Forum Shopping in Bankruptcy can backfire.
The NRA’s former advertising agency, Ackerman McQueen Inc., has said it thinks the gun group’s Chapter 11 case will be thrown out of Bankruptcy Court on the grounds it was filed in bad faith, WSJ Pro Bankruptcy recently reported.
The comments came in papers Ackerman McQueen filed in Texas, where it is embroiled in litigation with the NRA in a multipronged dispute stemming from the acrimonious end in 2019 of the agency’s decades long relationship with the gun-rights group.
“The objectives of the reorganization plan are to utilize the bankruptcy code to continue streamlining costs and ...
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Post Discharge Prosecution of a Foreclosure Action Is Not a Stay Violation
While not exactly a sexy topic, there is a growing body of case law regarding what constitutes a creditor violation of the discharge injunction imposed under 11 U.S.C. Section 524 in a Chapter 7 case.
In a recent case decided by Chief Judge Alan Trust in the EDNY, Judge Trust clarified and distinguished a creditor's post-discharge rights when a mortgage debt is discharged in bankruptcy and the remedies that are still available to the creditor under applicable State Law.
A mortgage, in its simplest form, is a pledge of a property to guarantee the payment of a debt. When a mortgagor files Chapter 7 bankruptcy, the underlying personal ...
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NY Catholic Dioceses Bankruptcies Place Abuse Claims in Limbo
New York-based Roman Catholic dioceses that filed for Chapter 11 protection to address child sex abuse lawsuits are fueling tensions by asking Bankruptcy Courts for a victims’ claim filing window that’s shorter than what survivors were given under a recently enacted state law.
New York’s Child Victims Act, signed into law by Gov. Andrew Cuomo (D) in 2019, has spurred a flood of abuse lawsuits against the church and other organizations. Victims have filed more than 4,800 lawsuits against alleged abusers and institutions that harbored or concealed them, state court records show. Four of New York’s eight local dioceses — Syracuse, Rochester, ...
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Fed Chairman Questions Discharge of Student Loans in Bankruptcy
Market Watch reported today that the new chairman of the Federal Reserve questioned why struggling borrowers can’t discharge their student loans in bankruptcy.
“Alone among all kinds of debt, we don’t allow student loan debt to be discharged in bankruptcy,” Jerome Powell told members of the Senate Banking Committee Thursday. “I’d be at a loss to explain why that should be the case.”
Powell’s comments came in response to a question from Senator Brian Schatz, a Democrat from Hawaii, about whether high levels of student debt create a drag on the economy. More than 40 million Americans hold nearly $1.4 trillion in outstanding student ...
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Job Polarization Forcing More Baby Boomers Out of Job Market
Men in their prime working years have left the labor force at an astonishing rate and they may never return if the state of the U.S. job market holds, according to a new report from the Federal Reserve Bank of Kansas City. This does not bode well for those approaching retirement and still carrying debt obligations. This may cause bankruptcy filings to spike in the 55-64 age group.
A decline in demand for middle-skilled work — a phenomenon dubbed “job polarization,” because more positions are concentrated at the higher and lower ends — has played a role in keeping prime-age men out of the job market an economist at the Kansas City Fed, ...
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Education Department Reviewing Discharge of Student Loans in Bankruptcy? – Not So Fast
After a 20 year hiatus, Student loan borrowers may finally have their day in Bankruptcy Court.
The Education Department said this week it will review when borrowers can discharge student loans - an indication it could become easier to expunge those loans in Chapter 7 or Chapter 13 bankruptcy.
The Department said it is seeking public comment on how to evaluate undue hardship claims asserted by student loan borrowers to determine whether there is any need to modify how those claims in bankruptcy are evaluated.
As of now, it is almost impossible to discharge student loans in bankruptcy. The rule of thumb in New York has always been the ...
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Are Guarantees of Student Loans Changing The Retirement Landscape?
If you think student loan debt is a problem for the younger generation, think again. According to the Consumer Financial Protection Bureau (CFPB), about 2.8 million people age 60 and older have outstanding student loans – four times the number in 2005. Most of the current student-loan debts of people 60-plus were incurred paying for college for a child or grandchild, and in the past decade, for the 60 to 64 age group, student-loan debt has increased eight-fold – to $38 billion!
“Americans in their 60s are now the fastest-growing age group facing student loan debt,” says Andrew Anable, a financial planner at Safeguard Investment Advisory ...
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A Brief History of Bankruptcy
Bankruptcy pertains to individuals and business whose financial expenses outweigh their income or revenue, respectively. The two most popular are chapter 7 and chapter 11. Businesses find chapter 11 to be significantly appealing as it allows the debtor the ability to restructure their business and carry on without having to dissolve the corporation. Here we will examine bankruptcies origins throughout the ages.
The earliest accounts of debtor forgiveness was noted during biblical times. Notably called the Jubilee Year (of the Old Testament). It was also called the year of remission or universal pardon and was applied every 50 years, ...
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How to Avoid Bankruptcy Mistakes
Bankruptcy is something which everyone tends to avoid, but there are times that it can come when you least expect it. And since can be a stressful period in your life, you are bound to make certain mistakes before you file for bankruptcy. The actions you take or don’t take may determine whether your bankruptcy claim will be successful or not. Hence, it’s important to avoid making mistakes when filing for bankruptcy and ensure your bankruptcy lawyer doesn’t do the same.
If the process and procedures are not followed properly, the trustee may you for more information; such as additional financial records, mortgage documents or court files. ...
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How to Find a Good Bankruptcy Lawyer
Bankruptcy is a tough and stressful period in anybody’s life, and when you need a bankruptcy lawyer to handle your case, it is important to take care while choosing one. If your case is not strong enough, there’s a high chance it will be denied by the court. Hence, finding a good bankruptcy lawyer is crucial; an experienced lawyer will be able to inform you of the paperwork needed, they will answer your queries on time, and they will be well aware of all the local rules and regulations.
If you are wondering on how to search for an experienced yet affordable bankruptcy lawyer, here are a few ways to proceed.
Meet them
Once you have ...
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