News & Analysis as of September 25, 2024

Bankruptcy Code

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Bankruptcy Court Upholds Foreclosure Sale That Occurred Between Bankruptcy Case Dismissal and Subsequent Reinstatement

Bradley Arant Boult Cummings LLP on 1/15/2021

Frequently, borrowers file for bankruptcy at the 11th hour to halt foreclosure sales. Once a petition for bankruptcy relief has been filed, secured creditors must cease their collection efforts to avoid violating the...more

Four Significant Changes to Consumer Bankruptcy Included in the Consolidated Appropriations Act, 2021

Bradley Arant Boult Cummings LLP on 1/8/2021

On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021). Similar to the March 2020 CARES Act, several temporary changes to the Bankruptcy Code are included in Title X of the CAA 2021. Below,...more

The Third Circuit Determines That New Jersey Tax Foreclosure Is Subject To Bankruptcy Preference Avoidance

Obermayer Rebmann Maxwell & Hippel LLP on 10/18/2019

Unlike mortgage foreclosures, which are immune from fraudulent conveyance avoidance attack, the Third Circuit recently ruled, in a case of first impression, that a transfer of title pursuant to a New Jersey tax sale...more

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

K&L Gates LLP on 8/10/2017

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

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

Shumaker, Loop & Kendrick, LLP on 10/31/2016

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

Carlton Fields on 10/10/2016

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

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

Baker Donelson on 7/16/2015

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

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

Seyfarth Shaw LLP on 6/23/2015

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

Bankruptcy Beat: The Automatic Stay Does Not Preclude A Foreclosure Committee From Seeking Fees From A Non-Debtor Party In A...

Pullman & Comley, LLC on 3/27/2015

On January 5, 2015, the Honorable Albert S. Dabrowski issued a decision concerning the applicability of the automatic stay of Bankruptcy Code Section 362(a) (the “Automatic Stay”), which decision highlights and clarifies...more

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