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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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Assets and Bankruptcy

Debtors considering filing for bankruptcy often consider a number of issues, including current financial circumstances and long term financial well-being. Determining that bankruptcy is the right course of action is only the first step. Once the

Debt Collections

Individuals considering filing for bankruptcy have various reasons for contemplating this option. Unfortunately, a number of people consider filing for bankruptcy because of issues with creditors. Creditors often sell debts to debt collection

Debtors Prisons

Oftentimes people considering filing for bankruptcy have a number of issues that lead them to that decision. Many people have debts that have been unpaid for some time and debtors wonder what kinds of recourse creditors may have. Of course, many

Options for those with Property Filing for Bankruptcy

When considering filing for bankruptcy there are a number of things to consider. Of those, it is important to evaluate whether you should look into filing a Chapter 7 or a Chapter 13 Bankruptcy. Probably the first thing to address is income. There

Second Circuit’s Regard of the “Manifest Disregard” Standard

In In re Goldman Sachs Execution & Clearing L.P. v. Official Unsecured Creditors’ Committee, the United States Court of Appeals for the Second Circuit considered whether a panel of arbitrators manifestly disregarded the law when the panel found in

Too Big to Behave, Not Too Big for Punishment

Ignoring JPMorgan Chase's chutzpah would be rewarding it. Penalize the bank instead, no matter how important an institution it is.

Bank of America and Syncora Settle Countrywide MBS Suit for $375 Million

We have previous reported on MBIA v. Countrywide and Syncora v. Countrywide, two cases proceeding before Justice Bransten in the New York Supreme Court’s Commercial Division (see here and here). This week, the parties to Syncora v. Countrywide

Is it too late to file bankruptcy if the foreclosure or repossession has already happened?

One of the most frustrating situations I encounter as a bankruptcy attorney is being too late to help someone. Oftentimes, a person doesn’t contact me until after a repossession or foreclosure occurs. Is it too late to save your property at that

Why is Important to File a Federal Income Tax Return Even if it is Late?

If you voluntarily file back income taxes the consequences for filing late fail in comparison to having the Internal Revenue Service (IRS) pursue you for outstanding taxes. The longer you wait to file unfiled taxes it’s likely you’ll pay more in

The Daily Docket: AMR Can Control Case Until December

AFP/Getty Images A US Airways tail rest on the tarmac near an American Airlines plane at Ronald Reagan Washington National Airport in Arlington, Virginia on April 23, 2012. A judge on Thursday gave AMR Corp. until late December to control its own

Credit Availability Increasing? . . . “Yes” for Employee Stock Ownership Plans (part 2)

Credit availability seems to be improving in the commercial markets. One common (and obvious) test for new commercial lending is “how will the borrower fare in the tough times, or a stress test?” Generally, loans to employee stock ownership plans

Agencies' Diversity Efforts Have Come Far, But Not Far Enough

Dodd-Frank did its part to ensure the 20 federal financial regulatory agencies do right by minorities and women. How are things going so far? Good - but not great.


Southern District of Georgia: Small Business Chapter 11 Plan Must Be Filed Within 300 Days; Deadline Cannot Be Extended Pursuant To Section 105.

In re Randi's, Inc ., Ch. 11 Case No. 11-10431, 2012 Bankr. LEXIS 2920 (Bankr. S.D. Ga. June 27, 2012) (J. Barrett) ( click here for .pdf copy of opinion). The 2005 Amendments to the Bankruptcy Code ("BAPCPA") included new rules for Chapter 11 cases

Ready For Your Closeup? Steps To Prepare For Meeting The Trustee

The bankruptcy process is filed with obstacles and milestones: hiring an attorney, filling out complicated forms and pulling the trigger to file the case itself. On top of all this is at least one public appearance: meeting with the trustee. In

How To Avoid Bankruptcy (Not)!

It has been said that, “ if you fail to prepare, you are preparing to fail“. ( Ben Franklin) When anyone is first faced with any sort of financial problem, there are certain steps that most people (including “financial planners”) will recommend that

Bankruptcy Court Disallows Claim For Damages Relating To Real Estate Development Agreement Because Claim Had Been Released Upon Termination Of LLC Agreement

In re: Magna Entertainment Corp. , Case No. 09-10720 (MFW) (July 9, 2012) Magna Entertainment Corp. and its affiliates (the “Debtors”) objected to the claim of Santa Anita Associates Holding Co. (“Caruso”) and Santa Anita Associates, LLC (“Associates

Today in Bankruptcy – 7-19-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 19, 2012 Pondering bankruptcy: What’s at stake Years of Unraveling, Then Bankruptcy for a City Abound executives blame China for

A Rosetta Stone for the Bankruptcy World

Latham & Watkins The app “The Book of Jargon: Global Restructuring” has more than 1,000 complicated terms translated into plain English. Do you drop phrases like “amend and pretend,” “delay and pray” and “you snooze, you lose” in the courtroom with

5 Tips to Help You Choose the Right Bankruptcy Attorney

Choosing the right bankruptcy attorney greatly increases chances of getting a successful outcome for your case. Your case could be jeopardized by an attorney who is unfamiliar with bankruptcy laws; meaning your assets could be at risk. The good news

Consumer 'Protection' Only Seems to End Up Hurting Them

From the Card Act to the CFPB to Durbin, new regulations succeed only in raising the prices or crimping availability of financial services. Memo to politicians: Google "unintended consequences."