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

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A Back Door to Chapter 7 for Means-Challenged Debtors?

There is now a difference of opinion in the published cases about whether means testing applies to determine chapter 7 eligibility in a case converted from chapter 13. Last month, Bankruptcy Judge Burns of the District of New Jersey decided In re Fox

The Disconnect Between Foreclosures and Bankruptcies

Recently, the American Financial Services Association posted a blurb on their website “Spotlight on Financial Services” noting a continuing “disconnect between rising foreclosures in the subprime mortgage market and the statistics on personal

R-E-S-P-E-C-T or Mr. Smith Goes to McDonald's

Last week, an incident was reported in Above the Law, that most entertaining blawg which calls itself “A Legal Tabloid.” William P. Smith, head of the bankruptcy department at the huge international firm of McDermott, Will & Emery, appeared before

Deepening Insolvency: Reports of Its Death Were Greatly Exaggerated

On May 18, the Delaware Supreme Court issued a major ruling on so-called “deepening insolvency” liability of corporate officers and directors. For those of you who haven’t heard of this by now, “deepening insolvency” is shorthand for a question that

Bankruptcy Landscape is Turning Grey

This will come as no surprise to practitioners in the trenches of consumer bankruptcy law, but . . . . the face of America’s debtor population is acquiring wrinkles. According to a study just released by the Administrative Office of the U.S. Courts

Its Not Final Until Its Over

A little understood aspect of the automatic stay is the effect of a bankruptcy filing on a judgment debtor’s appeal rights. Contrary to what you might think, when a judgment is entered in a pre-bankruptcy action against the debtor, prosecution of the

A New Kind of Tax Shelter That Also Doesn’t Work, and Why Do Molehills Turn Into Mountains?

James and Beverly Nichols filed their 2001 federal income tax return on January 20, 2002. The return showed that they were entitled to a refund in the amount of $2,231.57. They checked the box on their return, making the irrevocable election to apply

Chapter 11 Plan Feasibility and the Judgment on Appeal - Its Either the Long Wait Or the Educated Guess

Chapter 11 filings are often precipitated by the entry of a judgment against the debtor which is appealed. The parties must then argue about whether a chapter 11 plan is feasible and otherwise confirmable in the light of uncertainty over the amount

BAPCPA For Your Viewing Pleasure

On Tuesday the House Committee on the Judiciary held a day long hearing on the second anniversary of the enactment of BAPCPA. Before I assumed the responsibilities of a blogger, I didn't know that Congressional hearings were given snappy titles. The

Security Is More Than A Feeling

Section 101(37) of the Bankruptcy Code defines “lien” as a “charge against or interest in property to secure payment of a debt . . . .” and section 101(51) defines “security interest” as a “lien created by an agreement.” Most of us who get hired to