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“We didn’t think anyone could be as great…” -Wayne “All the staff was friendly and helpful.  I never felt judged or ashamed for my situation.  Everything went smoothly and as expected.” “Every time I called with a question or concern, whoever answered the phone was always helpful and knowledgeable of who I was and what I needed to know.  Any messages I left were returned quickly.” -Mike “All friendly and helpful with any and all questions that I had during a stressful period in my life” -Kimberly “Very kind and understanding of our problem” -Brian and Teresa “Payment plan and the cost was good.  We will tell everyone we know about him” -Contessa “From my very first visit, Mr. Rogers made me feel better about myself and what I had to do.  All the staff and Mr. Rogers were the best.” -Annette “The staff was very friendly and easy to talk to.  John Rogers was also very friendly and easy to talk to.” -Julie “Thank You for all you have done.  I feel much better than I have since my husband’s passing.  The stress has lifted immensely. “ -Vivian
10 hours 44 min ago
Here at Shenwick & Associates, our goal for our consumer bankruptcy clients is to get as many of their debts as possible discharged, while enabling them to maximize the property they can keep in bankruptcy, which is exempted from the debtor’s bankruptcy estate that comes into being when a bankruptcy case is filed. Bankruptcy law is a federal system, but there’s a complex interplay between state and federal law in practice.  And this relationship between state and federal law also holds true for exemptions from bankruptcy. Section 522 of the Bankruptcy Code governs exemptions.  Section 522(b)(1) of the Code provides that “an individual debtor may exempt from property of the estate the property listed in either paragraph (2) or, in the alternative, paragraph (3) of this subsection.”  Section 522(b)(2) provides that “property listed in this paragraph is property that is specified under subsection (d) . . .” (which includes the federal exemption scheme, addressed below).  Section 522(b)(3) provides that “ . . .

Read More from: Shenwick & Associates

10 hours 50 min ago
Filing a Walworth County bankruptcy is a major decision that no one takes lightly. Although we all want to pay all of our bills in full, sometimes, life gets in the way. We may encounter an illness, a divorce, a medical emergency, or another predicament that results in uncontrollable debt. Bankruptcy laws were designed to help us in those types of situations, so we can get back to making ends meet. There are many positive aspects to filing for a Walworth County bankruptcy. We have outlined some of them below.   © Anatoly Tiplyashin | Dreamstime Stock Photos Major Benefits to Filing a Walworth County Bankruptcy 1. Filing a Walworth County bankruptcy can stop repossession of your vehicle and delay the foreclosure of your home. Let’s be frank. If you don’t have your vehicle to get to work, you’ll never pay off your debts. If you can’t get to work, you will lose your job and also be unable to look for a new job. Again, you’ll never be able to pay off your debts. It’s a catch-22 situation. If you are facing a home foreclosure, filing a Walworth County bankruptcy may stall proceedings. This could potentially give you time to catch up on your mortgage, sell your home, or refinance your home.

Read More from: Wynn at Law, LLC

12 hours 21 min ago
De-risking can be curbed with tools that help lower the cost of complying with anti-money-laundering rules but do not sacrifice the effectiveness of controls.

