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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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Bond Requirement In Many ABC Statutes—A Poison Pill

By: Donald L Swanson The common law of assignments for benefit of creditors (“ABC”) has been around for centuries. ABC is a business debtor’s voluntary liquidation tool—typically utilized in cooperation with a major secured creditor. Historically

Student Debt Relief: Nonbankruptcy Hardship Relief for Student Loans under the Higher Education Act

Student Debt Relief: Nonbankruptcy Hardship Relief for Student Loans under the Higher Education Act Ed Boltz Tue, 11/05/2024 - 01:15 Available at: https://www.regulations.gov/document/ED-2023-OPE-0123-32489 Executive Summary: These proposed

Bankr. M.D.N.C.: In re Quevedo- EITC not Exempt as "support payment" & Division of Tax Refund between spouses

Bankr. M.D.N.C.: In re Quevedo- EITC not Exempt as "support payment" & Division of Tax Refund between spouses Ed Boltz Tue, 11/05/2024 - 00:25 Summary: The Bankruptcy Court for the Middle District of North Carolina sustained the objection filed by

How to Repair Your Credit After Bankruptcy: A Guide from Levitt & Slafkes

We understand that facing bankruptcy can feel overwhelming. It is important to remember that bankruptcy is a step along your way to financial freedom. At Levitt & Slafkes, P.C., we believe in empowering our clients with the knowledge they need to

America’s Silent Consumer Debt Crisis

Entering 2025, more and more Americans are falling behind on their bills as consumer debt continues to skyrocket. US households are relying more heavily on credit cards in order to meet basic needs and combat the mounting economic pressures — rising

Weekly News – November 1

Election night in the spotlight, latest recovery trends, 86 the TGIFs, next private credit restructuring, Dish DBS Game of Thrones, and much, much more… Creditor Corner for the week ended November 1, 2024 Your weekly curated content from the Creditor

4th Cir.: Trantham v. Tate- Nonstandard Chapter 13 Bankruptcy Provisions

4th Cir.: Trantham v. Tate- Nonstandard Chapter 13 Bankruptcy Provisions Ed Boltz Sat, 11/02/2024 - 18:51 Summary: The Fourth Circuit Court of Appeals reversed the decisions by the bankruptcy and district court decision that rejected Trantham's

October 2024 Ponzi Scheme Roundup

By Kathy Bazoian Phelps Below is a summary of Ponzi scheme activity reported for October 2024. There were at least 9 new Ponzi schemes revealed this month and 4 guilty pleas. Ponzi schemers received more than 86 years of prison sentences this month

Chapter 7 Debtor’s Appellate Standing To Protect The Homestead Exemption? (In re Karamoussayan)

By: Donald L Swanson Does a Chapter 7 debtor have appellate standing to protect the homestead exemption? That’s an issue addressed (sort of) in Karamoussayan v Massachusetts Department of Revenue (In re Karamoussayan), Case No. 22-041, First Circuit

Genetic Testing Company 23AndMe Expected To Declare Bankruptcy

Genetic Testing Company 23AndMe Expected To Declare Bankruptcy There are certain types of companies that you almost expect to go under with the economy’s current state. Brick-and-mortar retailers and fast casual restaurants seem to be dropping left

Judge Goldblatt Reconsiders What Constitutes “Consent” Post Purdue Pharma (US)

The Supreme Court recently issued its long-awaited decision in Harrington v. Purdue Pharma L.P., 144 S.Ct. 2071 (U.S. 2024) (“ Purdue Pharma”), addressing whether nonconsensual third-party releases are permissible under the Bankruptcy Code. In a 5-4

UKCloud – An Addition to the ‘Avanti’ and ‘Spectrum’ Trilogy on Fixed and Floating Charges

Earlier this year ICC Judge Baister handed down judgment in the case of UKCloud Ltd, building on the decision in Avanti [1] by providing further analysis around the distinction between fixed and floating charges – following a dearth of caselaw on the

Involuntary Bankruptcy: Disputed Claims And Petitioner Eligibility Under § 303(b) (In re ArtiusID)

By: Donald L Swanson The statute for filing an involuntary bankruptcy (§ 303(b)) sets a high bar for petitioner eligibility. Specifically, a creditor cannot qualify as a petitioner under § 303(b), if any portion of that creditor’s claim is subject to

Weekly News – October 25

Spirit trying to take off, Dish creditors playing hard to get, auto sector distress, LME trends, Altice Game of Thrones (continued), and much, much more… Creditor Corner for the week ended October 25, 2024 Your weekly curated content from the

On Appeal: Deference To A Bankruptcy Court’s “Credibility” Finding (In re Wagner)

By: Donald L Swanson The opinion out of the U.S. Eleventh Circuit Court of Appeals is OHI Asset (VA) Martinsville SNF, LLC v. Wagner (In re Wagner), Case No. 22-13642 (decided September 11, 2024). The ultimate issue in Wagner is this: Should an

Mandatory Mediation: Five Illustrations of How It’s a Great Idea

By Donald L. Swanson “Mandatory mediation” is a self-explanatory term. It means this: –A court (or a mediator with authority from the court) orders disputing parties to participate in a mediation process. There seems to be a reticence in the

Weekly News – October 18

Advisor Rankings are in! TGIF hits the skids, Drahi Game of Thrones, True Value and Intrum hit the skids, Clearlake under scrutiny, new piece on Bankruptcy Directors and much, much more… Creditor Corner for the week ended October 18, 2024 Your weekly

What Is A Subchapter V Trustee Supposed To Be Doing After A Non-Consensual Plan Confirmation? (In re DynoTec; In re Florist; & In re JBL Hose)

By: Donald L Swanson Here’s a Subchapter V dilemma: I’m Trustee in a Subchapter V case, in which Debtor’s plan is confirmed non-consensually ( i.e., under § 1191(b)), with plan payments being made by Debtor to creditors; the fact of my presence in

How Do You Write a Hardship Letter to Stop Foreclosure?

When written properly and containing the appropriate information, hardship letters can stop or pause foreclosure. To write a hardship letter on your behalf to stop foreclosure, our lawyers must identify the specific reason why you defaulted on your

H.R. 9154: A Bill To Increase Chapter 7 Trustee Compensation — It’s About Time!

By Donald L. Swanson H.R. 9154 is an important-and-new bill in the U.S. Congress. It was “Introduced” in the U.S. House of Representatives on July 25, 2024, and promptly “Referred to the House Committee on the Judiciary.” H.R. 9154 is titled,