Bankruptcy

Recent Posts

What’s With the Real Housewives and Bankruptcy?
Posted on 19 Nov 2010 by Ted Connolly

As reported on the Wall Street Journal bankruptcy blogs , Sonja Morgan, a star of the Bravo series Real Housewives of New York Season 3, has filed a personal chapter 11 bankruptcy case. She lists $19.8 million in debt and $13.5 million in assets on... Read More

Tags: Bankruptcy

Heidi and Spencer’s Debt and Bankruptcy Problems Not Uncommon
Posted on 4 Nov 2010 by Ted Connolly

The news that reality television stars, Heidi Montag and Spencer Pratt, are broke and contemplating filing for bankruptcy should not be too surprising. As with many people who encounter rapid wealth at a young age, Heidi and Spencer have fallen into... Read More

Reed Smith LLP on Rosciti v. Liberty Mutual Insurance Company: An Analysis of Accessing Excess Coverage of a Bankrupt Entity
Posted on 9 Feb 2011 by LexisNexis Bankruptcy Law Community Staff

By Ann V. Kramer and Jennifer D. Katz In Rosciti v. Liberty Mutual Insurance Company , the District Court of Rhode Island concluded that an individual seeking damages from a bankrupt company cannot directly collect from that company’s excess... Read More

The Supreme Court's Holding in Milavetz, Gallop & Milavetz, P.A. v. United States
Posted on 13 Apr 2010 by Kenneth Klee

In this LexisNexis Emerging Issues Analysis, Professor Kenneth N. Klee discusses the holding in Milavetz, Gallop & Milavetz, P.A. v. United States, 2010 U.S. Lexis 2206 (2010), which concerns the constitutionality of bankruptcy legislation regulating... Read More

If You Sue Me, I Will File Bankruptcy and You Can't Stop Me! Maybe Not!
Posted on 19 Jan 2011 by Corporate and Securities Law Community Staff

by Sidney Goldstein Excerpt: There is a commonly held view that individuals and business entities have a "God Given Right" or at least a Constitutional Right to declare bankruptcy to protect themselves from creditor claims. Not being a theologian... Read More

Tags: Bankruptcy

Feds Seize $5 Million of Suspected Concealed Assets
Posted on 7 Oct 2010 by J. Michael McBride

A couple who filed bankruptcy in 2004 have been charged with hiding assets and money laundering and income tax avoidance. But that may only be part of their trouble. Federal agents have seized over 5 million dollars in cash from their home in Colleyville... Read More

RANDOM BANKRUPTCY FACTOIDS
Posted on 3 Aug 2010 by J. Michael McBride

The Means Test is the standard adopted in the 2005 amendments to the Bankruptcy Code to prevent individual high wage earners from filing a Chapter 7 liquidation. However, if more than half of the individual's debt is related to a failed business,... Read More

What’s a Troubled Homeowner to do?
Posted on 22 Dec 2010 by Ted Connolly

Because you generally cannot modify your mortgage on your primary residence in a bankruptcy case, I often suggest that people who are most troubled by their mortgage debts seek assistance outside of bankruptcy. I had high hopes for the Obama mortgage... Read More

Unhappily Ever After: Family Law Issues in Bankruptcy
Posted on 3 Nov 2010 by Stephen Sather

This paper was originally presented to the West Texas Bankruptcy Institute on October 29, 2010. Love and marriage, Love and marriage Go together Like a horse and carriage This I tell you brother You can't have one without the other ... Read More

From Debt to Success: Colonel Sanders
Posted on 18 Nov 2010 by Ted Connolly

How does someone successfully get out of debt? What propels certain people to climb up from financial troubles to wealth and success? In the book, The Road Out of Debt: Bankruptcy and Other Solutions to Your Financial Problems, we provide a how-to... Read More

New Publication: Collier Guide to Chapter 11: Key Topics and Selected Industries
Posted on 28 Sep 2010 by LexisNexis Bankruptcy Law Community Staff

The Collier Guide to Chapter 11: Key Topics and Selected Industries is the latest addition to the Collier line of bankruptcy products from LexisNexis. Written by over 20 bankruptcy lawyers from leading firms, the Guide takes an in-depth look at the key... Read More

Whether a Prospective Private Employer May Deny Employment Based Solely on a Bankruptcy Filing
Posted on 25 May 2011 by James Lawniczak

This Emerging Issues Analysis considers two circuit court decisions holding that Bankruptcy Code section 525(b) does not prohibit private employers from discriminating against job applicants who have filed bankruptcy. Section 525(a) does prohibit governmental... Read More

Bad News for the Non-Filing Spouse
Posted on 24 Aug 2010 by Stephen Sather

Frequently it makes sense for only one spouse to file bankruptcy. Where the husband has wracked up large business debts in his name only and the wife has significant separate property or sole management property, the husband can file bankruptcy without... Read More

