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

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How to choose the right auto body repair shop

Don't just go with a shop from your insurer's list. Follow these criteria to get the right guy.

Should I spend a windfall or squirrel it away?

With debts and desires, is it your destiny to spend a windfall? Here's hoping you'll say no.

Will your pet chew up your savings?

Thinking about getting a pet? Before you bring Fluffy home, take a look at average costs.

$100,000.00 in IRS Taxes Discharged in Bankruptcy

One of the enduring myths about bankruptcy is that tax debts cannot be discharged in bankruptcy. They can be, but not all of the time. The rules governing when they will be discharged are complex and full of loop-holes. The things that matter are

JPMorgan Agrees To Pay Nearly $700M To Settle Claims With Lehman Brothers

NEW YORK - (Mealey's) JPMorgan Chase Bank NA on Feb. 1 agreed to pay nearly $700 million to bankrupt Lehman Brothers Holdings Inc. (LBHI) that JPMorgan had been previously paid for "purportedly secured claims against LBHI on the basis that, as

Ex-Solyndra Workers Blast Company, Lender

Bloomberg News Solyndra LLC’s former workers are mad as you-know-what and say they’re not going to take it anymore. The employees suing the failed solar-panel maker for not giving them enough notice before its abrupt shutdown last summer are now

Southern District of New York Takes a Stand on Stern

As we have chronicled, the Supreme Court’s decision in Stern v. Marshall has created quite a stir among restructuring professionals. The United States District Court for the Southern District of New York, in issuing its Amended Standing Order of

Madoff Trustee Seeks Summary Judgment With Respect To Fictitious Profits, Mets' Owners With Respect to Principal Repayments -- "Jack Sprat" Approach Could Resolve Entire Case

The adversary proceeding of Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), against Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group

Two-Year Look-Back Period in 11 U.S.C. § 548 is Not a Statute of Limitations Subject to Equitable Tolling

Industrial Enterprises of America, Inc. v. Burtis (In re Pitt Penn Holding Co., Inc.), Case No. 09-11475 (BLS) (Jointly Administered), Adv. No. 11-51868 (BLS) (January 24, 2012) (J. Shannon) The Court was faced with numerous adversary proceedings

Involuntary Chapter 11 Case Filed Against Saab Cars North America, Inc.

On January 30, 2011, a group of Saab Dealers signed on to an Involuntary Chapter 11 petition against Saab Cars North America, Inc. Most of the petitioning creditors list unreimbursed warranty obligations. Late last year, Saab Automobile AB, Saab

Involuntary Chapter 11 Case Filed Against Saab Cars North America, Inc.

On January 30, 2011, a group of Saab Dealers signed on to an Involuntary Chapter 11 petition against Saab Cars North America, Inc. Most of the petitioning creditors list unreimbursed warranty obligations. Late last year, Saab Automobile AB, Saab

Easy Steps to File for Chapter 7 or Chapter 13 Bankruptcy

When you’re buried under a mountain of debt, you might feel like it’ll take a lifetime to put a single dent in your financial burdens. However, bankruptcy provides you with the lifeline you need to wipe your financial slate clean – and this article

The Daily Docket: American Airlines Parent Seeks to Cut Jobs, Pensions

American Airlines parent AMR Corp. Wednesday said it will seek to cut 13,000 jobs and terminate pensions in pursuit of $2 billion in annual costs savings, tipping its hand for the first time in what could be a long and painful bankruptcy proceeding

Bad-Boy Liability: Courts Find Liability for Violating Solvency or Net Profit Retention Covenants

We’re in that part of the cycle where many of us are focusing on guaranty agreements, which run the full spectrum from full payment and performance guaranties to “bad boy” indemnification agreements ( my recent comment). One issue being litigated is

The permanent foreclosure crisis and Obama's refinancing obsession

For the umpteenth time, President Obama has announced that his solution to the foreclosure crisis is to encourage "responsible" homeowners to refinance at lower interest rates. Adopting the Tea Party rhetoric and blaming home buyers who got houses in

Bankruptcy: What Are You Waiting For?

Happy Groundhog Day! Lately the same refrain keeps cropping up in my practice: why did you wait so long? I understand that very few people want to file bankruptcy, and I agree that the decision to file bankruptcy is an important one. And while it is

TILA Rescission: Understanding the Return of Proceeds Requirement

The Truth in Lending Act (“TILA”) has been widely touted as a way for a homeowner to defeat foreclosure and to even wipe out their entire mortgage. TILA is a very powerful consumer protection statute; however, it is extremely unlikely that TILA will

State Attorney Generals Are the New Bank Regulators

Spurred by the financial crisis and its impact on their constituents, state attorneys general appear to be carving out a new role as de facto bank regulators.

Young mother with old debt fears collectors

Old debts never really go away, but you can keep collection agencies at bay using the right tactics.

Winter getaways that won't bust your budget

Punxsutawney Phil says more winter is on the way. Check out these cheap places to thaw out.