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Consumer Bankruptcy › Trustees › Fraudulent Transfers

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 -
Jenner & Block

Recent Developments in Bankruptcy Law, January 2023

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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

Kramer Levin Naftalis & Frankel LLP

Bankruptcy Court Permits Chapter 7 Trustee to Utilize IRS’ Look-Back Period in Seeking to Avoid Fraudulent Transfers

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In its recent decision in Mitchell v. Zagaroli, Adv. Pro. No. 20-05000, 2020 WL 6495156 (Bankr. W.D.N.C. Nov. 3, 2020), the Bankruptcy Court for the Western District of North Carolina held that the Chapter 7 trustee could...more

Miles & Stockbridge P.C.

Bankruptcy Court Within Fourth Circuit Permits Fraudulent Conveyance Claims to Move Forward Under IRS 10-Year Reach Back Period

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A recent opinion by the United States Bankruptcy Court for the Western District of North Carolina kept alive a bankruptcy trustee’s fraudulent conveyance claims based on, in part, the Internal Revenue Code (“IRC”) 10-year...more

Husch Blackwell LLP

First Circuit Clarifies When College Tuition Can Be Considered A Fraudulent Transfer

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Last month the First Circuit Court of Appeals became the first federal appellate court to take up the matter of whether college tuition paid for an adult child by a bankrupt parent constitutes a fraudulent transfer. Chief...more

Kramer Levin Naftalis & Frankel LLP

Second Circuit Holds Trustee’s Recovery of Fraudulent Transfer Is Not Double Recovery

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In Jones v. Brand Law Firm, P.A. (In re Belmonte), Case No. 18-2098-bk (2d Cir. July 25, 2019), the Second Circuit affirmed both the bankruptcy court and district court decisions that found the Trustee was not barred by 11...more

Fox Rothschild LLP

For The Defense: State Courts Reject The Ponzi Scheme Presumptions In Fraudulent Transfer Actions

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Bernie Madoff in New York, Tom Petters in Minneapolis, Allen Stanford in Houston, and Darren Berg in Seattle lead a rogues’ gallery of infamous Ponzi schemers. All are now serving time in prison. But the civil litigation...more

Rosenberg Martin Greenberg LLP

Ninth Circuit Bankruptcy Appellate Panel Holds That Check Written Before Bankruptcy Filing, But Honored After Bankruptcy Is...

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“Transfers,” and when they occur, are important under the Bankruptcy Code for a number of reasons.  Trustees may recover as a “preference” any “transfer…to of for the benefit of a creditor…for or on account of an antecedent...more

Akerman LLP

Colleges’ Liability For Defaulting Parents Narrowing?

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Good news for colleges: Connecticut may be on the leading edge of a trend to bar bankruptcy trustees from pursuing colleges when parents default on their “Parent PLUS” loans. When a parent signs a “Parent PLUS” loan to...more

Troutman Pepper

Strong Arm Powers: Does Sovereign Immunity Trump a Claim Based on State Law?

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Kohut v. Wayne County Treasurer (In re Lewiston), 528 B.R. 387 (Bankr. E.D. Mich. 2015) – The debtor made property tax payments on behalf of several real estate projects.  The chapter 7 trustee sought to recover those...more

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