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Trustees Consumer Bankruptcy

Jones Day

Fifth Circuit: Preference Claims Are Property of the Bankruptcy Estate that Can Be Sold

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A debtor's non-exempt assets (and even the debtor's entire business) are commonly sold during the course of a bankruptcy case by the trustee or a chapter 11 debtor-in-possession ("DIP") as a means of augmenting the bankruptcy...more

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

Greenberg Glusker LLP

The Dead (and Their Bankruptcy Estate) Cannot Hold Property Under Recent Ninth Circuit Bankruptcy Appellate Panel Decision

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I recently had the pleasure of working with my colleagues Benny Roshan and Jillian Berk on an appeal before the Ninth Circuit Bankruptcy Appellate Panel (B.A.P), which tested the ever-evolving intersection between bankruptcy...more

Bradley Arant Boult Cummings LLP

Proof of Claim Form: Quick Reference Guide

A proof of claim is a written statement setting out a creditor's claim and asserting its right to receive a distribution from the bankruptcy estate. It must "conform substantially" to Official Bankruptcy Form B410 (Fed. R....more

Kramer Levin Naftalis & Frankel LLP

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

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

Snell & Wilmer

Married Couple’s Acquisition of Title as Joint Tenants Does Not Rebut the Presumption of Community Property

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In re Brace, 470 P.3d 15 (Cal. 2020), a California married couple acquired real property with community funds, and took title as “husband and wife as joint tenants.” When the husband filed a chapter 7 petition in bankruptcy,...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

BCLP

Bankruptcy Trustees Receive Early Holiday Present – a Circuit Level Win Against Colleges in the Tuition Clawback Cases

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We here at the Global Restructuring & Insolvency Developments (GRID to our friends) have been following the tuition clawback wars for a few years – the cases in which a bankruptcy trustee sues a college to return tuition that...more

Kramer Levin Naftalis & Frankel LLP

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

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

Burns & Levinson LLP

Sowing the Seeds of Marijuana Bankruptcy: a Look at Garvin v. Cook

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In a recent post, we discussed the ongoing personal bankruptcy case In Re Adair, in which a a United States Trustee is seeking to have the court dismiss a Chapter 13 plan of an individual that is employed by a...more

BCLP

SDNY Joins the Rush Party, Rules for Trustee in Another Child Tuition Clawback Case

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We at the BCLP Global Insolvency and Restructuring Developments (the GRID) continue to watch and cover the growing jurisprudence of trustees seeking to recover pre-petition tuition payments made by a debtor parent to support...more

Perkins Coie

A Plaintiff’s Bankruptcy Created a Pathway to Settlement

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The U.S. Court of Appeals for the Ninth Circuit recently reminded litigants that a plaintiff’s bankruptcy can benefit a defendant by providing an alternative settlement path. The plaintiff’s bankruptcy trustee can settle...more

Fox Rothschild LLP

Trustee Of Duane Martin And Tisha Martin Campbell’s Chapter 7 Case Brings Suit To Recover Property Subject To Loan From Will &...

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In entertainment and bankruptcy news, the chapter 7 trustee for the bankruptcy filed by former celebrity couple Duane Daniel Martin and Tisha Martin Campbell (the “Debtors”), brought suit against Roxe, LLC (“Roxe”) and others...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

Epiq

Curing the headache of tracking and posting trustee payments on default loans

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Today,loan servicers are faced with the headache of tracking and posting trustee payments to their loan portfolios. This is a lengthy process that can take a team of up to 10 people several hours on a weekly or monthly basis...more

Nelson Mullins Riley & Scarborough LLP

Using Trusts to Protect Assets in Bankruptcy

In In re Blasingame, 2018 WL 2084789 (B.A.P. 6th Cir. May 3, 2018), the Sixth Circuit Bankruptcy Appellate Panel demonstrates that trusts can be used to protect assets from the reach of creditors in the context of a...more

Rosenberg Martin Greenberg LLP

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

“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

Perkins Coie

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

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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

Goodwin

Mass. Bankruptcy Court: Mortgage with Incorrect Legal Description Is Avoidable by Chapter 7 Trustee

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On January 4, 2017, the United States Bankruptcy Court for the District of Massachusetts found that a Chapter 7 Trustee could avoid the debtor’s mortgage and preserve it for the benefit of the bankruptcy estate. The opinion,...more

Robins Kaplan LLP

Bankruptcy Courts Can Handle Pretrial Matters: Another Court Weighs in on Early Motions to Withdraw the Reference

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Not all decisions need to be complicated. A recent decision from the Eastern District of Michigan is instructive as to one principal consideration taken into account in facing a motion to withdraw the reference at an early...more

Best Best & Krieger LLP

Bankruptcy Procedure in the Context of Turnover and Preference Law

In the course of collections activities, a creditor can become singularly focused on aggressively pursuing enforcement of a debt by levying against the debtor’s property or by demanding and receiving payment from the debtor....more

Pullman & Comley, LLC

Appellate Court Notes

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Supreme Court Advance Release Opinions: SC19384 - State v. Carter - SC19282 - State v. Peeler - Appellate Court Advance Release Opinions: AC37262 - Dumbauld v. Dumbauld - AC37262 Concurrence -...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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