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

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What You Should Know About Bankruptcy and Medical Bills

Medical debt continues to be one of the most common reasons why consumers file for bankruptcy protection. Since unemployment continues to be a challenge for many Americans across the country there is a continued lack of financial support for medical

Is Financial Repression Leading America Down a Road to Ruin?

Kevin Mellyn's "Broken Markets" warns that state suppression of market forces could have lasting consequences. Bankers and policymakers should take heed.

Northstar Aerospace (USA) Inc. and Affiliates File for Chapter 11 Protection

On June 14, 2012, Northstar Aerospace (USA) Inc. (“ Northstar USA”) and three affiliates (the “ Affiliated Debtors,” and, together with Northstar USA, collectively referred to as the “ Debtors”) filed for Chapter 11 protection in the U.S. Bankruptcy

Denial of stay relief reviewed under an abuse of discretion standard when exercising appellate jurisdiction under 28 U.S.C. § 158 (a), District Court lacks jurisdiction to modify an injunction where it was exercising original jurisdiction

In re: Stone Resources, Inc., Case No. 11-2888 (3d Cir. May 29, 2012) (Greenaway, Roth and Tashima, Circuit Judges) (Not Precedential) Prior to Stone Resources, Inc.’s (“Stone”) bankruptcy, the District Court, exercising original jurisdiction

Adversary Proceeding for Contempt Not Dismissed; State Court Action Brought By Claimants Plausibly Barred By Confirmed Plan

WCI Communities, Inc. v. Espinal ( In re WCI Communities, Inc.), Case No. 08-11643 (KJC), Adv. No. 09-52250 (KJC) (June 1, 2012) (J. Carey) On August 4, 2008, the Debtors – who constructed homes and operated residential leisure-oriented communities –

How Much Does My Plan Have To Pay?

When an inexperienced Chapter 13 practitioner asks how much a plan has to propose to pay, I envision the Carnac the Magnificent routine from the Johnny Carson show. Carnak, in turban and robes, puts the sealed envelope with the question to his

The Daily Docket: Berkshire, Nationstar Named Lead Bidders for ResCap

Reuters Warren Buffett holds a Dairy Queen ice cream bar and answers reporters’ questions before the Berkshire Hathaway annual meeting in April 2011. Warren Buffett’s Berkshire Hathaway Inc. on Tuesday was named the lead bidder in an upcoming auction

The Yu-Gi-Oh! Anime Series’ Duel for the Future of the Series in the Western World

4Kids Entertainment, Inc. is a children’s entertainment company that produces children’s television programming for shows such as Pokemon! and Yu-Gi-Oh!. 4Kids also licenses merchandise related to those characters and shows for, among other things

How is Credit Card Debt Discharged in Chapter 7 Bankruptcy?

Chapter 7 bankruptcy allows qualifying debt such as credit card debt to be discharged. Once a discharge is granted the creditor can no longer pursue payment from the debtor. In most cases, the debtor is not required to pay income tax on debt that has

Pari Passu Argument Moved to July 18

Alas, we must slog through another month to find out how it ends. The NML v. Argentina argument in the Second Circuit was postponed at the eleventh hour. In other news, one of the panel members recused himself, also at the eleventh hour. And

Homeowners: Don’t Be Scammed by Forensic Audit of Mortgage Docs

Written by Craig D. Robins, Esq. Unfortunately, homeowners who can barely afford their monthly mortgage payments or who are in foreclosure are in a very vulnerable position and can become easy prey for con-artists. Beware of companies offering

How the National Mortgage Settlement May Help California Homeowners and Those Who Have Lost Their Homes

Since long before the beginning of the current economic downturn, we have counseled hundreds of individuals and families seeking information about filing personal bankruptcy in the Bay Area. But since this recession began, those seeking bankruptcy

Suntrust Mortgage Discrimination Settlement Is Second Biggest To Date

Richmond, VA-based Suntrust Mortgage will pay out $21 million to more than 20,000 African-American and Hispanic home loan borrowers to settle a federal government suit charging discriminatory mortgage pricing from 2005 to 2009. The lawsuit charged

Suntrust Mortgage Discrimination Settlement Is Second Biggest To Date

Richmond, VA-based Suntrust Mortgage will pay out $21 million to more than 20,000 African-American and Hispanic home loan borrowers to settle a federal government suit charging discriminatory mortgage pricing from 2005 to 2009. The lawsuit charged

Suntrust Mortgage Discrimination Settlement Is Second Biggest To Date

Richmond, VA-based Suntrust Mortgage will pay out $21 million to more than 20,000 African-American and Hispanic home loan borrowers to settle a federal government suit charging discriminatory mortgage pricing from 2005 to 2009. The lawsuit charged

Today in Bankruptcy – 6-19-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for June 19, 2012. Bankruptcy Made Us Stronger, New Jersey Housewife Teresa Giudice Says Texas Clinic Files for Bankruptcy, Blames HCA for

Neither Dimon Nor Senators Understand Banking 101

During last week's Senate Banking Committee hearing with JPMorgan Chase CEO Jamie Dimon, frequent reference was made to "risk," a word which was, and should still be, anathema in banking, for bankers do not take risks; they only underwrite risks.

More Evidence TAG Helps Only the Big Banks

JPMorgan had over $200 billion in TAG deposits in the last quarter. That's almost a third of the bank's $700 billion of deposits and equal to 60% of the now-infamous chief investment office's portfolio.

What You Should Know When Filing Bankruptcy Again

There are many misconceptions floating around about filing bankruptcy again, that those who need to file another time around may become confused. Many believe that once you file bankruptcy that you can’t file again but this isn’t true. While it’s

Fair Value Accounting for Realty Assets Stifles Small Banks

Relief from fair value accounting is essential for community banks to survive and ultimately thrive in today's economic climate. Fortunately, legislation before Congress would untether regulatory accounting practices from GAAP.