LexisNexis® Legal Newsroom
J. Michael McBride
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...

J. Michael McBride
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,...

Vault.com
Weil Gotshal Named Top Firm for Bankruptcy/Creditors’ Rights in Vault 2011 Survey

Vault has released the "Best Law Firms in Each Practice Area" rankings for 2011 and has named Weil, Gotshal & Manges LLP the top firm for Bankruptcy and Creditor's Rights. Quote of the survey is, "Where else would you want to be...

Stephen Sather
Ninth Circuit BAP Finds Wells Fargo Freeze Policy Violates Automatic Stay

Breaking with judges in Texas and New Mexico, the Ninth Circuit Bankruptcy Appellate Panel has found that an administrative freeze policy utilized by Wells Fargo Bank violates the automatic stay. No. 09-1408, Mwangi v. Wells Fargo Bank, N.A. (Ninth Cir...

J. Michael McBride
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. ...

Neil E. Harl
Continue Business to Protect Gains Triggered in Chapter 12 Bankruptcy from Tax

Absent definitive decisions in the applicable Circuit, bankruptcy chapter 12 debtors should consider pursuing a strategy of partial liquidation, paying available proceeds to secured lenders, and then utilizing the bankruptcy to deal with the taxes...