Bankruptcy Blogs

Top 15 Lies About Bankruptcy. Lie #13: You Can’t Get Rid of Back Taxes in Bankruptcy.

02/07/13

Lie #13: You Can’t Get Rid of Back Taxes in Bankruptcy.

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Can My Credit Card Company Sue and Take My Stuff If I Don’t Pay?

02/07/13

The Goal of Credit Card Lawsuits is to Strengthen the Lender’s Collection Position Credit card debt, unlike mortgage debt, is unsecured debt. This means your credit card company can’t come immediately take your stuff when you don’t pay. Having said that, if you fall behind on credit cards, your lender will quickly try to transition [...]

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The Art of Liquidation

02/07/13
Courtesy of Adam A. Weschler & Son Inc.
Sol LeWitt’s silkscreen monoprint “Wavy Brush Strokes” sold for $38,000 at a Feb.
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Reduce Taxpayer Risk: Roll Back FDIC Limits

02/07/13

It's time to lower the $250,000 coverage ceiling on FDIC deposit insurance.

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A Change in Name and More

02/07/13

Some recent moves in the Senate Judiciary Committee should be of interest to bankruptcy specialists.  The committee has approved a new subcommittee to be called "Bankruptcy and the Courts" with Senator Chris Coons of Delaware as the subcommittee chair. The new subcommittee is essentially a name change from the old "Administrative Oversight and the Courts" subcommittee, which also had jurisdiction over bankruptcy matters.

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Bank Boards Beware

02/07/13

Taken to the extreme, new guidance from the Federal Reserve will require boards to evolve into something close to shadow-management.

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RBS, S&P Revisited; Geithner Book Titles; JPMorgan May Have Knowingly Made Bad Mortgage Deals

02/07/13

Receiving Wide Coverage ...

RBS, Part II: Bankers behaving badly are all too happy to document said behavior in any type of internal correspondence they can. That seems to be a big takeaway this week as the Royal Bank of Scotland's $612 million Libor settlement has yielded incriminating emails and instant messages similar to those the Justice Department revealed in its civil case against Standard & Poor's. The most notable RBS correspondence making the rounds is...

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Judge Barrett in S.D. Ga. Holds That Chapter 11 Plan May Include Lump Sum Balloon Payment For Priority Tax Claim

02/07/13

It is common for Chapter 11 debtors to have significant tax claims.  Under the Bankruptcy Code, tax claimants have priority status and must be paid in full, with interest, within sixty months of the petition date rather than the effective date of a plan.

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Aurora Bankruptcy Lawyer Advises Filing Chapter 7 For Warren And Shirley Becker Of Aurora, Illinois

02/07/13

This is the case of Warren and Shirley Becker from Aurora, Illinois who are seeking advice concerning debt relief.  The Beckers do own a single family home worth approximately $80,000.  They have a first and a second mortgage on the property.  The first mortgage with CitiMortgage is approximately $125,000 to pay it off and they [...]

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The Daily Docket: Fitch Warns of More Coal Bankruptcies

02/07/13

Financial hardship that has plagued U.S. coal producers in recent years could crest in 2013, leading some analysts to predict that more coal companies will turn to bankruptcy as they try to survive the downturn. Read the Daily Bankruptcy Review story here.

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