Read More from: BankThink

13 hours 1 min ago
The U.S. Supreme Court’s 2011 decision in Stern v. Marshall created a firestorm of uncertainty (and litigation) regarding the nature and extent of the bankruptcy courts’ authority.  Last year, the Court’s decision in Wellness International Network, Ltd. v. Sharif answered some of the many critical questions that arose in the wake of Stern and its progeny.  A recent article written by Ronit Berkovich and Doron P. Kenter for the LSTA Loan Market Chronicle examines some of the lessons to be learned, as well as some of the questions that remain unanswered after the Court’s seminal decision in Wellness.  The article is available in full here.
15 hours 42 min ago
Only a month ago we were singing the praises of the CVA and calling them the saviour of the high street following the creditors’ approval of the BHS CVA. (See our earlier blog Move over Mary Portas, CVA’s are the real saviour of the High Street). In the last week, administrators were appointed to both BHS and Austin Reed (Squires are acting for the administrators), which begs the question how effective are CVAs in the retail sector? CVAs first attracted the attention of the retail sector in 2006. The electrical retailer, Powerhouse, proposed a CVA to obtain a release of lease liabilities and parent company guarantees. Whilst the CVA did not succeed, this was on its drafting rather than on the principle that third party liabilities could be compromised. Although the next retail CVA which was proposed, Stylo Shoes, was rejected, the restructuring community then thought that they had discovered the winning formula with CVAs being approved for JJB Sports, Focus Do It All, Discover Leisure and Blacks. So where are all these companies now? Unfortunately as the table below highlights, obtaining creditor approval to a CVA does not necessarily lead to the continued success of the company, with only a third of the companies ultimately avoiding administration and continuing to trade. Company

Read More from: eSQUIRE Global Crossings

17 hours 21 min ago
You can look a long time in the Bankruptcy Code without finding Chapter 20. Chapter 7 is there;  so are Chapters 11 and 13.  But no 20. But you find it in bankruptcy courtrooms and in the arsenal of good bankruptcy lawyers. So, what’s up? Chapter 20 is really bankruptcy slang.  It’s a Chapter 7 case followed by a Chapter 13.  Together the two chapters make a “Chapter 20” case. Why would you need two bankruptcy cases?  Let’s explore. Chapter 20 beats the debt limits All of the powerful provisions and flexibility of Chapter 13 are only available to individuals whose debts are under the Chapter 13 debt caps. Go over the limit for either the unsecured or secured debt cap and you aren’t eligible. Enter Chapter 7.  There are no debt limits in Chapter 7.  You can owe as much or as little as may be and still be entitled to file Chapter 7. The Chapter 7 discharge can be expected to wipe out your personal liability for most unsecured debts and allowing you to fit into Chapter 13. The power of Chapter 13 The things Chapter 13 can do that Chapter 7 can’t so is long and enticing.
  • Getting time to get current on mortgages
17 hours 25 min ago
As banks nationwide trim their branch personnel, they must also make sure the remaining staff in their brick-and-mortar stores know what they are doing.

Read More from: BankThink

17 hours 31 min ago
A discharge is one of the most important functions of bankruptcy.  It is what releases a debtor from personal responsibility for his debts and helps provide a debtor with a “fresh start.”  The Bankruptcy Code allows a debtor’s discharge to be denied in certain circumstances, and the Supreme Court will soon decide an issue concerning one of these circumstances. On March 1, 2016, the Supreme Court heard oral arguments in the case of Husky International Electronics, Inc. v. Ritz, No. 15-145.  The issue in this case is whether false statements are required to trigger the Bankruptcy Code’s bar to discharge debts that are obtained by fraud.  Section 523(a)(2)(A) of the Bankruptcy Code prohibits a debtor from discharging “any debt . . . for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by . . . false pretenses, a false representation, or actual fraud.” Husky International Electronics, Inc. v. Ritz

Read More from: Bonds & Botes, P.C.

17 hours 53 min ago
Wall Street Journal In another attempt to prevent taxpayer-funded bailouts of large banks, the Fed is scheduled to vote today on proposal related to derivative contracts. Hedge funds and asset managers like Pacific Investment Management Co. would lose their contractual right to terminate financial contracts with big banks. As it currently stands, asset managers can terminate contracts with a bank if the bank files for bankruptcy, and the asset manager doesn't have to get in line with...

