Bankruptcy filings drop in April

May 10, 2010 1:39 PM

Bankruptcy filings by consumers dropped 3 percent in April 2010 from the 149,268 consumer filings recorded in March, according to data from the National Bankruptcy Research Center (NBKRC).

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Report: Durbin wants cramdown measure in financial bill

WASHINGTON - Six months after a bill that would have allowed bankruptcy judges to rewrite the terms of mortgage contracts to help homeowners avoid foreclosure failed in Congress, Sen. Dick Durbin, D-Ill., is considering an amendment to the financial regulatory reform bill that would have a similar effect, according to a Huffington Post report.

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Business bankruptcy filings soar

April 30, 2010 4:38 PM

WASHINGTON - The number of bankruptcies involving primarily business debts soared last year, according to figures released by the federal judiciary.

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Lawyer in bankrupt firm not entitled to priority claim

April 26, 2010 2:59 PM

A lawyer qualified as a "partner" in a bankrupt law firm and therefore, his claims for unpaid compensation, capital contributions and unreimbursed expenses are not entitled to priority, the 7th Circuit has ruled.

In other news...

Award against bankrupt contractor dischargeable: The Bankruptcy Code's fraud exception does not prevent the discharge of a judgment against a home remodeling contractor who violated state licensing law, the 9th Circuit has ruled in affirming judgment.

Is Chapter 13 debtor entitled to vehicle deduction?: The U.S. Supreme Court has agreed to decide whether an "above-median" debtor is entitled to an ownership cost deduction for a vehicle that he owns free and clear. 

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Inherited IRA is exempt property in bankruptcy

April 19, 2010 3:00 PM

An individual retirement account that a Chapter 7 debtor inherited from her father was exempt from her bankruptcy estate, the 8th Circuit Bankruptcy Appellate Panel has ruled in affirming judgment.

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Chapter 13 debtor has standing to avoid lien: A Chapter 13 debtor had standing to file an adversary proceeding to avoid a lender's lien on her manufactured home, the 6th Circuit Bankruptcy Appellate Panel has ruled in affirming judgment.

Bankruptcy trustee can force sale of joint tenancy: A bankruptcy trustee could exercise his "strong arm" powers to sell property that a debtor shared with his father and brother in a joint tenancy, the 10th Circuit Bankruptcy Appellate Panel has ruled in reversing judgment.

Student loans dischargeable as undue hardship: A debtor's student loans are dischargeable under §528(a)(8) because paying them would impose an undue hardship on the debtor and her dependents, the 8th Circuit Bankruptcy Appellate Panel has ruled.

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March bankruptcy filings hit highest total since reform

April 12, 2010 1:18 PM

Consumer bankruptcy filings hit the highest monthly total in March since the 2005 bankruptcy reform law went into effect, according to the American Bankruptcy Institute.

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Creditor can’t prove investment money is non-dischargeable: A creditor who invested in debtor’s nightclub can’t establish it was non-dischargeable because of fraud, the 1st Circuit Bankruptcy Appellate Panel has ruled in reversing a bankruptcy court. 

ABA raises concerns over FTC mortgage assistance rule: WASHINGTON - As its battle with the Federal Trade Commission over so-called “red flags” rules continues, the ABA has launched a challenge to another rule proposed by the agency.

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ABA raises concerns over FTC mortgage assistance rule

April 5, 2010 9:54 AM

WASHINGTON - As its battle with the Federal Trade Commission over so-called “red flags” rules continues, the ABA has launched a challenge to another rule proposed by the agency.

In other news…

Negative equity in auto not subject to ‘cramdown’: The negative equity that Chapter 13 debtors had in a trade-in vehicle was not subject to the “cramdown” power of the bankruptcy judge, the 6th Circuit has ruled in reversing judgment.

Assets not fraudulently transferred: A debtor didn’t fraudulently transfer assets when he renounced his interest in his father’s estate before filing for Chapter 7 bankruptcy protection, the 5th Circuit has ruled in reversing judgment. 

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