News & Analysis as of

Consumer Bankruptcy

Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are... more +
Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are eligible for Chapter 7 or Chapter 13 depending on the nature of their debts and assets. less -

Two Courts Clear the Way for Bankruptcy Trustees to Avoid Tuition Payments Made by Parents on Behalf of Children as Fraudulent...

Two bankruptcy courts recently cleared the way for bankruptcy trustees to avoid college tuition payments made by debtor-parents on behalf of their children as fraudulent transfers, potentially affecting the college’s ability...more

Claw Back of Parent PLUS Loan Proceeds to Pay College Tuition Hits a Roadblock

by Shipman & Goodwin LLP on

Over the last few years, Chapter 7 trustees of the bankruptcy estates of parents that paid college tuition for their children in the years before their bankruptcy filings have actively pursued the recovery of those tuition...more

Does Bankruptcy Put Equity In My Florida Homestead At Risk?

by Fox Rothschild LLP on

In my November post, I discussed the basics regarding protection of your Florida Homestead from forced sale by creditors and alluded to exceptions to the rule. Let’s discuss some of those exceptions as it relates to a...more

Court Holds that Bankruptcy Judges Cannot Impose Punitive Sanctions

Bankruptcy courts lack the power to impose serious punitive sanctions, a federal district judge ruled recently in PHH Mortgage Corporation v. Sensenich, 2017 U.S. Dist. LEXIS 207801 (D. Vt. Dec. 18, 2018). Judge Geoffrey...more

Claw Back of Parent PLUS Loan Proceeds to Pay College Tuition Hits a Roadblock

by Shipman & Goodwin LLP on

Over the last few years, Chapter 7 trustees of the bankruptcy estates of parents that paid college tuition for their children in the years before their bankruptcy filings have actively pursued the recovery of those tuition...more

New rules for financial leasing in Italy

by White & Case LLP on

New rules establish a legal framework for financial leasing agreements in Italy.   Before the new rules, financial leasing agreements lacked a dedicated legal regime in Italy. Instead, Italian courts applied - at times...more

New Bankruptcy Rules that Creditors Need to Know and Follow

by Ward and Smith, P.A. on

On December 1, 2017, several changes to the Federal Rules of Bankruptcy Procedure took effect. The changes involve consumer cases under Chapter 13 and affect creditors with secured claims, unsecured claims, and judgment liens...more

Florida Homestead Protections Against Forced Sale Under Threat of Dilution

by Charles (Chuck) Rubin on

Once every 20 years, Florida convenes a Constitution Revision Commission (CRC) to review and make recommended changes to the Florida Constitution. Proposed changes are then put to Florida voters for approval or disapproval. A...more

Banking & Financial Services E-Note - November 2017

by Burr & Forman on

Two Burr attorneys recently led panel discussions at the Annual Conference of the Conference on Consumer Finance Law at its recent event in Ft. Worth, TX, on November 2-3. Nashville Partner Zach Miller led the panel...more

Bankruptcy Rule Amendments Now in Effect

by Barley Snyder on

Bankruptcy professionals, be ready. There are now some major changes in the bankruptcy filing process, and noncompliance could cause you to lose in court....more

Amendments to the Federal Rules of Bankruptcy Procedure Effective on December 1, 2017

by Reed Smith on

Amendments to the Federal Rules of Bankruptcy Procedure become effective December 1, 2017. We highlight those amendments below, separating the discussion into amendments that impact both business and consumer bankruptcy...more

Changes to Bankruptcy Rules Effective December 1

by Stoel Rives LLP on

I. BANKRUPTCY CLAIMS DEADLINE SHORTENED - A number of amendments to the Federal Rules of Bankruptcy Procedure go into effect on December 1, 2017. One amendment shortens the deadline for filing a proof of claim in voluntary...more

A Decision of Interest: U.S. Court of Appeals for the Second Circuit Opines on the Proper Interest Rate Under the Cramdown...

by Shearman & Sterling LLP on

On October 20, 2017, the United States Court of Appeals for the Second Circuit issued an important decision regarding the manner in which interest must be calculated to satisfy the cramdown requirements in a chapter 11 case....more

Second Circuit Requires Consideration of Efficient Market for Chapter 11 Cramdown Interest Rates

by Latham & Watkins LLP on

Ruling overturns New York decision rejecting market-based approach. Key Points: - Court of Appeals for the Second Circuit requires courts to consider efficient market interest rate, if available, for purposes of chapter...more

Eleventh Circuit Narrows Application of Judicial Estoppel

by Burr & Forman on

The Eleventh Circuit has revisited the question of when a debtor may be judicially estopped from pursuing a civil lawsuit due to his or her failure to disclose the claims forming the basis of the lawsuit in their bankruptcy....more

Cramdown Interest Rate Best Set Based on Market Rates

by Robinson & Cole LLP on

The Bankruptcy Code permits cramdown of a secured creditor but requires that the secured creditor receive deferred cash payments at least equal to the value of its collateral. This means that installment payments to the...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending October 6 & 13, 2017

by Carlton Fields on

REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE - Ad Valorem Taxes: land lease holders are considered equitable owners of land for tax purposes if land lease renews automatically and is perpetual; owners of condominium...more

No Notice: How Unnotified Creditors Can Violate a Discharge Injunction

by Bryan Cave on

Here is the scenario: You are a creditor. You hold clear evidence of a debt that is not disputed by the borrower, an individual. That evidence of debt could be in the form of a note, credit agreement or simply an invoice. ...more

Jump in Credit Scores Means Dip in Underwriting Predictability

by Carlton Fields on

Underwriters that rely on popular credit-scoring models like FICO and VantageScore to assess risk may have noticed that some consumer credit scores jumped recently. The nationwide credit reporting agencies, Equifax Inc.,...more

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

CFPB Makes Last-Minute Changes to 2016 Mortgage Servicing Final Rule

On October 4, 2017, the CFPB released an interim final rule and a proposed rule to amend certain provisions of its 2016 Mortgage Servicing Final Rule. While the changes will not drastically change the 2016 Mortgage Servicing...more

Debtor’s Failure to Disclose No Longer Deadly in Eleventh Circuit

by Perkins Coie on

Employers and other defendants suffered a setback recently. Most large companies have been sued by an employee who failed to disclose the lawsuit or cause of action in their individual bankruptcy case. For many years, the...more

Bitcoin and Bankruptcy: What You Need to Know about the Value of Bitcoin and Other Cryptocurrencies in Bankruptcy

It is hard to peruse the internet or even mainstream media outlets without hearing about bitcoin. What is this ubiquitous bitcoin? It depends on whom you ask....more

Dear Debtor, Three Strikes And You’re Outta Here!

by Fox Rothschild LLP on

When an individual files for bankruptcy protection, he/she is entitled to certain wonderful benefits. For example, a Chapter 13 bankruptcy filing will stop (at least temporarily) a home foreclosure or car repossession and...more

Topple of Estoppel? Eleventh Circuit Deals Blow to Bankruptcy Disclosure Defense in Discrimination Suit

Employees who sue their employers must disclose that lawsuit if they file for bankruptcy—right? Maybe not. In Slater v. U.S. Steel Corp., the Eleventh Circuit overruled prior precedent and impaired a valuable defense for...more

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