Read More from: BankThink

18 hours 1 min ago
[wsj-responsive-image P="//si.wsj.net/public/resources/images/BN-NO414_PE_Fai_P_20160414184729.jpg" J="//si.wsj.net/public/resources/images/BN-NO414_PE_Fai_J_20160414184729.jpg" M="//si.wsj.net/public/resources/images/BN-NO414_PE_Fai_M_20160414184729.jpg" credit="Mark Abramson for The Wall Street Journal" placement="Inline" suppressEnlarge="false" ] New York-based supermarket Fairway Group Holdings filed for bankruptcy and plans to keep operating normally, The Wall Street Journal reports. Biotechnology company Bind Therapeutics filed for bankruptcy after defaulting on its debt, Daily Bankruptcy Review reports in WSJ. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Read More from: WSJ.com: Bankruptcy Beat

19 hours 22 min ago
A need for speed By Donald L. Swanson “You can’t fight every battle all the time,” and “You have to get as many settlements as you can—as fast as you can.”  These are truisms for debtor’s bankruptcy counsel. In a Chapter 11 case, the debtor’s best-interest is to identify resolvable disputes promptly, get each of them settled as quickly as possible, and move on toward a final resolution of all disputes in a confirmed plan. This best-interests lesson arrives in my early career: Debtor’s counsel in a Chapter 11 case resigns shortly after filing the case, and I step in.  A couple weeks later, a trial occurs on motions filed by many creditors to convert the case to Chapter 7.  The motions are based on all the usual grounds of continuing loss to the estate, gross mismanagement, etc. The trial lasts a full day, with my client’s CEO the prime witness.  A dozen attorneys do a tag-team job of pummeling my guy into the ground.  It’s brutal.  And the gallery is filled with a couple dozen creditors—all of whom, I quickly learn, hate my guy . . . or, at least, think he’s a rat and wish him ill. At the late-afternoon recess, my guy is feeling beat-up and bloodied.  He asks how I think it’s going.  “I’m not sure we can survive this,” is the most gracious-but-accurate response I can muster.

Read More from: Mediatbankry

21 hours 10 min ago
On May 1, 2016, BIND Therapeutics, Inc., and affiliated companies (“Debtors” or “BIND”) voluntarily filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. The filing comes days after the Cambridge, Mass., company received a notice of default from lender Hercules Technology III LP, which demanded immediate payment of the $14.5 million the lender says it is owed under the loan.  The Company is backed by Koch Industry Inc.’s David Koch. According to the First Day Declaration of Andrew Hirsch, President and Chief Executive Officer of the Debtors,BIND is a biotechnology company developing novel targeted therapeutics, primarily for the treatment of cancer.  Bind Therapeutics’ website says it is developing drug treatments that use nanoparticles to treat cancer. Per the declaration, the Debtors’ ultimate goal in bankruptcy is the maximization of estate value through a plan process, but also a marketing process in the event that other value-enhancing proposals that can be obtained.  In the near term, the Debtors’ immediate objective is to maintain a business-as-usual atmosphere during the early stages of the bankruptcy, with as little interruption or disruption to the Debtors’ operations as possible. The Debtors in these Chapter 11 cases are represented by Richards Layton & Finger, and Latham & Watkins LLP.  The bankruptcy cases are pending before the Honorable Brendan L. Shannon.
1 day 5 hours ago
Because no recent opinions have been published by the Delaware Bankruptcy Court, I wanted to touch on a subject that is vital in nearly every preference or fraudulent transfer case:  The Statute of Limitations For A Preference Claim A. Statute of Limitations The debtor has two years from the date it filed its petition for bankruptcy to file a complaint seeking the recovery of a preference payment. However, if the court appoints a trustee, the limitations period for filing the lawsuit extends one year from the date the trustee was appointed.  Preference litigation cannot be commenced once the court closes or dismisses the debtor’s bankruptcy. B. Service of the Summons and Complaint The two-year time period, or statute of limitations, is not the only deadline governing the commencement of the preference action. The statute of limitations governs when the preference complaint must be filed with the court. The Federal Rules of Bankruptcy Procedure govern how long the plaintiff has to serve the complaint on the party receiving the payments (i.e. the defendant). Under the Federal Rules, the party filing the lawsuit must serve the defendant within 120 days.2 Note, however, that the party may request an extension of time in which to complete service. The party commencing the lawsuit can achieve service in a number of methods, including mailing the summons and complaint to the defendant by First Class mail.
1 day 7 hours ago
Experienced attorney, Jeffrey Scholnick, discuss how probable cause is necessary to ensure that law enforcement officers conduct arrest and searches without violating citizens’ civil rights. What is Probable Cause? Probable cause is a standard used by law enforcement to justify making an arrest, issuing a warrant or conducting a search. The Fourth Amendment requires reasonable grounds for believing that either a crime may have been committed or evidence of a crime may be located in the place to be searched. In some extreme circumstances, probable cause may justify a warrantless arrest or search; however, persons involved in such arrests or searches must be brought before a competent authority for a prompt judicial determination of probable cause. Establishing Probable Cause

