Search Results for 'bankruptcy'
The answer definitely is not to continue with the litigation as though nothing has changed.
Following a series of recent United States Supreme Court cases, a bankruptcy judge’s authority to make a final, binding decision, reviewable only on appeal, has been placed in doubt.
A debtor with federal loans is more likely to have options, while very little relief is available for private loans. But what can be done where relief is not available through the lender?
In the bankruptcy proceeding, the tenant lists the lease as part of his assets. What happens to the lease in the bankruptcy proceeding?
With no budget and a lot of support from the county’s legal community, it has served the needs of many of the county’s citizens.
Highlights of the June 2012 Contra Costa Lawyer edition include Keeping A Slice Of The Pie For Yourself: Exempting IRAS, 401KS and 529 Plans – David Arietta; Proprietor Beware: Corporate Refuge Can Ensnare – David Katzen; Family Law Attorneys Beware: Possible Exceptions to the Chapter 7 Bankruptcy Discharge- Marlene Weinstein; Lien Strip Basics And The Evolving Law On “Chapter 20″ – Steven Knuppel; To file or not to file: How the timing of the bankruptcy can impact the exclusion of cancellation of indebtedness income – Mark Ericsson; Unintended Consequences of Preliminary Agreements – Roger Brothers, Dominic Signorotti and Ericka Ackeret
In this edition of the Contra Costa Lawyer, we explore and discuss the impact and significance of both time-tested and newly articulated aspects of both bankruptcy and real estate law. In these (still) troubling and unsettled economic times, it behooves almost all legal practitioners to have at least an awareness of certain basic tenets of bankruptcy law in order to have a general discussion concerning the prospect of a bankruptcy with one’s clients. In this issue, we have selected some of the lesser known, but significant, issues of which practitioners should be aware in the bankruptcy context. We also examine certain established and developing law in the area of real estate and its interaction with bankruptcy law.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (hereinafter “BAPCPA”) enacted on April 20, 2005, and generally applicable to all cases filed on or after October 17, 2005, made various revisions to Title 11 of the United States Code (hereinafter “Bankruptcy Code”) with regard to divorce-related debts. For example, debts such as child and spousal support were given the new classification of “domestic support obligation” and were given added protection.
To File or Not To File: How the Timing of the Bankruptcy Can Impact the Exclusion of Cancellation of Indebtedness Income
In this era when homes are often worth less than the loans they secure and of dropping or nonexistent incomes, more and more people are forced to consider walking away from their homes. In a foreclosure or short sale, the banks holding the note and deed of trust will receive less than full value for their note. This gives rise to cancellation of indebtedness income. It has long been tax policy that when a debtor is released from a debt, that person has become wealthier and therefore realizes ordinary income to the extent of that increase of wealth. One of the driving forces in filing for bankruptcy is protection against taxes arising from cancellation of indebtedness income.
How many times have you been involved in state court litigation and your adversary advises you that his/her client has just filed bankruptcy? Don’t fret – it may just be your lucky day!
In Wolfe v. Jacobson (In re Jacobson), 2012 U.S. App. LEXIS 8103 (9th Cir. Apr. 23, 2012), the Ninth Circuit Court of Appeals held that bankruptcy debtors who successfully asserted a homestead exemption nevertheless lost the protected layer of value (here, $150,000), because a judgment creditor forced a postpetition execution sale of the house, and the debtors failed to reinvest their share of the proceeds in a new dwelling within six months. The court effectively reasoned that whenever a California exemption is allowed in a bankruptcy case, the debtor’s right to postpetition proceeds from the exempt value is subject to California’s time-limited protection of proceeds.
If you haven’t been to court in the past two years, you’ll notice a big change. All of the judges you knew have retired, and you’ll have to learn the rules and requirements of three new judges. To that end, here is a little information about our current bench.
CoffeeTalk: Should bankruptcy judges be allowed to modify first mortgages (residential deeds of trust)? Why or why not?
Yes, Congress should at least experiment with letting bankruptcy courts treat home mortgages like other secured debts, which can be reworked in chapter 11 or 13 if the creditor is assured the economic value of …
Sometimes you are at the corner of “I have a great case I am working on,” and “Oh no! My client just filed bankruptcy!” What do you do?
Since the Bankruptcy Abuse Prevention and Consumer Protection Act was passed, practicing in the bankruptcy field has been a lot more exciting.
What should a bankruptcy lawyer be required to do to verify the legitimacy of the client’s statements and position? If the lawyer takes what the client says at face value, when is that not enough?
My best memory of Mark is how, without fail, every single client I sent to him for tax advice came back to me and told me how wonderful he was to work with. Mark was a lawyer of the old school.
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