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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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Eastern District: Business Debtors in Chapter 7 Must Tighten Their Belts, Too

In re Rahim, Bankr. E.D. Mich., Dec. 16, 2010 (Case No. 10-57577-R, Hon. Steven Rhodes). When one thinks of Chapter 7 bankruptcy cases, the low-income consumer debtor who is overwhelmed by debt often comes to mind. But individuals whose debts are

Bank of America Modification/Foreclosure Scam Gets It Sued in Arizona. Same Abuses Happening in MD, VA and DC.

Last Friday, the attorney generals of Arizona and Nevada filed suit against Bank of America alleging state consumer fraud violations for a practice that's come to be known as " dual tracking" -- bank employees are telling homeowners seeking

What is “Lien Stripping” and Can I Use it to Reduce my Mortgage Payments

With the decline in Atlanta area housing values, a seldom used bankruptcy technique has taken on new life. The technique is called “lien stripping” and it arises from Bankruptcy Code Section 506(a) and (d). A lien strip allows a Chapter 13 debtor to


Where Are All The Real Estate Bankruptcies? Here Are Some Possible Answers.

As many business bankruptcy lawyers understand, there has not been a groundswell of real estate and single asset bankruptcy cases, as predicted during the beginning of the current economic downturn. The latest edition of the Georgia Bar Journal has

Supreme Court Grapples With the Meaning of the Means Test

The first case argued before the Supreme Court this term was No. 09-907, Ransom v. FIA Card Services, N.A. You can find the transcript of the oral argument here. This case raises the issue of whether Courts should give the means test a literal

Small Businesses and the Self-Employed: Five Tips to Avoid An IRS Tax Audit

The Internal Revenue Service reported this week that IRS audits are up 11% for this year. Frankly, it's not real surprising. It's during hard times that taxpayers feel the pinch and are more likely to cut corners and try to pay a little less into the

Yet Further Congressional Hearings on the Foreclosure Crisis

As reported in the media, the House Committee on the Judiciary held a further hearing on the mortgage foreclosure crisis on December 15, 2010. The witness list included Senator Sheldon Whitehouse (D-RI). It is reported that Senator Whitehouse is

Is It Too Early to File for Bankruptcy? Outstanding Checks Written Pre-Petition Are Property of the Estate

By: Elisa M. Pickel St. John's Law Student American Bankruptcy Institute Law Review Staff Recently, in In re Brubaker [1] a Florida bankruptcy court held that funds related to checks that had not cleared were property of the estate under section 541

HAMP has "Failed to Make a Dent in the Foreclosure Crisis"

Today the Congressional Oversight Panel issued its oversight report of over 170 pages reviewing the Department of Treasury's Foreclosure Prevention Programs. The report reviews where HAMP stands today, reviews the future of HAMP, and sets forth

Unfair Lehman and Nortel pensions decision wrecks the rescue culture

The administrators of 20 Lehman and Nortel companies face meeting Financial Support Directions (FSDs) and Contribution Notices (CNs) from The Pensions Regulator as an expense of the administrations because of the judgment handed down by Mr Justice