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

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Octomom Bankruptcy Tossed after Failing to Complete Petition

Nadya “Octomom” Suleman filed a bankruptcy claim that recently was tossed by the court for failing to complete and file proper paperwork. Filing completed paperwork on time provides proof that a debtor is unable to pay their outstanding debt. In this

The JPMorgan Whale's Disastrous Trades Were No Hedges

If the credit derivative positions are hedges, why doesn't JPMorgan account for them as such under GAAP?

ResCap Files For Bankruptcy, Eyes Paying Back Taxpayer Bailout Money

Ally Financial Inc’s mortgage unit, named Residential Capital (ResCap for short), filed for bankruptcy on Monday, according to Reuters. Ally Financial is the former lending organization for General Motors Co and was formerly known as GMAC. The auto

Federal Law Trumps: Third Circuit Reaffirms that Section 1123(a)(5)(B) of the Bankruptcy Code Preempts Anti-Assignment Provisions in Insurance Policies

Background For companies suffering massive and debilitating exposure to current and future asbestos liabilities, a chapter 11 reorganization offers them the opportunity to resolve these liabilities efficiently and equitably using section 524(g) of

Am I Eligible for Unemployment if I Quit Due to an Injury?

Unemployment benefits are made available to those who lose their job at no fault of their own. Since each state has regulations regarding eligibility, it’s important to review requirements upon applying. Some states may only pay if you lose your job

SEC and Citi Argue to Second Circuit that Judge Rakoff Committed “Clear Error of Law”

We have posted previously about Judge Jed S. Rakoff’s refusal to approve the SEC’s proposed $285 million settlement with Citigroup in connection with certain mortgage backed securities. Among other things, Judge Rakoff’s November, 2011 order was

The Daily Docket: Lawmakers Kill Jefferson County Rescue Bill

Alabama lawmakers refused to throw struggling Jefferson County a financial lifeline with a bill that would have allowed it raise millions of dollars in taxes. The move would have helped the county plug holes in its general fund and ease it out of

Let's Get More Transparency in Payday Lending

Top-down regulation can help protect consumers, but simple tools that provide relevant information online can help consumers protect themselves - and reward good behavior among payday lenders.

How Far Can a Bankruptcy Judge Go To Assist Inept Counsel?

Written by Craig D. Robins, Esq. After I wrote about some bankruptcy court decisions last month which involved some quirky and unusual facts ( Two bankruptcy attorneys got into trouble over E.C.F. filings), some of my colleagues requested that I

LexisNexis Catalog Of Legal Publications: A One-Stop Guide For Legal Research

Welcome to the LexisNexis Catalog of Legal Resources - Your one stop guide to authoritative legal content to help you research more efficiently and cost-effectively, and deliver better outlook for your clients and firms, company or government agency

Bankruptcy Court Calls

In connection with some ongoing research, I have noticed that U.S. bankruptcy courts have different approaches to informing the public about matters being taken up in open court. Many provide PDFs of court calls on their websites up to several weeks

Welcome to our New Eastside Bankruptcy Office for Chapter 7,11,13

I am pleased to announce Diamond Law has opened a 2nd location on the eastside of El Paso. For about a year we had a small office on the eastside opened 2 days a week, but now we finally took the plunge and opened up a beautiful (I decorated) new

ABI Site Now Lists Bankruptcyblogger.org

About 39% of all Chapter 7 cases filed without a lawyer end in failure, (even for those who use self-help services from a bankruptcy petition preparer). Leon Bayer and Jeffrey Wishman of the Los Angeles bankruptcy firm Bayer, Wishman & Leotta, are

Can I Consolidate Credit Card Debt while Unemployed?

During a period of unemployment you have some serious decisions to make regarding outstanding debt. Debt consolidation is often an option consumers may use to help manage their debt. This includes combining outstanding loans with a new loan that pays

Our Concern for Small Banks' Reg Burden Is Genuine

ABA has been cautioning policymakers for years not to make traditional banks, which had little to do with the financial crisis, pay the price for it.

Here’s A Way To Rescue Your Client’s Exemptions

Do you know which ignored prefiling issue triggers the most reopened bankruptcy cases? I’ve got no data but my money’s on avoidable judicial liens. We as bankruptcy attorneys have gotten so caught up in avoiding consensual mortgages where they are

NYSE Committee Recommends Reform in Proxy Fees Paid by Companies

The NYSE announced today that the Proxy Fee Advisory Committee (PFAC), formed in September 2010 and comprised of representative investors, brokers and companies, has published its recommendations to change the proxy fees. Brokers and banks are

NYSE Committee Recommends Reform in Proxy Fees Paid by Companies

The NYSE announced today that the Proxy Fee Advisory Committee (PFAC), formed in September 2010 and comprised of representative investors, brokers and companies, has published its recommendations to change the proxy fees. Brokers and banks are

Signed, Sealed, But Not Delivered?

Getty Images American Airlines’ restructuring has put the airline into frequent conflict with its employees. The latest bone of contention? Peel-off mailing labels. American’s parent, AMR Corp., is fighting a request from its passenger service agents

Eleventh Circuit Upholds Bankruptcy Court’s Fraudulent Transfer Ruling in TOUSA

Yesterday, the United States Court of Appeals for the Eleventh Circuit upheld the decision of the Bankruptcy Court for the Southern District of Florida holding that liens granted by subsidiaries of a borrower to refinance obligations owed to the