ABI Blog Exchange

You're never too old for a mortgage

Even a nonagenarian can get a mortgage. Whether it's wise is another story.

Bankruptcy Tweets for July 2011 - Part III

Catching up on things. Lots of tweets, but no blog posts. Below are more twitter posts since my last post of July 17 with 50 BK cases and commentary and 6 other items of general interest. RSS Feeds are also available. All my twitter posts are here

Ransom Footnote 8: Judge Laura Grandy Resolves the Unresolved Issue

A Chapter 13 bankruptcy debtor may deduct the full IRS Standards vehicle allowance even though the actual payment may be less, per a decision by Bankruptcy Judge Laura Grandy in the Southern District of Illinois case of In re Scott, 10-32582 (August

College loan consolidation 101

Drowning in student loans? Here are seven things to learn about pursuing a college loan consolidation.

Buy a home or keep renting?

A middle-age renter wonders whether it makes sense to take a risk and buy a home.

Court Finds Recharacterization of "Loans" Depends on State Law

The Fifth Circuit has upheld a Texas bankruptcy court's order recharacterizing the ostensible debt of a non-insider as equity. Matter of Lothian Oil Incorporated, No. 10-50683 (5th Cir. 8/9/11). Unlike other circuits to consider the issue, the Fifth

Bidders Reimbursed For Auction Which Never Occurred: The Fifth Circuit's ASARCO Opinion

The Fifth Circuit has ruled that, under the facts of the specific case, that bidders could recover their costs without a showing of direct benefit to the estate. Matter of ASARCO LLC, No. 10-40930 (5th Cir. 8/16/11). The specific holding was that

Bankruptcy Litigation Overview From Lansing Bankruptcy Lawyer

Link As with any other area of the law, bankruptcy has its share of litigation. Much of what the Bankruptcy Court handles is administrative in nature. The meetings of creditors in either chapter 7 or chapter 13 are administrative. Bankruptcy courts

Crete Bankruptcy Lawyer States That Means Test Centers On Income & Expenses

Link The whole point of the means test is just this – it’s so people that have the ability to repay a portion of their debt, the government wants you to do a Chapter 13 and repay a portion. If you don’t have the ability to repay a percentage of your

Robbins Bankruptcy Attorney On The Relationship Between Bankruptcy And You

Link Whether you file a chapter 7 or a chapter 13 case under the United States Bankruptcy Code, you must be aware of one thing: You are not doing anything illegal. In fact, the United States Constitution, in Article 1, Section 8, Clause 4, provides

Lynwood Bankruptcy Attorney Recommends Chapter 13 To Reorganize Non-Dischargeable Debt

Link Another area where chapter 13 comes in handy is for otherwise non-dischargeable debt such as taxes, parking tickets, child support, student loans, and tow-away violations. For these types of debts, chapter 7 will not eliminate them at all

Will the new German bankruptcy reforms result in a wave of restructurings?

By Mayfair European Advisors: WILL THE NEW GERMAN BANKRUPTCY REFORMS RESULT IN A WAVE OF RESTRUCTURINGS? Posted on August 7, 2011 by Mayfair European Advisors Earlier this year, the German Government drafted legistlation to facilitate the

Understand your options for home loans

Before you start loan shopping, understand your choices on home loans.

Palatine Bankruptcy Lawyer Talks About Chapter 13

Link There is another chapter of the bankruptcy code that is important, and that is chapter 13. Chapter 13 is a reorganization plan whereby you pay either all or a percentage of the debt back to the creditors over the next three to five years. You do

ShengdaTech, Inc. (SDTH.PK) Files for Chapter 11 Bankruptcy Protection in Nevada, Special Committee of Board Removes Officers

South Holland Bankruptcy Lawyer Illustrates Two Misconceptions About Filing

Link There is a misconception out there that if you file for bankruptcy, the whole world is going to know about it. In reality, no one is going to know about it other than you, the trustee, and the people that you owe money to. Technically, the fact

Decision in Everything But Water, LLC Requires Preference Claimants to Identify Transferees Specifically in Granting Motion to Dismiss

Summary In an 11 page decision signed June 30, 2011, Judge Walrath of the Delaware Bankruptcy Court granted a motion to dismiss, holding that a preference complaint must clearly identify the alleged preference transferee. Judge Walrath’s opinion is

Employer Can Refuse To Hire Bankruptcy Debtors

I have previously written posts on the subject of bankruptcy and employment. How bankruptcy can effect your employment depends upon whether you are concerned about a current employer or employment. The bankruptcy code clearly prohibits your present

Hospitals Get Poor Diagnosis at Roundtable

Stephanie Wickouski, Bryan Cave There have been marquee retail bankruptices in recent months while housing-related businesses continue to stagger, but panelists at this year’s DBR Roundtable focused on a less-prominent distressed industry—health care

The Broke and the Beautiful: Sports Edition

This week on The Broke and the Beautiful, sports news abounds. The estate of the late crooner Frank Sinatra wants a voice in the Los Angeles Dodgers’ future, the Texas Rangers’ former owner faces a lawsuit, and the New York Mets’ owners may need to