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

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Mortgage Foreclosure and Discharge of Indebtedness Income

A mortgage foreclosure may also have federal income tax consequences. One issue is "discharge of indebtedness income." This can be understood as the IRS's attempt to tax you on money you were loaned but are not going to repay. The mortgage lender may

Today in Bankruptcy – 5-28-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for May 28, 2012. A New Era for Bankruptcy in Japan Is bankruptcy a better option than strategic default? Former NFL running back Jamal Lewis has

Preparing for Bankruptcy: What You Should Do Before Filing

After getting a better understanding of your financial troubles and have considered alternatives, you’ve decided the best solution for your situation is to file bankruptcy. The process is an important step that can help you get the new financial

Most Common Questions about Chapter 13 Bankruptcy

Chapter 13 bankruptcy helps consumers restructure their debt with a 3 to 5 year repayment plan. Chapter 7 may seem like the best chapter to file when seeking debt relief by getting debt eliminated or discharged. But debt relief can also be obtained

Three Ways to Break a Bank

There are at least three ways to break a bank. Give him a little more time and Jamie Dimon may demonstrate all three of them.

Can I Strip A Second Mortgage In A Chapter 7 Bankruptcy?

A Chapter 7 Bankruptcy Debtor can strip a second mortgage in a Chapter 7 bankruptcy if they live in a jurisdiction under the 11th Circuit Federal Court of Appeals. Approximately two weeks ago, the 11th Circuit issued an opinion in In Re McNeal, Case

Credit Report After Bankruptcy

I was recently surprised to hear from a 2008 client who was just denied a $4,000 loan for a new roof by a credit union. The reason was not having any post-bankruptcy credit on her credit report. She and I had agreed that it did not make sense to

Before bankruptcy: How to put Mom on your car title as lien holder

Before bankruptcy, sometimes you need to borrow money from Mom. You might want to borrow that money and put her on your car title. Now, Congress made it illegal for me, a bankruptcy lawyer, to advise you to borrow money. But the Supreme Court said it

Today in Bankruptcy – 5-25-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for May 25, 2012. WSJ reporting Lehman Brothers bankruptcy estate set to acquire apartment-building owner Archstone for $1.58 billion. American

Chapter 13 Disparities: This Time with a Map

A few weeks ago, I put up a post describing the states with the highest and lowest per capita bankruptcy rates by chapter of the Bankruptcy Code. A closely related data point is which states have the highest percentage of bankruptcies that are

Freep, froop, frop . . . No, It's Pottow!

Credit Slips alumni John Pottow sent me an op-ed from Freep.com. Being an idiot, it took me a while to figure out that this was the Detroit Free Press. John takes on the huge trading loss at J.P. Morgan and the continued need to regulate financial

U.S. News – Recordings may reveal new evidence in Manson murders

So, who would have thought that an ordinary liquidation proceeding could lead to unsolved murders. The law firm who formerly represented Charles “Tex” Watson has some interesting assets in their bankruptcy. Namely, audio recordings where Tex

Stop Second-Guessing Jamie Dimon

All would be well advised to confine criticisms and recommendations to mitigating JPMorgan's systemic risk. What remain are decisions that affect stakeholders. The bank's owners have already spoken in favor of their CEO, and rightly so.

Bankruptcy Beat Snapshot: Martin Bienenstock

After spending 35 years helping to fix troubled companies such as General Motors, Texaco and Owens Corning, Martin Bienenstock got the hands-on experience he never wanted. With Dewey & LeBoeuf, his home from 2007 until earlier this month, descending

Global Transaction Coding Would Have Flagged the JPMorgan Problem

If we had a legal entity identifier in place computers would have been capable of aggregating the risk exposures building up in JPMorgan's hedged positions and across its many counterparties.

The Broke and the Beautiful: Buck Up Edition

This week on The Broke and the Beautiful, rapper Young Buck agreed to a plea deal and has been kicked out of his house. Also, TLC member T-Boz is getting sued for not making car payments. Young Buck’s had his share of problems, from his bankruptcy

Betsey Johnson Files for Chapter 11 Bankruptcy Protection

Clothing company Betsey Johnson has filed for Chapter 11 bankruptcy protection. The fashion designer’s company claims to owe a substantial amount to creditors totaling over a million dollars, along with liquidation problems. The filing may result in

Los Angeles Bankruptcy Stories: Attorney Shows Why, “Don’t Co-Sign.”

We understand debt problems very well, and we know how to fix them.Our firm has become a Los Angeles icon, famous for providing a safe harbor to people in debt trouble for more than 30 years. Each partner at Bayer, Wishman & Leotta has been doing

Stern v. Marshall: Second Circuit Finds Holding "Narrow"

The United States Court of Appeals for the Second Circuit recently weighed in on the scope of the United States Supreme Court’s influential opinion in Stern v. Marshall, 564 U.S. 2 (2011). The case before the Second Circuit, In re Quigley Co. , 2012

Stern v. Marshall: Second Circuit Finds Holding "Narrow"

The United States Court of Appeals for the Second Circuit recently weighed in on the scope of the United States Supreme Court’s influential opinion in Stern v. Marshall, 564 U.S. 2 (2011). The case before the Second Circuit, In re Quigley Co. , 2012