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

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Bankruptcy Court Denies Recognition to Non-Debtor Releases Contained in Mexican "Concurso"

In a major decision interpreting chapter 15 of the Bankruptcy Code, Judge Harlin Hale has denied recognition of the provisions of the “Concurso” order obtained by Vitro, SAB in Mexico which would have released the liability of its non-bankrupt U.S

Not Required, But Still Appropriate - Judge Glenn Appoints Examiner in ResCap

The chapter 11 case of mortgage lender and servicer Residential Capital, LLC ("ResCap") is fascinating on a number of levels. Its parent company, Ally Financial, Inc. ("AFI"), hopes to use ResCap's bankruptcy to extricate itself from potential

Healthcare and Bankruptcy - Has This Happened To You?

Thursday, June 28 th, 2012 the Supreme Court decided it was constitutional to mandate health insurance. This blog is not about my opinion – rather it’s what this decision can avoid. So many people have had to file bankruptcy, Chapter 7 to get rid of

Today in Bankruptcy – 6-29-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for June 29, 2012. How To Avoid Bankruptcy (If You’re A City) Dykstra Agrees to Plead Guilty to Bankruptcy Fraud A 2nd U.S.-Supported Maker of

Friendly’s Gets Poor Marks Post-Bankruptcy

Associated Press Bankruptcy may have cured what ails Friendly’s balance sheet, but it still has some work to do in the kitchen, according to a new survey from Consumer Reports. The casual-dining chain, which emerged from bankruptcy in January, came

City Of Stockton, Calif., Files For Bankruptcy, Citing $26 Million Deficit

SACRAMENTO, Calif. - The City of Stockton, Calif., last night filed its Chapter 9 bankruptcy petition in the U.S. Bankruptcy Court for the Eastern District of California, becoming the largest city in the country to file for bankruptcy after months of

Madoff Brother Pleads Guilty to Involvement in Ponzi Scheme

Peter Madoff pleaded guilty today to his involvement in the Ponzi scheme run by his brother, Bernard Madoff. As part of the agreement, Peter Madoff agreed to serve a sentence of 10 years in prison. Federal prosecutors had charged Peter Madoff, who

The Broke and the Beautiful: Octomom Redux Edition

This week on The Broke and the Beautiful, Nadya “Octomom” Suleman said she still believes in homeownership, and Lenny Dykstra pleaded guilty to bankruptcy fraud. Also, Curt Schilling’s videogame company is under investigation. Associated Press Nadya

The Ponzi Perpetrator’s Art Dealer? The Endless Scope of Clawback Claims

Posted by Kathy Bazoian Phelps Sheila Gowan, the trustee of Dreier, LLP (“DLLP”), has filed a fraudulent transfer action against Marc Dreier’s personal art advisor, Heidi Lee, and her business, Heidi Lee Art Advisory. Gowan asserts that Marc Dreier

Massachusetts Bankruptcy Too Expensive

In a recent study undertaken by professors at Columbia University, the University of Chicago, and Washington University in St. Louis, it was found that federal tax rebates caused a "significant, short-run increase" in personal bankruptcy filings

Colorado-based Cordillera Golf Club, LLC files for Chapter 11 Protection

On June 26, 2012, Cordillera Golf Club, LLC (“ Cordillera”) filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. Cordillera filed the declaration of Daniel L. Fitchett, Jr., Cordillera’s CEO, in support

Can I Discharge Unpaid Income Taxes in Bankruptcy?

Certain income tax debt may qualify for discharge through bankruptcy but you need to have your income taxes filed. It is unlikely bankruptcy will wipe out unfiled tax debt but there are specific requirements that need to be met in order for tax debt

Stockton, California Chapter 9 Filing - Another Outlier, Or Harbinger?

Meredith Whitney, one of the first financial analysts to foresee the collapse of the housing market, famously predicted in December 2010 that a wave of municipal bond defaults was on the way. The wave, however, has yet to materialize, and the

Can Creditors Pursue My Cosigner if I File Bankruptcy?

When you file bankruptcy, most often the debtor who files the petition, also known as the primary borrower, is protected from creditors. This may vary depending on which chapter is filed. It is possible for creditors to pursue collection attempts

BANKRUPTCY BEACH READING: Reality Bites: The Behind-the-Scenes Bankruptcy Lifestyles of the (Perhaps Not So) Rich and Famous

For most of us, summer is a welcome reprieve from the hustle and bustle of the rest of the year. Summer affords us the opportunity to host barbeques, swim in the ocean, attend a baseball game or two, and watch a healthy dose of reality TV. While most

How Banks Can Meet Our Nation's Student Loan Challenge

Many borrowers with great credit can't get financing rates commensurate with their low risk. There's a major opportunity for banks to generate attractive returns by providing fairly priced student loans to these customers.


Chapter 9 - California and Federal Bankruptcy Law/Relative Bargaining Positions

By Alan Martin and Matthew Holbrook On June 28, 2012, Stockton, California became the most recent municipality to file for bankruptcy under chapter 9, after having concluded a mandatory mediation process with its creditors. See, In re City of

The Daily Docket: Stockton Enters Bankruptcy

The city of Stockton, Calif., filed for Chapter 9 protection, The Wall Street Journal reports. MF Global is proving to be catnip for distressed-debt buyers, according to a new report showing that more than $246 million of the failed brokerage’s debt

Owner of World's Most Valuable Poster Suffers Bankruptcy Meltdown

The classic silent film Metropolis by director Fritz Lang thrilled audiences in the 1920s by depicting a fantastic Art Deco image of a future civilization. Only four posters from that landmark film survive and one of them found its way into the hands

Chapter 13: The Wage-Earners’ Plan

Not everyone who files for bankruptcy has the same specific set of circumstances. In fact, it’s a population of people almost as diverse as the population as a whole. Some have jobs, some are unemployed, some have student loans, some own property