News & Analysis as of

Dischargeable Debts

The Legality of Post-Bankruptcy Condo or Homeowner Association Assessments

A recent bankruptcy case illustrates how bankruptcy affects condominium or homeowner’s association assessments. The Bankruptcy Court for the Southern District of Florida ruled that a condominium association was not in...more

Discharge of Federal and State Income Taxes in Bankruptcy

by McNair Law Firm, P.A. on

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

Banking & Financial Services E-Note - March 2017

by Burr & Forman on

In an article published in the April 2017 issue of The Journal of Bankruptcy Law, Jonathan Sykes and Correy Karbiener provide insight on whether § 546(e) of the Bankruptcy Code protects transfers made to repay commercial...more

A Bankruptcy Discharge Makes a Face-to-Face Meeting an Act in Futility

Just last fall, we wrote about the Eleventh Circuit’s decision in In re Failla, Case No., in our article, “The Eleventh Circuit has spoken: Debtors who surrender property must get out of the creditor’s way.” Now, it appears...more

“Singular” Cases on Nondischarge and Dischargeability

by Bryan Cave on

Two recent cases analyzed the misrepresentations of a debtor regarding a single asset and held a written misrepresented value of a single scheduled estate asset would result in nondischargeability under Section 727, and that...more

Burr Alert: Lenders Beware: 11th Circuit holds borrower’s false oral statement regarding single asset does not provide basis for...

by Burr & Forman on

Section 523(a)(2) of the Bankruptcy Code is clear that a debtor can discharge a debt for money obtained by a false statement respecting the debtor’s financial condition unless that statement is in writing. What hasnot been...more

Creditor-Friendly Changes to North Carolina’s Accord and Satisfaction Law

by Poyner Spruill LLP on

A creditor can now reinstate a disputed debt that has been inadvertently discharged. The North Carolina Legislature recently amended its accord and satisfaction law to include creditor-friendly revisions that make it...more

Directors, Officers and Other Responsible Persons Be Aware - Your Vicarious Liability for Your Company’s Violations of Securities...

by Dechert LLP on

A debtor ordinarily may discharge debts in bankruptcy, unless one of several exceptions apply. One of the preclusions to dischargeability of certain debts, found in Section 523(a)(19) of the U.S. Bankruptcy Code, generally...more

Lenders Seeking Loan Modification After Bankruptcy, Beware!

by Ward and Smith, P.A. on

Lenders cannot revive a guaranty obligation discharged in bankruptcy with a subsequent modification or forbearance agreement, even with new consideration; and attempting to do so may lead to lender liability exposure....more

Appellate Court Reverses Course on Lis Pendens Effect on Post Judgment Liens

UPDATE: On rehearing, the appellate court held that all liens placed on property between a final judgment of foreclosure and judicial sale are discharged by Florida statute. Specifically, the court recognized that the sale...more

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

Banking & Financial Services E-Note - December 2016

by Burr & Forman on

Last month, the IRS issued final regulations repealing its rule requiring that a Form 1099-C be filed whenever a financial institution (or certain other limited taxpayers) fails to receive payment on a debt for 36 consecutive...more

Debtors Who Misuse Collateral Can Lose the Benefit of Discharging their Debt in Bankruptcy

by Burr & Forman on

On November 21, 2016, in a case entitled In re Monson, the Eleventh Circuit Court of Appeals affirmed the Bankruptcy Court’s decision, which held that a debtor’s conduct constituted a willful and malicious injury to a...more

Extra! Extra! Read All About It! Publication Notice of Claims Bar Date Satisfies Due Process Requirements

by Robins Kaplan LLP on

In a recent decision involving the adequacy of publication as a means of notice to creditors, the United States Bankruptcy Court for the Southern District of New York reaffirmed the importance of a thorough bar date noticing...more

Burr Alert: New Regulations Repeal Automatic Requirements for Form 1099-C Under No Payment For 36 Months Rule

by Burr & Forman on

Last month, the IRS issued final regulations repealing its rule requiring that a Form 1099-C be filed whenever a financial institution (or certain other limited taxpayers) fails to receive payment on a debt for 36 consecutive...more

Ohio Supreme Court Finds That An Action At Law On A Promissory Note To Collect A Mortgage Debt Is Separate And Distinct From An...

by Reminger Co., LPA on

The Supreme Court of Ohio recently clarified in a decision issued in Deutsche Bank Nat’l Trust Co. vs. Holden 2016-Ohio-4603; 2016 Ohio LEXIS 1803, that equitable rights and remedies which a party holds in and to a mortgage...more

Eighth Circuit Opinions Highlight Need to Apply Appellate Lens at Trial Court

by Robins Kaplan LLP on

We often quip that the best way to establish a winning record as an appellate lawyer is to represent the party that won below; that’s no joke. In nearly every appellate court— state or federal— appellants have an uphill...more

Maine Mortgagees: Send Your Mortgagor the Actual Recorded Release, Not a Copy

by Pierce Atwood LLP on

On September 13, Maine’s Supreme Judicial Court (the “Law Court”), in a 4-2 split decision, issued an opinion that may expose mortgagees and mortgage servicers to significant liability under the Maine statute that governs the...more

Florida Appellate Court Rules Lis Pendens Does Not Bar Post Judgment Liens

In a recent decision issued by the Fourth District Court of Appeal, the court held that while a lis pendens may discharge liens that exist prior to entry of a final judgment of foreclosure, it does not affect those that...more

[Webinar] Proposed Changes to the Financial Responsibility Standards - August 31st, 12:00pm CST

by Thompson Coburn LLP on

Among the significant changes proposed by the Department are revisions to the financial responsibility standards. The proposed regulation would create a significant number of new “triggering events” that would automatically...more

Helpful Cases for Mortgage Servicers Attempting to Comply with Mortgage Servicing Regulations After a Bankruptcy Discharge

by Bryan Cave on

Mortgage lenders and servicers face several regulations in servicing residential mortgages. There are requirements under the Truth in Lending Act (“TILA”), Real Estate Settlement Procedures Act (“RESPA”), the Equal Credit...more

[Webinar] The Proposed Borrower Defense Framework (Proposed Borrower Defense Rule Series) - August 24th, 12:00pm CST

by Thompson Coburn LLP on

In this first webinar, we will deconstruct the proposed borrower defense framework, with particular attention to what would constitute a valid “claim,” and the individual and group processes proposed for resolving such...more

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

by Bryan Cave on

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

This Week: Join Us at the ABI Northeast Bankruptcy Conference

by PretiFlaherty on

The 23rd annual Northeast Bankruptcy Conference takes place this week, from July 14-17, at the Omni Mount Washington Resort in Bretton Woods, New Hampshire. This conference provides a great opportunity to gain insight into...more

Debt Secured by Inventory Real Property is Not QRPBI

by Miles & Stockbridge P.C. on

In the recently released Revenue Ruling 2016-15, the IRS determined that discharge of debt income generated by the forgiveness of debt secured by real property constituted excludable qualified real property business...more

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