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

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Passing the Lesson of Personal Bankruptcy to Your Children

Whether you openly discuss your personal bankruptcy in your home, or you prefer to keep that information between you and your spouse, your children are soaking up information about your finances like a sponge. If you think you are hiding your

Update: Details of the $25 Billion Mortgage Servicing Settlement Available

We previously posted concerning the joint federal and state settlement involving the Justice Department, 49 State attorneys general and the nation’s five largest mortgage servicers. The Justice Department issued a press release yesterday announcing

Web Banking Fraud Actually in Decline

The reality is that when technology is utilized effectively, fraud tends to decrease.

Let’s Get Ready to Rumble!

It’s that time of year again for basketball, brackets and bankruptcy. Weil, Gotshal & Manges LLP’s Bankruptcy Blog is hosting its second competition in honor of March Madness. But instead of college basketball teams, this bracket features 20

United States Sues Seventeen Major Mortgage Servicers for Unfair and Deceptive Practices

To add to Jean's post on the National AG's mortgage settlement, we now have the lawsuit of all lawsuits to report on, in which the United States of America is suing, along with all the states, all the major mortgage servicers for committing

I'm Confused

What, exactly, is so gosh-darn newsworthy and exciting about the fact that distressed debt investors exist, and want to buy claims in MF Global?

How to Stop Pre-Approved Credit Cards and Insurance

Now, I certainly don't blame you for wanting to get rid of these offers. It is amazing how many we get each week. I used to think that I was something special to get so many credit card companies wanted me to enroll. I've learned the error of my

A Majestic Decision: Delaware Bankruptcy Court Holds Debtor’s QSub Tax Status Is Property of the Estate (Part Two)

In our previous blog entry on Majestic Star Casino, LLC v. Barden Development, Inc. (In re Majestic Star Casino, LLC), we discussed the background of the case and the holding that Majestic Star’s QSub status is property of the debtor’s estate. Today

A Private Foreign Issuer Who Issues US Notes Shielded by Sovereign Immunity??

Imagine an international issuer with US branch offices selling private placement notes in the US to US institutional investors, with the notes governed by NY law and the issuer submitting irrevocably to NY jurisdiction. Now imagine that the issuer’s

The Daily Docket: Judge Orders Mediation for Dynegy

A judge ordered mediation for Dynegy Holdings LLC after a bankruptcy watchdog called for an independent trustee to take over its Chapter 11 case. Read the Daily Bankruptcy Review article via The Wall Street Journal. Evergreen Solar Inc. said it has

Worst Financial Mistakes that Lead to Personal Bankruptcy

We’ve all made financial mistakes in life – but for some individuals, those mistakes can have a debilitating impact on their way of life. Whether they didn’t have an emergency fund to cover an unexpected medical bill, or they just couldn’t get a

Are taxes dischargeable in bankruptcy?

The answer is that it depends. The short answer is that the more recent the debt is the less likely it is that it will be dischargeable. The more detailed answer requires analysis of a series of qualifications. First, to be dischargeable, the tax

New CMBS Model Should Focus on Ownership – add a Stick to the Carrot

Much of the discussion surrounding “cures” to the CMBS model focuses on using “risk retention” as a consequence to the loan originator, which forces the commercial lender to bear the loss. That hurts. It’s a real stick. The model needs a carrot and a

Why Are Bankruptcy Exemptions So Complicated?

When you file for bankruptcy, you get a certain amount of property that you can keep (“ exempt“) and start over with. But if someone files and has more that that exempt / protected amount, then the non-exempt property can be sold to pay towards the

First Impression: Fifth Circuit holds that inherited IRAs are exempt under BR Code section 522(d)(12)

On March 12, 2012, in a case of first impression, the Fifth Circuit held that inherited IRAs are exempt pursuant to 11 U.S.C. section 522(d)(12). Chilton v. Moser (In re Chilton), Case No. 11-40377 (5th Cir. Mar. 12, 2012). In Chilton, the Debtors

Taking advantage of miscellaneous deductions

These catch-all expenses offer another way to cut your tax bill, but only if you have enough of them.

7 celebrities whose luck led them to fame

Sometimes making it big requires talent -- and sometimes luck. These stars had both.

I filed bankruptcy. Why are they after me?

A debt might keep haunting you after bankruptcy. Here's how to make it go away for good.

Structured CDs: Gimmick or real return?

These CDs are derivative investments. Find out how they work and why they're not for everyone.

What does it mean to claim insolvency?

The definition of assets is important in determining the extent to which a person is insolvent.