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BANKRUPTCY 

Published: June 13, 2011

Tags: Bankruptcy, capital gains tax, Chapter 12, IRS, Supreme Court

When a Chapter 12 bankruptcy filer sells a farm, is the capital gain tax incurred dischargeable?

Hall v. U.S., No. 10-875. Certiorari granted June 13, 2011. Ruling below: 617 F.3d 1161 (9th Cir. 2010).

Justices question bankruptcy courts’ authority in Anna Nicole Smith case 

By: Kimberly Atkins
Published: January 19, 2011

Tags: Anna Nicole Smith, Article III, Bankruptcy, Bankruptcy Code, jurisdiction, probate court, Supreme Court

The 14-year legal battle over Anna Nicole Smith’s late husband’s fortune continues as the U.S. Supreme Court considers whether a bankruptcy court can issue a final order on a compulsory counterclaim that is based in tort law, not the Bankruptcy Code.

BANKRUPTCY 

By: Correy Stephenson
Published: January 11, 2011

Tags: Bankruptcy

A Chapter 13 above-means debtor who doesn’t make loan or lease payments may not take the deduction that is otherwise available for ownership of an automobile.

See “Justices: Debtor may not deduct car payments.”

U.S. Supreme Court. Ransom v. FIA Card Services, No. 09-907. Jan. 11, 2011.
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Consumer bankruptcies rise in 2010 

By: Kimberly Atkins
Published: January 6, 2011

Tags: Bankruptcy, Bankruptcy Abuse Prevention and Consumer Protection Act, consumer bankruptcy, Federal courts

WASHINGTON – Consumer bankruptcy filings rose 9 percent in 2010, according to a new report by the American Bankruptcy Institute.

U.S. Trustee advises dismissal of Pfizer unit’s bankruptcy 

By: Tony Ogden
Published: December 28, 2010

Tags: asbestos, Bankruptcy, Pfizer

Pfizer Inc. should have the bankruptcy of its Quigley unit dismissed, lawyers for the U.S. Trustee said.

While the bankruptcy has been pending, creditors with alleged asbestos-related health problems have been unable to sue New York-based Pfizer, and many have died, wrote lawyers for the U.S. Trustee, an arm of the Justice Department that oversees bankruptcy. A hearing to decide the U.S. Trustee’s request is set for Jan. 13, according to court papers filed Dec. 23.

BANKRUPTCY 

By: Correy Stephenson
Published: September 28, 2010

Tags: Bankruptcy

Is the decision by a U.S. Bankruptcy Court to award damages in a counterclaim a “core proceeding” under federal bankruptcy law such that it trumps a Texas state court ruling awarding a decedent’s estate to another party?

See “Justices to rule again in Anna Nicole Smith estate battle.”

House committee advances business bankruptcy bill 

By: Kimberly Atkins
Published: September 20, 2010

Tags: Bankruptcy, Chapter 11, Congress

WASHINGTON – A House committee has advanced legislation that would amend the Bankruptcy Code to offer new protections for employees and retirees of companies that file for Chapter 11 reorganization.

Bankruptcy filings rise 

By: Kimberly Atkins
Published: August 19, 2010

Tags: Bankruptcy, Federal courts

WASHINGTON – The number of bankruptcy filings in the 12-month period ending June 30 jumped 20 percent over the year before, rising to the highest levels since the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect, according to the Administrative Office of the U.S. Courts.

Bill would help small businesses reorganize 

By: Kimberly Atkins
Published: August 13, 2010

Tags: Bankruptcy, Chapter 11, Congress, small business

WASHINGTON – When Congress returns from summer recess, the Senate Judiciary Committee is set to consider a measure that would change the way small businesses reorganize in bankruptcy.

BANKRUPTCY 

By: Pat Murphy
Published: June 17, 2010

Tags: Bankruptcy

A bankruptcy trustee could seek to recover the amount by which a debtor undervalued personal property when she declared it exempt in her Chapter 7 case.