Neil Herman on Asset Sales in Retail Industry Chapter 11 Bankruptcy Cases
Posted on 14 Dec 2010 by Neil E. Herman

In this Emerging Issues commentary, Neil E. Herman, a partner in the Bankruptcy and Financial Restructuring Practice of Morgan, Lewis & Bockius LLP, explains how asset sales play a significant role in nearly every retail bankruptcy case. A variety... Read More

  • Blog Post: Commercial & Residential Maintenance, Inc. v. Abblitt (In re Abblitt)

    NOTE: The case links below may be accessed by lexis.com subscribers. Non-subscribers may obtain research packages by the day, week, or month at lexisONE In Commercial and Residential Maintenance, Inc. v. Abblitt (In re Abblitt) , 2009 Bankr. LEXIS 4084 (Bankr. D. Or. Dec. 21, 2009), the bankruptcy...
  • Blog Post: The Ability of Creditor to Offset Preferential Transfers By New Value

    The circuits are split as to whether the "subsequent new value" defense in 11 U.S.C. § 547(c)(4) may be invoked by a creditor only when new value was unpaid at the end of the preference period, or only so long as the debtor does not make an otherwise unavoidable transfer on account...
  • Blog Post: The Supreme Court's Holding in Milavetz, Gallop & Milavetz, P.A. v. United States

    In this LexisNexis Emerging Issues Analysis, Professor Kenneth N. Klee discusses the holding in Milavetz, Gallop & Milavetz, P.A. v. United States, 2010 U.S. Lexis 2206 (2010), which concerns the constitutionality of bankruptcy legislation regulating attorney conduct. NOTE: The main case links...
  • Blog Post: A Secured Creditor's Absolute Legal Right to Credit Bid under 11 U.S.C. § 1129(b)(2)(A)

    In this Emerging Issues Analysis, James M. Lawniczak addresses decisions from the Third and Fifth Circuits holding that secured creditors do not have an absolute legal right to credit bid when their collateral is sold through a plan of reorganization. While there may be a small swing in negotiation...
  • Blog Post: Bankruptcy and D&O Insurance

    According to statistics compiled by the American Bankruptcy Institute , over 60,000 businesses filed for bankruptcy in 2009, the highest annual number of business-related bankruptcies since 1993. By way of comparison, the 2009 business bankruptcy filing levels were nearly 200% greater than in 2006...
  • Blog Post: The Doctrine of Equitable Mootness

    James M. Lawniczak considers the circumstances under which the doctrine of equitable mootness prevents appellate review of a consummated plan of reorganization. In particular, he focuses on three recent appellate cases, from the Fifth, Sixth and Tenth Circuits, and analyzes the different approaches...
  • Blog Post: Goldberger of Stevens & Lee on Bankruptcy in Chinese Drywall Litigation

    Leonard Goldberger of Stevens & Lee spoke at HB Litigation Conferences' May 18 program on Chinese drywall litigation, specifically on "brewing bankruptcy concerns" in the cases. Watch a video excerpt More information about HB recordings and upcoming events on the subject...
  • Blog Post: Putting More Equity Into Equitable Mootness: Recent Cases in the Tenth and Fifth Circuits Signal More Appellate Review of Plan Confirmation Orders

    This Emerging Issues Analysis analyzes the judicially-created doctrine of "equitable mootness." Although equitable mootness has historically been viewed as a powerful tool for debtors to limit appellate review of orders confirming their chapter 11 plans, recent decisions in the Fifth and...
  • Blog Post: A Reality TV Person Lies? Really…

    Imagine the shock when the "star" of reality series Desperate Housewives of New Jersey found out that to lie in your bankruptcy is a federal crime and can result in having your discharge (the flushing of all the debts) denied altogether. A court-appointed trustee has accused the bankrupt...
  • Blog Post: RANDOM BANKRUPTCY FACTOIDS

    The Means Test is the standard adopted in the 2005 amendments to the Bankruptcy Code to prevent individual high wage earners from filing a Chapter 7 liquidation. However, if more than half of the individual's debt is related to a failed business, the Means Test may not apply, thus making them eligible...
  • Blog Post: RANDOM BANKRUPTCY FACTOIDS - Part II

    One creditor may file for an involuntary bankruptcy proceeding against a borrower, if the borrower has less than 12 creditors and the aggregate undisputed debts are $13,475 or less. If the debtor has more than 12 creditors and the aggregate total of undisputed debts is more than $13,475, then 3 creditors...
  • Blog Post: Texas Rangers Auction

    This link is to a blog from a reporter who is on the scene following the events in the Fort Worth Courtroom and posting information often by the minute. http://www.nbcdfw.com/news/sports/Live-Blog-Rangers-Auction-99939404.html That author, NBCDFW reporter Grant Stinchfield, makes a couple of observations...
  • Blog Post: Texas Rangers Auction: 10 Hours Later….

