News & Analysis as of

Chapter 7 Chapter 13

Coming Soon: Bankruptcy Proofs of Claim Must be Filed Sooner and by More Claimants

by Snell & Wilmer on

Bankruptcy Rule 3002 is getting an update, which goes into effect on December 1, 2017. Creditors in a Chapter 7 (liquidation), Chapter 12 (family farmer), and Chapter 13 (individual reorganization) bankruptcy need to take...more

Upcoming Amendments to Bankruptcy Rule 3002 to Impact Bankruptcy Filing Practices for Mortgagees

by K&L Gates LLP on

Effective December 1, 2017, certain amendments to the Federal Rules of Bankruptcy Procedure (“the Bankruptcy Rules”) recently adopted by the Supreme Court will impact the allowance of secured claims in bankruptcy. Below, we...more

Liability Coverage Policies: Property of the Estate to Which the Automatic Stay Applies

by Best Best & Krieger LLP on

When a chapter 7, 11, 12 or 13 case is filed, two key items spring into life. The first is a new entity called the bankruptcy estate which is comprised of all of the debtor’s non-exempt legal or equitable interests in...more

Massachusetts Bankruptcy Court Confirms that Chapter 13 Debtors May “Strip Off” Second Mortgages

by PretiFlaherty on

Recently in In re Guerra, the Bankruptcy Court for the District of Massachusetts joined the majority of courts in finding that United States Supreme Court’s decision in Bankof Am. v. Caulkett does not affect a chapter 13...more

2016 Bankruptcy Statistics for the Western District of Wisconsin: Overall Filings Decreased 5.5%, but Chapter 12 Farm Bankruptcies...

by Ruder Ware on

The 2016 bankruptcy statistics tell an interesting story.  While the total number of bankruptcy cases filed in 2016 in the Western District of Wisconsin (“WDW”) fell 5.5% to its lowest level in ten years, Chapter 12 farm...more

When Construction Contracts Go Sideways in Bankruptcy

The contractor on a project files a bankruptcy case. How should the property owner and subcontractors proceed? When a party to a contract files bankruptcy, the other party’s actions are constrained by the bankruptcy code....more

It’s Not Just Actual Fraud: Intent to Hinder, Delay, or Defraud Can Be Present Even with the Best of Intentions

by Robins Kaplan LLP on

The Bankruptcy Code contemplates several penalties for transfers made by a debtor with an intent to “hinder, delay, or defraud” creditors. Although most situations focus on an “actual intent to defraud,” the Tenth Circuit...more

Client Alert: Federal Appeals Court Rules That Bankrupt Debtors’ Choice to "Surrender" Real Property Waives Their Right to Contest...

Under Section 521(a)(2)(A) of the federal bankruptcy code, a debtor in a chapter 7 bankruptcy must file a statement within 30 days of the bankruptcy filing notifying the court, creditors and the trustee whether the debtor...more

Surrendering Your Property in Bankruptcy Means You Must Actually Surrender It

by Carlton Fields on

The title of this article seems self-evident. Lenders, servicers, and others active in the foreclosure arena these past few years know that it has been anything but. Borrowers surrender property in bankruptcy but,...more

When One Spouse Files for Bankruptcy, But Not the Other

by Best Best & Krieger LLP on

When a Chapter 7, 11, or 13 case is filed, a new entity is created called the bankruptcy estate. A bankruptcy estate is comprised of all of the debtor’s non-exempt legal or equitable interests in property as of the time of...more

How Long Is Too Long To Reopen A Bankruptcy Case?

by Tucker Arensberg, P.C. on

In a per curiam opinion that is not precedential but of interest to lenders who take mortgages as security, the Court of Appeals for the Third Circuit decided that the Debtor’s effort to reopen her bankruptcy case was too...more

