from the United States Supreme Court in Lamar, Archer & Cofrin, LLP v. Appling (“Lamar”), further restricts a creditor’s ability to pursue future recovery on its debt through a nondischargeability action...more

Patterson Belknap Webb & Tyler LLP

Supreme Court Resolves Circuit Split on the Dischargeability of Debts Obtained by Oral Misrepresentations

On June 4, the Supreme Court decided Lamar, Archer & Cofrin, LLP v. Appling, No. 16-1215, in a unanimous opinion by Justice Sotomayor. The Court affirmed the Eleventh Circuit and resolved a circuit split about the meaning of...more

Fox Rothschild LLP

U.S. Supreme Court Finds Debt Obtained By False Promises To Pay, Dischargeable

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The U.S. Supreme Court resolved a dispute about whether debts obtained by false promises to pay (or fraud) can be discharged in bankruptcy. On June 4, 2018, the U.S. Supreme Court issued an opinion affirming the U.S. Court...more

Jackson Walker

Lamar Opinion Reminds Creditors to Get in Writing Any Representations About Debtors’ Financial Conditions

Jackson Walker on

On June 4, 2018, the Supreme Court of the United States issued its opinion authored by Justice Sotomayor in Lamar, Archer & Cofrin, LLP v. Appling impacting the discharge of debts under Bankruptcy Code § 523(a)(2)(A)....more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Lamar, Archer & Cofrin, LLP v. Appling

On June 4, 2018, the Supreme Court of the United States decided Lamar, Archer & Cofrin, LLP v. Appling, No. 16-1215, holding that a statement about a single asset can be a “statement respecting the debtor’s financial...more

Amundsen Davis LLC

Supreme Court To Decide Important Bankruptcy Case

Amundsen Davis LLC on

The United States Supreme Court is poised to decide whether a mis-statement about a single asset must be in writing in order to give rise to a non-dischargeable debt for fraud. Scott Appling supposedly orally lied to his...more

Proskauer - Minding Your Business

Courts Split on Definition of a “Return” for Tax Discharge

On October 11, 2016, Martin Smith petitioned the Supreme Court for a writ of certiorari to review a decision by the Ninth Circuit. After Smith failed to file a timely tax return, the IRS assessed a deficiency against him....more

BCLP

Are Those Taxes Owing On Your Late-Filed Tax Return Dischargeable? Maybe, But You Better Be In The Right Circuit

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Individual debtors with old tax debts relating to late-filed tax returns may be surprised to find that those tax debts may not be dischargeable under section 523(a) of the Bankruptcy Code due to the lateness of the tax...more

Haight Brown & Bonesteel LLP

Public Policy Overrides the Confidentiality of Tax Returns in California in Connection With a Judgment Debtor Examination

The Court of Appeal of the State of California – First Appellate District in Li v. Yan (5/2/16 – Case no. A144994) affirmed the trial court’s ruling that a judgment debtor’s tax returns are not privileged from disclosure in...more

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