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

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Smashed Solyndra Assets: Scandal or Standard Procedure?

Bloomberg News A Republican member of Congress declared it an “outrage.” Fox News, meanwhile, heralded it as a failed company “caught on tape screwing taxpayers.” What’s the fuss over? Video footage of workers dumping pallets of glass tubes in the

Nice Explanation of Excusable Neglect

There is nothing quite like the horror of realizing that a deadline has been missed. As the heart pounds at the thought of notifying client and carrier, the mind should shift to damage control. Was this a deadline which could be extended after the

Section 550 of the Bankruptcy Code Won’t Cap the Flow of Avoidance Action Liability

Tronox Incorporated and certain affiliates (the “Debtors”) emerged from Chapter 11 in February 2011 armed with a new capital structure and operational game plan, but that’s yesterday’s news. The flavor of the month is last Friday’s decision by

Nice Explanation of Excusable Neglect

Print Page There is nothing quite like the horror of realizing that a deadline has been missed. As the heart pounds at the thought of notifying client and carrier, the mind should shift to damage control. Was this a deadline which could be extended

“What Does It Cost To File Bankruptcy?–The Plumber Tells Me on the Radio What it Costs to Unclog a Drain”

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

Hope Ahead for Curbing the CFPB

Alex Pollock's "Let's Put Checks and Balances on CFPB" is spot on describing the enormous danger of a politically unchecked CFPB lording over consumer financial services.

What You Should Know When Considering Bankruptcy for Debt Relief

Bankruptcy is a federal court proceeding that allows debtors to solve their debt issues through liquidation or reorganization. Chapter 7 allows qualifying unsecured debt to be discharged while Chapter 13 restructures debt. In order to have debt

Colonial Bancgroup Appellate Court Finds FDIC Entitled to Setoff Rights for Deposits at Failed Bank Subsidiary

The United States District Court for the Middle District of Alabama has vacated and remanded a bankruptcy court ruling that had denied the FDIC-receiver’s attempt to lift the stay to set off its prepetition claim against deposit accounts maintained

Should the Government or the Market Set Mortgage Down Payments? A New Study

UNC's Center for Community Capital has posted a new analysis of 19.5 million mortgage loans originated between 2000 and 2008 finding that mandatory down payments of 10% would lock out nearly 40% of all creditworthy borrowers while a 20% down payment

Dodgers Get Nod from Bankruptcy Judge for Fox Settlement

The bankruptcy judge overseeing the bankruptcy of the Los Angeles Dodgers has approved an agreement reached between the team and Fox News, meaning that a sale of the team can go forward, according to reports from the Associated Press. The news was

Joliet Bankruptcy Lawyer on Filing Chapter 13

Link The chapter that allows for repayment of a portion of the debt would be Chapter 13. Chapter 13 is bill reorganization through a Chapter 13 trustee. Chapter 13 is typically used to save a home that’s in foreclosure or to pay a vehicle over time

The Daily Docket: Lee’s Bankruptcy Plan Confirmed

Newspaper publisher Lee Enterprises Inc. on Monday won court permission to exit bankruptcy under a plan that puts off the day of reckoning on hundreds of millions of dollars in debt. Read the Daily Bankruptcy Review article via The Wall Street

'Cool, But a Hassle': Bitcoin Tests Merchants' Patience

A poster boy for the digital currency now says credit cards are "way simpler."

Before You Contact Your Dallas Bankruptcy Attorney: Planning

If you’re ready to make 2012 the year you finally wipe your financial slate clean and start over again, then congratulations: declaring bankruptcy is one of the biggest steps you can take towards reclaiming your financial future. But before you pick

An [In]Subordinate Lender: Delaware Bankruptcy Court Dismisses Mezzanine Borrower's Chapter 11 Case for Bad Faith

In an opinion that has wide-ranging implications for the structured finance industry, the Delaware bankruptcy court recently dismissed a mezzanine borrower’s chapter 11 case as a bad faith filing pursuant to section 1112(b) of the Bankruptcy Code. In

An [In]Subordinate Lender: Delaware Bankruptcy Court Dismisses Mezzanine Borrower’s Chapter 11 Case for Bad Faith

In an opinion that has wide-ranging implications for the structured finance industry, the Delaware bankruptcy court recently dismissed a mezzanine borrower’s chapter 11 case as a bad faith filing pursuant to section 1112(b) of the Bankruptcy Code. In

Update—Tenth Circuit Extends Application of the Automatic Stay to Pending Appeals

In May 2011, we posted an article entitled Tenth Circuit Signals a Change in Applying the Automatic Stay to Pending Appeals, which discussed the Tenth Circuit’s indication that it would overrule its prior interpretations of Section 362(a)(1) and

Repayments Of Retirement Plan Loans As Means Test Expense

Many bankruptcy debtor have borrowed money from their retirement plans in an attempt to pay their monthly debt obligations and avoid bankruptcy. The retirement loans require repayment within a certain time in order to avoid income taxation including

Top states for foreclosure in Dec. 2011: Arizona

These states held the top spots with the highest foreclosure rates in December.

Who pays tax on disability benefits?

Social Security disability benefits are taxable, depending on your level of income.