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ABI Blog Exchange

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

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Ransom v FIA Card Services Case Not Good News for Some Debtors

The U.S. Supreme Court ruled today that a debtor in bankruptcy is not allowed to take a deduction on the so-called means test for ownership costs for a vehicle, unless they are actually buying or leasing a vehicle. What does this mean? If your income

Supreme Court Rules That Debtor Must Have Loan or Lease Payment for Means Test Deduction

In an 8-1 decision authored by Justice Kagan, the Supreme Court ruled today that an ownership expense is not "applicable" under the Means Test unless the Debtor has an actual payment. Ransom v. FIA Card Services, No. 09-907 (1/11/11). You can read

From Bankruptcy Trustee to Orthodox Priest

As a bankruptcy lawyer and trustee, Ronald Ingalls helped troubled debtors absolve their financial sins. As Father Methodios Ronald Ingalls, he will now be able to deal with sins of a broader nature. Today, on January 6, 2011, Ronald Ingalls was

Pressure increases on time to pay arrangements

Statistics recently issued by HMRC for the Business Payments Support Service (BPSS) since its inception confirm there has been a 45% drop in the number of arrangements approved for the first nine months of 2010 compared to the same period of 2009

Diocese of Milwaukee Seeks Chapter 11 Protection From Sexual Abuse Claims

The Diocese of Milwaukee filed a petition for chapter 11 relief on January 4, 2011 after twenty years of dealing with sexual abuse claims and an unfavorable ruling on its insurance coverage. In re Diocese of Milwaukee, Case No. 11-20059 (Bankr. E.D

New Opinion Creates Split in Western District as to Whether Debtors Can Exempt Undisclosed Tax Refund That is Spent Post-petition.

In re O'Brien, Bankr. W.D. Mich., Jan. 4, 2011 (Case No. 09-00426, Hon. James D. Gregg). As previously discussed on this blog, debtors should include a good-faith estimate of an anticipated tax refund in their bankruptcy schedules. In prior cases

Judge Rules That Home is Where the Heart Is

In 2000, Natalie Portman starred in "Where the Heart Is," a movie about a pregnant 17 year old girl who makes her home in a Walmart. Judge Stacey Jernigan recently had to decide a quite different case about home and the heart. The case involved

Businesses Going Through Divorce

Divorce is complicated. Tensions run high and while it can be handled amiably, it is usually very messy. There is always a lot at stake, but now imagine how much more difficult it would be if the spouses were not just partners in life, but in

Foreign Avoidance Action May Be Asserted in U.S. Chapter 15 Case

By: Shintaro Kitayama St. John's Law Student American Bankruptcy Institute Law Review Staff In a case of first impression, the Fifth Circuit, in Condor Insurance Limited v. Petroquest Resources, Inc. ( In re Condor Insurance Limited), [1]held that

Means Test Does Not Require Dismissal if Chapter 13 Is Zero

By: Bryan Kotliar St. John's Law Student American Bankruptcy Institute Law Review Staff Recently, in In re Siler, [1] the court allowed a debtor whose monthly disposable income created the presumption of abuse under the means test to remain in