    The bid by local favorite Nolan Ryan - Chuck Greenburg seems to have carried the day - or should we say night since it wrapped up at about 3 a.m. in the Federal Courthouse in Fort Worth, Texas, with the other local Bankruptcy Judge presiding over the auction, the Hon. Russell Nelms. The local response...
  • Blog Post: Ranger Confirmation Follows Late Night

    Last night, the auction process continued until the wee hours of the morning, with Judge Nelms presiding. As an aside, the switch of Judges, from Lynn to Nelms, was done so that the parties involved with the auction could share information with the auctioning Judge which might otherwise prejudice the...
  • Blog Post: Podcast: Retired Bankruptcy Judge A. Thomas Small Discusses Mental Illness in Bankruptcy Cases

    On this edition, Judge A. Thomas Small (Ret.) discusses the growing trend of involvement of mental illness in bankruptcy cases. Judge Small discusses how mental illness can be an issue in a case and how such an illness can affect the way a bankruptcy case is handled. Copyright© 2010 LexisNexis,...
  • Blog Post: All About Emails, Texts, Blogs and Non-Dischargeability

    On February 3, 2010, Judge Jeff Bohm released his opinion in Wallace v. Perry , 423 B.R. 215 (Bankr. S.D. Tex. 2/3/10), opinion available with PACER access here . Following a twelve day trial, the court penned a 118 page opinion. The opinion is an interesting study in how to try a dischargeability case...
  • Blog Post: Bad News for the Non-Filing Spouse

    Frequently it makes sense for only one spouse to file bankruptcy. Where the husband has wracked up large business debts in his name only and the wife has significant separate property or sole management property, the husband can file bankruptcy without bringing the wife's non-joint assets into the...
  • Blog Post: 5 Lessons from Real Housewife NJ Teresa’s Bankruptcy Case

    On October 29, 2009, Teresa Giudice and her husband, Giuseppe ("Joe"), filed a bankruptcy case under chapter 7 of the Bankruptcy Code. They claim to have nearly $11 million in debts with approximately $2.25 million in assets. Few people will have to deal with the millions in debts that Joe...
  • Blog Post: Fifth Circuit Muddles Judicial Estoppel; En Banc Review Needed

    In a new opinion, the Fifth Circuit has taken a big step backward in sorting out the doctrine of judicial estoppel. Reed v. City of Arlington , No. 08-11098 (5th Cir. 9/16/10). While adopting the principle that one panel of the Fifth Circuit cannot overrule another one, the opinion appears to be...
  • Blog Post: The Coming Baby Boomer Retirement Crisis? Avoid Early Withdrawal Traps

    Between 1946 and 1964, more than 76 million American children were born. The first of these "Baby Boomers" begin to reach the historic retirement age of 65 in 2011. By 2030 all boomers will be over 65 and will represent an estimated 20 percent of the population. Two recent reports point...
  • Blog Post: New Publication: Collier Guide to Chapter 11: Key Topics and Selected Industries

    The Collier Guide to Chapter 11: Key Topics and Selected Industries is the latest addition to the Collier line of bankruptcy products from LexisNexis. Written by over 20 bankruptcy lawyers from leading firms, the Guide takes an in-depth look at the key topics involved in current chapter 11 practice and...
  • Blog Post: "The Document Speaks for Itself." Or Does It?

    I just received this memorandum from Judge Pat E. Morgenstern-Clarren of the Northern District of Ohio and thought it was worth passing along. M E M O R A N D U M TO: All attorneys with bankruptcy cases on my docket FROM: Judge Pat E. Morgenstern-Clarren DATE: October 4, 2010 SUBJECT: "The...
  • Blog Post: Feds Seize $5 Million of Suspected Concealed Assets

    A couple who filed bankruptcy in 2004 have been charged with hiding assets and money laundering and income tax avoidance. But that may only be part of their trouble. Federal agents have seized over 5 million dollars in cash from their home in Colleyville, a DFW suburb. "Larry Lake, a pharmacist...
  • Blog Post: Unhappily Ever After: Family Law Issues in Bankruptcy

    This paper was originally presented to the West Texas Bankruptcy Institute on October 29, 2010. Love and marriage, Love and marriage Go together Like a horse and carriage This I tell you brother You can't have one without the other --Frank Sinatra While love and marriage may go...
  • Blog Post: Heidi and Spencer’s Debt and Bankruptcy Problems Not Uncommon

    The news that reality television stars, Heidi Montag and Spencer Pratt, are broke and contemplating filing for bankruptcy should not be too surprising. As with many people who encounter rapid wealth at a young age, Heidi and Spencer have fallen into three of the more common debt traps that send many...