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

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More Troubled Homeowners Experience Loan Modification Scams

CBS News recently aired a report that reviewed loan modification scams and the increase in activity by con-artists. Many homeowners have been hurt by changes in the economy with over 1 million homeowners experiencing foreclosure. The report mentioned

Think Risk Management, Linux Style

Exposing complex financial instruments to the vetting of thousands of experts could help restore trust in banks.

Should Student Loan Debt Once Again Be Dischargeable in Bankruptcy?

Last week, an editor at the Atlanta Journal Constitution contacted me to ask if I would write a guest editorial about student loans and bankruptcy. Here is a slightly enhanced version of my editorial. Click on the link to view the original online

Judge Walsh Provides Analysis of Stern v. Marshall in DBSI Opinion

Summary In an 18 page decision signed April 12, 2012, Judge Walsh of the Delaware Bankruptcy Court provided a fairly thorough analysis of the effect of the Stern v. Marshall opinion issued by the Supreme Court, in his opinion denying a motion to

Beware of Filing Bankruptcy Without Your Spouse

Several times a week I get a client who is married but not interested in filing for Bankruptcy along with their spouse. There are many reasons for this. The most common reason being clients often keep their finances completely separate from their

Podcast on Bank Liability in Ponzi Schemes

Posted by Kathy Bazoian Phelps To hear about issues relating to the liability of banks in Ponzi scheme cases, listen to my podcast – “Bankers That Bank Fraudsters Could Face Costly Liability to Victims” - presented by the Association of Certified

EPA to Jefferson County: We’re Watching You

Getty Images Environmental Protection Agency Administrator Lisa Jackson As the money set aside to fix Jefferson County’s $3.2 billion sewer system comes under attack, the U.S. Environmental Protection Agency has reminded the county of its duty to

Bankruptcy Code Preempts State Law Requiring New Chrysler to Offer Right of First Refusal to Rejected Dealerships

The District Court for the Southern District of New York recently held In re Old Carco LLC (f/k/a Chrysler LLC) that “New Chrysler,” the purchaser of substantially all the assets of the chapter 11 debtor Chrysler LLC (now known as Old Carco), was not

Subsidizing Shareholders (and the Sub Debt Too)

So there is a bit a kerfuffle going on between Luigi Zingales and Brad DeLong. By and large DeLong has the better of the argument, but there is one small piece where he could benefit from the services of an insolvency lawyer. Oh wait, that's me. So

Throwing Money (Literally) Down the Sewer - Jefferson County and Warrant Holders Square Off on Sewer System Operating Expenses

by Ben Feder U.S. Bankruptcy Court Judge Thomas Bennett last month upheld the Chapter 9 bankruptcy filing of Jefferson County, Alabama, the largest municipal bankruptcy case in history. As has been widely reported, the County's financial woes were

Recommended reading: Broome on Article 9 Financing Statements

A few weeks ago I wrote about the importance of giving priority to an Article 9 financing statement only from the date on which the debtor actually authorizes the filing, and a proposed official comment contrary to this position. My colleague Lissa

Round Lake Bankruptcy Attorney On Where A Chapter 13 Case Is Filed

Link According to Round Lake bankruptcy attorney, a Chapter 13 Bankruptcy case is filed in the jurisdiction where the debtor has resided or had a principal place of business for the greater part of the last 180 days. Basically, once you cross the 91

The Daily Docket: Reddy Ice Poised to File for Bankruptcy in Texas

Packaged-ice maker Reddy Ice Holdings Inc. confirmed Thursday it plans to file for Chapter 11 bankruptcy protection and expects to commence the bankruptcy case “promptly,” The Wall Street Journal reports. Lehman Brothers Holdings Inc. on Wednesday

Unpaid Taxes: What You Should Know about Tax Liens

A tax lien is placed by the Internal Revenue Service (IRS) when taxes have not been paid. Basically, it’s a claim from the government on your property and once it is issued, it can attach to just about anything you own. When the IRS places a tax lien

Professional Athletes Filing Bankruptcy

By: Marshall G. Reissman Bankruptcy Attorney in St. Petersburg, Florida at The Reissman Law Group, P.A. Professional athletes filing bankruptcy have been in the news over the years including Mike Tyson, Sheryl Swoopes, and Lawrence Taylor. It may

First-Quarter Reports Will Force Banks to Face the Music

The performance numbers will likely reinforce the reality that, absent significant changes, many banks simply cannot attain the level of profitability needed to remain viable.

How Can a Chapter 13 Bankruptcy Be Reinstated?

How Can a Chapter 13 Bankruptcy Be Reinstated? In a Chapter 13 bankruptcy, a necessary portion of the petition is a Chapter 13 plan. The plan is what determines how much a person pays every month to the Chapter 13 Trustee. The plan includes any

Does Social Security Count as Income in Bankruptcy?

Does Social Security Count as Income in Bankruptcy? In determining whether social security proceeds count as income in bankruptcy, the answer is both yes and no. For purposes of the Means Test (also known as Form 22A - Statement of Current Monthly

Special Administrators for MF Global UK request that proof of debts for creditors be lodged by April 30, 2012

In the Special Administrators' Noticeof Intended Dividend issued Pursuant to Rule 175 of the Investment Bank SpecialAdministration (England and Wales) Rules 2011, the Special Administratorsrequested proof of debts for creditors to be lodged at any

Lehman Brothers confirms distributions under its chapter 11 plan will commence on April 17, 2012

Lehman Brothers' notice is reproduced below. According to the Wall Street Journal: Lehman Brothers Holdings Inc. on Wednesday said it will distribute about $22.5 billion to creditors starting next week, more than double the minimum estimate given for