Bankruptcy Blogs

The Daily Docket: Meruelo-Maddux Strikes Deal

01/24/11

Meruelo Maddux Properties Inc. has struck a deal to settle its differences with a lender group, Rock-Tenn Co. said Sunday it agreed to purchase Smurfit-Stone Container Corp.

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722 Redemption & Attorney’s Fees

01/24/11

In the case of Valory Denise Ray, the Unites States Trustee moved for disgorgement of fees earned by debtor’s attorney. The fees in question were those earned during a 722 redemption process whereby the redemption company paid a portion of the loan amount as attorney’s fees. The United States Trustee asserted that a conflict of interest existed in that the funds were borrowed from a third party lender. The United States Trustee also asserted that the amount of the fees was excessive.

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Justice Scalia Won't "Ransom" His Principles to Grant Justice Kagan a Unanimous First Opinion That Looks to BAPCPA's "Text, Context, and Purpose" to Support a Dubious Result

01/23/11

When reading recent US Supreme Court opinions interpreting BAPCPA, the statute's manifest flaws are the "elephant in the room" (origins of phrase here), and Justice Kagan's recent opinion for the Court in Ransom v. FIA Card Services , N.A, No.

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Fifth Circuit Adopts Literal Reading of Exemption Statute

01/22/11
One of the reforms adopted by BAPCPA was to increase the amount of time a person had to spend in a state before he could take advantage of that state's exemptions. Under 11 U.S.C. Sec. 522(b)(3)(A), a person must live in a state for 730 days to claim that state's exemptions. If the debtor does not satisfy the 730 day requirement, the law of the state where the debtor lived for the greater portion of the 180 days prior to the 730 days applies.
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How Long Does a Typical Chapter 7 Bankruptcy Case Last?

01/22/11

Typically, chapter 7 bankruptcy cases last between three and four months from the date the case is filed. The preparation for a chapter 7 bankruptcy case can be anywhere between one day and many months depending on a number of factors, including attorneys fees, document readiness etc. This post will deal with the chapter 7…

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Before bankruptcy: Don’t pay off the car!

01/22/11

“In bankruptcy, everything is upside down.  Bad is good; good is bad.”  I tell people that all the time. What does that mean?

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Lien Stripping a Junior Mortgage: Have Your Expert Ready

01/22/11

When stripping a junior mortgage, make sure that you have an expert witness available to testify. In a recent case before Judge Cox, a junior lien was stripped, despite the fact that the evidence showed that most comparable properties values would have prevented the stripping. The debtor was able to convince the court because of the expert testimony of one witness. The creditor attorney was able to effectively cross examine the expert; however, without an expert of its own, the creditor was at a tremendous disadvantage.

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Establishing Recognition of a Foreign Bankruptcy Proceeding Under Chapter 15

01/20/11

By: Jessica L. Macrina
St. John's Law Student
American Bankruptcy Institute Law Review Staff

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A Proposed Settlement of Estate Claims is Functionally Equivalent to a Sale of the Claims and May be Subject to Section 363

01/20/11

By: Gregory A. Melnick
St. John's Law Student
American Bankruptcy Institute Law Review Staff

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Georgia Exemptions: What Can I Keep if I File Bankruptcy?

01/20/11

Understandably, a typical bankruptcy client fears that they will lose most of their property if they file for bankruptcy.  For my Atlanta bankruptcy clients, the good news is that a substantial portion of your real estate, personal property and retirement money is safe and sheltered from the reach of the Bankruptcy Court by virtue of…

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