Myths about filing a bankruptcy case are everywhere and
may prevent countless people from gaining the fresh start that bankruptcy
offers. Here are five of the biggest myths about filing a bankruptcy case.
Myth #1: Saying "I Declare Bankruptcy"...
Just when you thought that you had heard it
all.... A debt collection agency in Pennsylvania has been accused by
that state's Attorney General of staging fake trials with a fake judge in a
fake courtroom against people who allegedly owed debt....
A new opinion in the Scopac case raises difficult
questions about adequate protection. In Matter of Scopac , No. 09-40307
(5 th Cir. 10/19/10), which can be found here, the Fifth Circuit
ruled that secured creditors were entitled to a super priority...
A new opinion from the Ninth Circuit illustrates the
practical implications of Schwab v. Reilly , 130 S.Ct. 2652 (2010). In Matter
of Gebhart , No. 07-16769 (9th Cir. 9/14/10), the Court held that the
Trustee was entitled to reap the benefits of post...
As reported on Law.com , the New York state court system has directed
lawyers moving for foreclosures to file an affirmation that they have verified
the accuracy of the papers they are filing in support of the foreclosure. While
lawyers regularly operate...
Don't look now public company directors, but the next
financial crisis may be upon us and it looks a lot like the 2008 crisis that
was borne out of the housing bubble. Apparently, the underlying cause of the
collapse of the mortgage-backed securities...
As banks lift their foreclosure freezes, many people may
assume that the banks have solved their problems in documenting foreclosures. I
suggest this is not the case.
To understand this, keep in mind one of the problems. This is that an
Sagging under the weight of 43 million dollars in debt,
the Crystal Cathedral has filed for chapter 11 bankruptcy
(reorganization). The filing marks the economic downturn's invasion into
the mega church arena. Over the years, small churches have...
Why is the foreclosure machinery of our nation's largest
banks suddenly grinding to a halt?
The "Produce the Note" movement, encouraging consumers to
challenge the lender in foreclosure and make them produce the note. It's not
By Russell D. Garrett
Chapter 7 Panel Trustee
Western District of Washington
If someone had told me 29 years ago that I would be
practicing law in the bankruptcy area I would have said they were crazy. At
that time, I was living...
The Second Circuit has held
that an allegedly inflated proof of claim cannot form the basis for a claim
under the Fair Debt Collection Practices Act. Simmons v. Roundup Funding ,
No. 09-4984 (2 nd Cir. 10/5/10). The opinion can be found here .
I am attending the National Conference of Bankruptcy
Judges meeting in New Orleans this week. Here are some highlights.
Lawrence P. King Award
The Commercial Law League of America presented the Lawrence P. King Award to
Judge Burton Lifland from...
By now, it is abundantly clear that lenders were at best
careless when acquiring and transferring mortgages. Throughout the industry,
they had a carefree attitude when it came to safekeeping of mortgages note and
other mortgage documents. It appears...
The question is: is this good politics or good legal
practice... or both I suppose. "The attorneys general of all 50 U.S. states
announced Wednesday that they are joining to probe mortgage loan servicers who
are accused of submitting false affidavits...
On this edition, Robert Keach of Bernstein, Shur, Sawyer & Nelson in Portland, Maine discusses the chapter he contributed in Collier Guide to Chapter 11 Practice, published by LexisNexis Matthew Bender. Mr. Keach discusses the advantages and disadvantages...
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...
Mortgage rates are at their lowest level in decades . Yet, millions of homeowners cannot
refinance. Why is not more done to help homeowners refinance?
Refinancing could save homeowners hundreds or thousands
of dollars a month, yet they cannot qualify...
Adam Rogoff is one of the authors of The Collier Guide to Chapter 11: Key Topics and Selected Industries, the latest addition to the Collier line of bankruptcy products from LexisNexis. Written by over 20 bankruptcy lawyers from leading firms , the Guide...
I just received this memorandum from Judge Pat E.
Morgenstern-Clarren of the Northern District of Ohio and thought it was worth
M E M O R A N D U M
TO: All attorneys with bankruptcy cases on my docket
FROM: Judge Pat E. Morgenstern...
Prof. Ken Klee, author of the LexisNexis Matthew Bender Bankruptcy and the Supreme Court book
and several LexisNexis Emerging Issues Analyses on the Supreme Court rulings in
2010, was recently profiled by the Los Angeles Business Journal by reporter...
I was driving into work today and heard a radio
advertisement that upset me and reinforced in my mind the reason I wrote my
book. That ad from a debt relief company claimed that the new credit card
legislation required lenders to reduce your credit...
According to Hertz v. Friend,
the nerve center test is the only appropriate test for determining the location
of a principal place of business. The Court stated that a corporation's
principal place of business is the place where its officers direct...
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...
by Sutherland's Regulatory Reform Task Force
After months of negotiations and conferences among key
legislators, President Obama signed into law a final version of regulatory
reform legislation on July 21, 2010. More than 2,000 pages long, the
Acquisition of companies in bankruptcy has become prevalent and perhaps the model in Chapter 11 cases. But potential purchasers need to be aware of several pitfalls. I will address some of them here, and discuss others during our upcoming Webinar - Chapter...