ABI Blog Exchange

Falling behind on federal student loans can lead to other major financial problems according to CNBC

Falling behind on federal student loans can lead to other major financial problems A story on CNBC reports that "more than 80% of borrowers who experienced default stated that they’d faced at least one additional consequence as a result. The most

Supreme Court Confirms Nondischargeability of Debts Obtained by Fraud

Supreme Court Confirms Nondischargeability of Debts Obtained by Fraud

Weekly News – February 24

Upcoming Featured Event In with a bang out with a whimper SCOTUS rules on debtor discharge Celsius update: Novawulf plan on the hot seat Let’s get ready to rumble! Cineworld update: No soup for you! Surprise…. surprise…. surprise Avaya backstop in

Links to audio of oral argument before the U.S. Court of Appeals for the Third Circuit in the Texas Two Step appeal, In re LTL Management LLC, leading to dismissal of Johnson & Johnson talc bankruptcy case

Below are links to the publicly available audio of the oral argument on SoundCloud and YouTube. Link to audio on SoundCloud: https://soundcloud.com/court-audio/oral-argument-audio-before-the-us-co…

Oral argument audio before the U.S. Court of Appeals for the Third Circuit in the "Texas Two Step" appeal, In re LTL Management LLC, leading to dismissal of Johnson & Johnson talc bankruptcy case

Below are links to audio of the oral argument on SoundCloud and YouTube. SoundCloud link: https://soundcloud.com/court-audio/oral-argument-audio-before-the-us-co… YouTube link: https://youtu

BlockFi Bankruptcy Court Hearing Audio, February 21, 2023 (ahead of the upcoming 2/28/2023 BlockFi auction, and including discussion of the "wallet motion")

Link to the audio of the bankruptcy court hearing held in the BlockFi chapter 11 bankruptcy proceedings pending in the District of New Jersey as chapter 11 case 22-19361 (ahead of the upcoming February 28, 2023 BlockFi auction, and including

What Happens To Your Bank Account in Chapter 13

Those considering filing a Chapter 13 bankruptcy worry about “what happens to my bank account?” Will the trustee take all the money? How do I pay my living expenses after I file? The short answer is: nothing changes. The account remains yours and

Grammar Dooms Innocent Spouse in Non-Dischargeability Case

While we often recite that bankruptcy is for the honest but unfortunate debtor, a new case from the Supreme Court shows that getting into bed or business with the wrong person can lead to a non-dischargeable debt for an innocent spouse. The case is

First Two Bankruptcy Opinions From The U.S. Supreme Court (Reily v. Lamar & U.S. v. Fisher)?

By: Donald L Swanson The U.S. Supreme Court issues its first-ever opinion—of any type—on August 3, 1791. [Fn. 1] But it does not address a bankruptcy question for quite some time thereafter. In fact, the first U.S. law on the subject of bankruptcy

Office Landlord Debt Defaults Rising as Remote Work Takes Hold

The New York Post is reporting that “A growing number of office landlords are defaulting on loan payments as the rise of remote work causes more corporate tenants to rethink long-term leases". The story can be found at https://nypost.com/2023/02/21

Can the Court Sanction a UK Restructuring Plan if the Company Does Not Consent to it?

Following the sanctioning of the Good Box restructuring plan (RP) it seems the answer is yes. This might sound surprising to those familiar with schemes of arrangement, because that outcome is at odds with the long-standing decision in Re Savoy

Can Bankruptcy Stop a Foreclosure on a Home in New Jersey?

Foreclosure is a legal process where a lender tries to recover the amount of money they are owed by taking ownership of a mortgaged home and selling it. Losing a home can be an extremely distressing experience for anyone. Thankfully, there are ways

Special Feature: Cliff White Speaks Up “Where Have All The Examiners Gone?”

Where Have All the Examiners Gone? By Clifford J. White III 1 The FTX bankruptcy case, FTX Trading Ltd., et al., case no. 22-11068 (Bankr. D. Del.) highlights several of the problems in mega-chapter 11 case administration that warrant further

HELP!!!! I Missed the Deadline to File a Claim!

Do you know what to do if you miss the bar date? I won’t sugar-coat this. If you missed the bar date and filed your claim late, your claim will most likely be disallowed. This is done for many reasons, not the least of which being that debtors rely

I Received a Notice of Bar Date – Now What?

How to Prepare and File a Proof of Claim Be sure to prepare your proof of claim accurately. - Adrienne Woods, Esq. In our last article My Customer Filed Chapter 11 – Do I Need to File a Proof of Claim? We discussed whether you need to file a proof of

Relief of Indebtedness Income and Workouts under Section 108 of the Internal Revenue Code

Relief of Indebtedness Income and Workouts under Section 108 of the Internal Revenue Code. Shenwick & Associates performs many workouts for clients, and one point that is often overlooked during negotiations is relief of indebtedness income. Section

US Supreme Court to hear argument in Gonzalez v Google, concerning tech company liability/lack of liability for harmful content

The Washington Post is providing a live stream of the argument: https://www.washingtonpost.com/technology/2023/02/21/gonzalez-v-google-… As of 10:08 am eastern standard time, Justice Gorsuch is scheduled to participate

Hard-Knocks Rule: Hiding True Reasons For A Position Can Backfire (In re Heaven’s Landing)

By: Donald L Swanson Here’s a hard-knocks rule: When you can’t or won’t explain the true reason for taking a position in negotiations or litigation, distrust and suspicion of the worst-possible motives will follow. An Exhibit A for this rule is an

The Texas Two-Step's New Key

In the wake of the Third Circuit's LTL Management decision many commentators wrote off the Texas Two-Step as dead. Turns out it's not, it's just playing out in a different key with a new filing in SDTX. On Feb. 13,...