Spotlight on Financial Services- Consumer bankruptcy
Repossessions and Bankruptcy Post-COVID, Post-Fulton [More with McGlinchey, Ep. 26]
Bill on Bankruptcy: LightSquared, the Battle among Hedge Funds
Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling
Bill on Bankruptcy: Sigmund Freud, Marx Brothers, Bernie Madoff
Bill on Bankruptcy: How Purchasers of AMR Stock Made a Killing
The U.S. Bankruptcy Code will be implementing inflation adjustments in its eligibility and exemption limits by 13.2% across various provisions. The official adjustments have been published in the Federal Register, marking the...more
Unlike most items of personal property, a motor vehicle usually has a certificate of title. We all know that the point of a vehicle title is to show who owns the vehicle and who (if anyone) has a lien on it....more
Bankruptcy filings affect businesses across America. The Bankruptcy Code is complex and difficult to navigate. But used properly, it can helpcreditors to minimize losses when a customer files bankruptcy. ...more
In In re Pack Liquidating, LLC, 2024 WL 409830 (Bankr. D. Del. Feb. 2, 2024), the U.S. Bankruptcy Court for the District of Delaware ruled that, in accordance with Third Circuit precedent, the Bankruptcy Code, rather than...more
A recent issue surfaced in a Chapter 13 bankruptcy case related to a mortgage claim. The debtor had filed a previous bankruptcy case during which she had objected to the mortgage creditor’s claim. A hearing was set, but...more
In a March 2024 decision, the U.S. Bankruptcy Appellate Panel for the First Circuit (the “Panel”) followed existing case law prohibiting debtors in businesses related to cannabis from availing themselves of federal bankruptcy...more
Businesses in financial distress have multiple options to consider when attempting to reorganize or liquidate. A state court receivership or Chapter 7 Bankruptcy are likely options for liquidation when there are significant...more
What happens to funds recovered by the trustee after the final plan payment is made in a chapter 13 case? According to the U.S. Bankruptcy Court for the District of Iowa, absent a plan provision providing otherwise, those...more
In a recently published opinion by Fourth Circuit Judge Quattlebaum, Jr., the majority of the panel found there to be a genuine dispute of material fact in Plaintiff Mark Anthony Guthrie’s North Carolina Debt Collection Act...more
There is longstanding controversy concerning the validity of third-party release provisions in non-asbestos trust chapter 11 plans that limit the potential exposure of various nondebtor parties involved in the process of...more
Continuing with our series on bankruptcy schedules, today we’ll look at Schedule J, which is used to provide information about your monthly expenses. Schedule J is usually not discussed without discussing it in conjunction...more
Section 363(m) of the Bankruptcy Code provides that the reversal or modification of an order approving a sale or lease of assets in bankruptcy does not affect the validity of the sale or lease to a good-faith purchaser or...more
A recent case from the United States Bankruptcy Court for the Northern District of Indiana is a strong reminder to secured creditors of the importance of filing a proof of claim. In In re Ramirez Flores, 22-10010 (Bankr....more
Notices of filing bankruptcy from debtors to its creditors are intended to halt all collection efforts of prepetition debts. But where lenders are required by law to provide information to mortgagors who are debtors in...more
Starting a cannabis business is often discussed, but maintaining a business, particularly during a downturn in the industry, is a completely different ballgame. Pockets of the cannabis industry are experiencing financial...more
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 non-bankruptcy practitioners and professionals. This entry will discuss...more
1. AUTOMATIC STAY - 1.1 Covered Activities - 1.1.a Court declines to enjoin third party claims against the debtor’s jointly liable parent corporation. The debtor manufactured earplugs for many years. A major...more
1. AUTOMATIC STAY - 1.1 Covered Activities - 1.1.a Court declines to enjoin third party claims against the debtor’s jointly liable parent corporation. The debtor manufactured earplugs for many years. A major multinational...more
The Director of the Justice Department’s U.S. Trustee Program (USTP), which oversees the administration of bankruptcy cases, is about to change for the first time in nearly 20 years. Clifford White will be stepping down from...more
Covered Activities - 1.1.a Order granting counterclaim declaring validity of mortgage on the debtor’s property does not violate the stay. The debtor acquired property subject to a disputed mortgage. The debtor brought a...more
In a decision that could have significant ramifications in bankruptcy cases, a divided panel of the U.S. Court of Appeals for the Second Circuit ruled in 2021 that the standard articulated by the U.S. Supreme Court in Taggart...more
The City of Chicago impounded vehicles for nonpayment of fines. When the owners filed chapter 13 cases and requested that the city return their vehicles, the city refused. The bankruptcy court held that the city’s refusal...more
For both debtors and creditors, the numbers are important in a bankruptcy proceeding. The Judicial Conference of the United States has announced that certain dollar amounts and dollar limitations in the U.S. Bankruptcy Code...more
This entry is part of Nelson Mullins’s ongoing “Bankruptcy Basics” blog series that is intended to address foundational aspects of bankruptcy for non-bankruptcy practitioners and professionals. This entry will explain the...more
Because of the injunction that begins as soon as a debtor files for Chapters 7, 11 or 13 bankruptcy – called the automatic stay – creditors and collection agencies are prevented from seeking payment from the debtor....more