New Case Poses Threat to Mortgage Servicers in Bankruptcies

by Baker Donelson on

A new decision from the U.S. Court of Appeals for the Ninth Circuit poses a serious threat to mortgage companies that service mortgages of chapter 13 debtors. Mortgage servicers should be aware of the case's implications and...more

New Administrative Orders Amend Procedures for Creditors in Consumer Bankruptcy Cases Pending in the Middle District of Florida

by Wilson Elser on

Prior to September 1, 2015, procedures in consumer chapter 13 bankruptcy cases varied greatly across the divisions of the Middle District of Florida, creating vastly different workflows for creditors and attorneys with cases...more

Florida Court Rules Borrowers Who Surrender Property in Bankruptcy Can't Later Take it Back

by Baker Donelson on

Thanks to several recent United States Bankruptcy Court decisions in Florida, mortgage servicers should now expect borrowers who surrender their real property in bankruptcy to not contest foreclosure later. Since the...more

US Supreme Court Decision in Bank of America, N.A. v. Caulkett

by Barley Snyder on

In a 9-0 decision released on June 1, 2015, the US Supreme Court ruled, in Bank of America, N.A. v. Caulkett, 135 S. Ct. 1995 (2015), that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien...more

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

by Seyfarth Shaw LLP on

The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

U.S. Supreme Court Holds that Out of the Money Mortgages Cannot be Stripped Off in Chapter 7 Bankruptcy Cases

by Dechert LLP on

The U.S. Supreme Court held that a secured creditor in a chapter 7 bankruptcy case is protected from having its lien “stripped off” even if the collateral securing its claim is worth less than the claims asserted by a senior...more

Three Recent Supreme Court Rulings Will Impact Lenders and Investors

Three significant opinions issued by the US Supreme Court in the last few months will impact lenders and investors. Bank of America v. Caulkett - In a major win for the nation’s mortgage lenders and...more

Bankruptcy Blog Re: Debtor’s Funds When Case Is Converted From Chapter 13 To Chapter 7

by Tucker Arensberg, P.C. on

The Supreme Court of the United States was recently asked whether, when a debtor in good faith converts a bankruptcy case to Chapter 7 after confirmation of a Chapter 13 plan, undistributed funds held by the Chapter 13...more

Chapter 7 Debtors Cannot Strip Off Junior Liens on Underwater Home Loans, United States Supreme Court Rules

Yesterday, the United States Supreme Court ruled that debtors in Chapter 7 bankruptcy cases cannot “strip off,” or completely void, junior mortgages that—based on the value of the property and the amount of claims secured by...more

Supreme Court Decides Harris v. Viegelahn

by Faegre Baker Daniels on

On May 18, 2015, the U.S. Supreme Court decided Harris v. Viegelahn, No. 14-400, holding that when a debtor in bankruptcy converts from a Chapter 13 payment plan to Chapter 7 liquidation, any of the debtor’s post-petition...more

HOA dues still pile up after filing bankruptcy. What to do?

by Malcolm Ruthven on

If you own a condo and pay HOA dues, filing bankruptcy eliminates back HOA dues incurred before filing, but not those dues charged after filing. What to do?...more

I owe too much money to file bankruptcy. Wrong!

by Malcolm Ruthven on

Why do some people think this is true? After all, you read about large corporations that owe many millions filing bankruptcy. Whatever the reason, it's just not true. Let's take a look as what is true...more

With my income, I'll have to file a Chapter 13 bankruptcy and pay all my debts. Wrong (probably)!

by Malcolm Ruthven on

The truth about this is not simple. Let's take a look at it. If you make "too much" money, you might not be able to do a Chapter 7 bankruptcy, the one that gets rid of your debts quickly. The usual alternative is a Chapter 13...more

The Bankruptcy Discharge, Debt Buyers, and Credit Reporting: Recent Developments

Recent news stories by The New York Times and NPR have brought much attention to a question that many creditors likely face on a regular basis: When a debt is sold to a debt buyer prior to the debtor entering bankruptcy, what...more

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