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

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Creditor Forces Individual, Non-Consumer Debtor Into Chapter 11; Debtor's Claims Of Unconstitutional Involuntary Servitude And Unlawful Peonage Fail.

In In re Derrick Dewayne Gordon, Ch. 11 Case No. 11-62509, 2012 Bankr. LEXIS 2012 (Bankr. N.D. Ga. January 23, 2012)(Judge Wendy Hagenau) ( click here for .pdf of 32 page opinion), the issues before the Court were: 1) Could a creditor of an

Greek Endgame in Sight

We have been hearing about the oncoming endgame to the Greek saga for almost two years now. Several developments have occurred in the past few months that may make the prediction come true sooner rather than later. The first is a seeming shift in the

Chapter 12 Bankruptcy

A largely forgotten form of Consumer bankruptcy is Chapter 12. Although geared for a family farmer or fisherman, they are designed to be filed by consumers rather than companies. A Chapter 12 can be filed by a family farmer or fishermen. To qualify

NACBA warns of student loan "debt bomb"

At its annual Capitol Hill Day in Washington this week, the National Association of Consumer Bankruptcy Attorneys sounded an alarm about the growing student loan problem, calling it a “debt bomb.” NACBA released a survey of its members indicating

All Talk, No Action on Consumer Protection

So far, the bureau hasn't gone after many of the bad guys, even when their misdeeds are chronicled in the press and in civil court filings. Nor has it proposed, even informally, rules to curb known abuses.

14 loving, affordable gifts for Valentine's Day

Want a Valentine's Day without new debt? Here are 14 frugal ways to express your love.

Citi's iPad Mixup: Why Blame Mobile?

If Citi, or any bank, turns the mobile channel into a scapegoat for its problems, it might leave a lasting impression that the channel is somehow unreliable.

The Third Circuit Broadly Interprets Section 1128(b)’s “Party in Interest” Standing Requirement

Michael A. Battema St. John’s University Law Student American Bankruptcy Institute Law Review Staff The Third Circuit, in In re Global Industrial Technologies, Inc., [1] recently held that insurance companies had standing to challenge the terms of

Overpayment of Secured Creditor Violates Absolute Priority Rule

By: Peter N. Chiaro St. John’s Law Student American Bankruptcy Institute Law Review Staff The United States Bankruptcy Court for the Eastern District of Pennsylvania, in In re Brewery Park Associates, L.P., [1] recently affirmed that the “absolute

Forward Contracts Preference Exception Broadly Construed

By: Brian P. King St. John’s Law Student American Bankruptcy Institute Law Review Staff Broadly interpreting the forward contracts definition, the District Court for the Eastern District of Louisiana, in Lightfoot v. MXEnergy, Inc. [1] held, for the

LLC Operating Agreements May Prohibit Bankruptcy Filings

By: Joshua L. Eisenson St. John’s Law Student American Bankruptcy Institute Law Review Staff In a case of first impression, In re DB Capital Holdings, LLC, [1] the Bankruptcy Appellate Panel for the Tenth Circuit (“B.A.P.”) held that a provision in a

Do You Need to File for Bankruptcy? The Psychological Signs to Look

For some reason, bankruptcy has earned a tarnished reputation; as a result, many people fear getting the debt relief they need by filing for a Chapter 7 or Chapter 13 bankruptcy. They continue to throw their hard-earned money at mountains of debt

Has the rescue culture lost its way?

Responding to the question raised in my last post, New law, insolvency regulation and the rescue culture, a former colleague, Paul Brindley, believes that the rescue culture has lost its way: Chris In my view the rescue culture has lost its way

The Broke and the Beautiful: Gary Busey Edition

This week on The Broke and the Beautiful, actor and “Celebrity Apprentice” contestant Gary Busey files for Chapter 7 bankruptcy, and Chrysler’s Super Bowl ad sparks controversy. Also, the New York Mets’ owners face new allegations regarding Bernard

And Then There Were Sixteen…A Rundown on Proxy Access Shareholder Proposals

Instead of being the first company with a proxy access shareholder proposal voted on at its meeting, Hewlett-Packard recently became the third company to agree to implement proxy access. If approved at the 2013 meeting, HP would allow shareholder

And Then There Were Sixteen…A Rundown on Proxy Access Shareholder Proposals

Instead of being the first company with a proxy access shareholder proposal voted on at its meeting, Hewlett-Packard recently became the third company to agree to implement proxy access. If approved at the 2013 meeting, HP would allow shareholder

Welcome to Philomila Tsoukala

On behalf of Credit Slips, I wanted to welcome Professor Philo Tsoukala from the Georgetown University Law Center. Professor Tsoukala will be joining as a guest blogger, and she will be commenting especially on the Greek debt situation and how the

Madoff Trustee Sues Koch Industries to Claw Back Ponzi Proceeds

Getty Images Charles Koch Koch Industries Inc., whose billionaire owners are funding an ad campaign criticizing the Obama administration’s support of bankrupt solar company Solyndra LLC, faces a call to give back money received from Bernard Madoff’s

How Feds Should Explain $25B Foreclosure Pact to Consumers

"If we shower you with our largesse you will be required to sign away any future claims you may want to file against our valued partners in this agreement: the banks."

FHFA's Fake $100 Billion Number

The critical point made in the Democratic Congressmen's letter to FHFA is this: Director DeMarco's widely reported claim that principal write-downs on Fannie and Freddie mortgages will cost taxpayers $100 billion is simply false. There are two