WASHINGTON – The fallout from the complicated legal battle between the late pinup model Anna Nicole Smith and the estate of the elderly oil magnate she married is still being felt by bankruptcy lawyers across the nation because a new circuit split has emerged, making an already complex legal issue even more knotty.
The U.S. Supreme Court will decide whether a judgment against a debtor for breaching the terms of a trust constitutes “defalcation” under the Bankruptcy Code and therefore disqualifies that debt from a bankruptcy discharge.
Does a judgment against a debtor for breaching the terms of a trust constitute “defalcation” under the Bankruptcy Code and therefore disqualify that debt from a bankruptcy discharge?
Less than one year after Frank and Jamie McCourt reached a settlement in their contentious divorce proceedings, the couple is back in court.
Nearly one-third of lawyers who participated in a recent employment survey said they planned to hire full-time legal professionals during the fourth quarter of 2012.
After more than 100 years, law firm Dewey & LeBoeuf filed for Chapter 11 bankruptcy protection in May, listing $193.2 million in assets and $315 million in liabilities.
But with the firm still in existence only long enough to settle with creditors, one question remains: what to do with all the paper?
Chapter 11 cramdown plans that provide for the sale of debtor’s collateral free and clear of a bank’s lien must allow the bank to credit-bid at the sale, the U.S. Supreme Court has ruled.
The federal income tax liability resulting from the sale of a farm after a Chapter 12 bankruptcy filing is not “incurred by the estate” under §503(b) of the Bankruptcy Code and thus is neither collectible nor dischargeable in the bankruptcy plan, the U.S. Supreme Court has ruled.
WASHINGTON – The justices of the U.S. Supreme Court took up a complicated bankruptcy case Monday, parsing the language of the Bankruptcy Code to determine if a Chapter 11 debtor must give a secured creditor the right to credit bid items being sold at auction.
Published: February 9, 2012
Tags: Bankruptcy, Bankruptcy Abuse Prevention and Consumer Protection Act
WASHINGTON – The number of new bankruptcy filings fell during the 2011 calendar year.