ABI Blog Exchange

Kirschner Court Adopts Fact Specific Analysis to Conclude That Loans Are Not Securities

The United States Court of Appeals for the Second Circuit recently affirmed the 2020 Kirschner v. JP Morgan Chase Bank, N.A. ruling that a secured $1.775 billion syndicated term loan to Millennium Laboratories LLC (Millennium) was not a security. The

Weekly News – September 8

BK fee bonanza winners BK fee bonanza losers Our take: Fees are outrageously out of hand and threaten the entire BK eco-system… Congressional hearings anyone??? Tell us what you think. What’s the biggest problem in BK today? A. Fees B. Exclusive

September 9, 2023 Bankruptcy Quiz

We’re on our firm retreat at Lake Oconee this weekend. Thus, I figured an “easy” quiz is appropriate for what I hope is an easy weekend for everyone. To guarantee it’s easy, I poured over the last 10 quizzes and selected prior questions that 75% or

Debt Debilitates

When this site was young, U.S. Armed Services disclosed that a significant number of service personnel cannot be deployed overseas because of their personal debts. The military said that excessive debt both distracts from job performance and makes

Asset Armor: Protecting Your Wealth with Bernstein-Burkley’s Asset Protection Insights Blog #8

By: Harry Greenfield September 8, 2023 When examining asset protection, there should be a discussion about preferences. In Ohio, there is a preference statute that defines preferences as those that … The post Asset Armor: Protecting Your Wealth with

Proposed UCC Amendments: A Conservative Approach That Preserves And Restores Prior Law

By: Donald L Swanson Misunderstandings happen. That’s especially true of the proposed amendments to the Uniform Commercial Code. Misunderstandings about the proposed amendments are understandable because: the amendments have lots of words; the

The Long Reach of R. 3002.1

What are the consequences of a secured lender’s failure to comply with R. 3002.1 in a prior case when the debtor files again? Significant, it seems. The issue came before the SD Texas bankruptcy court in Alvarez, No. 22-33889 (Bankr. S.D. Tex. Aug. 9

SECURED LENDER: SECOND CIRCUIT COURT AFFIRMS SYNDICATED LOANS ARE [STILL] NOT SECURITIES

Disclaimer. The contents of this article should not be construed as legal advice or a legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult with counsel

Rats! I need a new car and I’m stuck in Chapter 13

Do You Need to Finance a Car in Chapter 13? The last thing you want to do is get further into debt while you are in Chapter 13. (The goal of Chapter 13 is to get out of debt.) But sometimes you need to–most often if you need to replace a junker car

Rats! I need a new car and I’m stuck in Chapter 13

Do You Need to Finance a Car in Chapter 13? The last thing you want to do is get further into debt while you are in Chapter 13. (The goal of Chapter 13 is to get out of debt.) But sometimes you need to replace a broken down junker. So, you need

Credit card and car loan defaults hit 10-year high as inflation squeezes families

Credit card and Car loan defaults hit 10-year high as inflation squeezes Families The New York Post is reporting that credit card and car loan defaults have hit a 10 year high, due to inflation and other economic issues. Will personal bankruptcy

Subchapter V Trustee’s Facilitation Role (Part 5)—INVESTIGATION DUTIES

By: Donald L Swanson “(b) Duties.—The [Subchapter V] trustee shall— . . . (7) facilitate the development of a consensual plan of reorganization.” From 11 U.S.C § 1183(b)(7)(emphasis added). Facilitation is, by statute, a duty of every Subchapter V

Weekly News – September 1

3M settles! Bellweather BK tort case settled in MDL Purdue SCOTUS review, now this… Is BK losing its luster? But see Our take: Surprise, surprise, surprise… Maybe it just costs more to settle outside of BK. Maybe it will just cost more for the

Are Homeowners Association Fees Discharged in Bankruptcy?

Are homeowners’ association (HOA) fees and assessments dischargeable in bankruptcy? This is a question we often get from people who live in condominiums or communities that require all homeowners to be a part of an HOA and pay monthly fees and

August 2023 Ponzi Scheme Roundup

Posted by Kathy Bazoian Phelps Below is a summary of Ponzi scheme activity reported for August 2023. At least 9 new Ponzi schemes came to light this month. Ten years of prison sentences were imposed on Ponzi schemers. The average age of the

Notable Subchapter V Bankruptcy Opinions: July 2023 Edition

In this post, I’ll continue in my effort to provide, in a single post, short summaries of each month’s notable Subchapter V opinions from across the country. Rather than all-encompassing summaries, I’ll provide a roadmap of the issues and then you

Perpetuating A Bad Homestead Exemption Rule at U.S. Supreme Court (Wells v. McCallister)

By: Donald L Swanson “ Notwithstanding the court of appeals’ error, this case does not warrant this Court’s review.” Recommendation in Solicitor General’s Amicus Brief (at 16) at U.S. Supreme Court in Wells v. McCallister, filed 3/29/2023 in No. 21

Do I Really Have To Pay Default Rate Interest In Order to Reinstate My Loan? (US)

In a scholarly, comprehensive and lengthy opinion written by one of the Southern District of New York’s most recently appointed Bankruptcy Judges, the issue of whether the reinstatement of defaulted and accelerated debt requires the payment of

Ninth Circuit Joins Other Circuits in Refunding U.S. Trustee Fees

Ninth Circuit Joins Other Circuits in Refunding U.S. Trustee Fees