Read More from: Scholnick Law

1 day 11 hours ago
On April 30, 2016, Midstates Petroleum Company, Inc. and its subsidiary Midstates Petroleum Company, LLC (collectively, “Midstates” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.  According to the declaration of Midstates’ Chief Financial Officer, Nelson M. Haight (the “Haight Declaration”), Midstates has filed a restructuring support agreement which has been executed by over 74% of each class of Debtors’ secured creditors. The support agreement anticipates a plan, which includes, among other things, a debt-for-equity conversion. The Debtor’s operations are focused on the acquisition, production, and sale of oil, natural gas liquids, and natural gas from domestic onshore hydrocarbon basins. See Haight Declaration at 16. The Debtors own approximately 277,800 acres in the Texas, Louisiana and Oklahoma region.  See Haight Declaration at 29.
1 day 12 hours ago
Gary Ozenne seems to love bankruptcy court.  To wit, Mr. Ozenne filed, on his own behalf, seven bankruptcy cases over the course of five years.  Mr. Ozenne has three times petitioned the United States Supreme Court, on each occasion seeking bankruptcy-related relief.  Unfortunately for Mr. Ozenne, his latest foray in the world of bankruptcy law has resulted in a decision that cuts back on the jurisdiction of one of his favorite hang-out spots.  In Gary Lawrence Ozenne v. Chase Manhattan Bank (In re Gary Lawrence Ozenne), the Ninth Circuit rejected the latest of Mr. Ozenne’s petitions for relief and ruled that bankruptcy appellate panels do not have authority under the All Writs Act to issue writs of mandamus.  In the wake of Ozenne, what remains of BAP jurisdiction is unclear. 
1 day 14 hours ago
Jason J. DeJonker has joined law firm Bryan Cave in Chicago as a partner with the bankruptcy, restructuring and creditors’ rights group, where he will work on litigation related to corporate bankruptcy, creditors’ rights and mergers and acquisitions. Mr. DeJonker has worked on chapter 11 cases, prebankruptcy workouts and debtor-in-possession, or DIP, financing. He also has worked with clients in the real estate and finance industries. He earned his law degree from the University of Illinois. John Lyons has joined the restructuring group at the Chicago office of law firm DLA Piper as a partner. Mr. Lyons—who most recently worked with Skadden, Arps, Slate, Meagher & Flom—has worked on corporate bankruptcies as well as with private equity and distressed investors.  He has been involved in well-known restructurings including American Airlines, Delphi Corp. and US Airways. Mr. Lyons is a member of the American Bankruptcy Institute and Turnaround Management Association.

Read More from: WSJ.com: Bankruptcy Beat

1 day 14 hours ago
As smartphone-carrying baby boomers retire, banks can no longer ignore seniors' unique digital banking needs.

Read More from: BankThink

1 day 15 hours ago
One of the topics that gets a great deal of views at our blog is the affect of the filing of a bankruptcy on a security clearance. I have handled all facets of security clearance issues from initial SF 86 concerns through administrative appeals at the Department of Hearings and Appeals (DOHA) level through appeals to the DOHA Appeal Board.  Financial considerations are probably the number one problem people have with regard to initially obtaining their clearance or having it revoked.   Alcohol and illegal drug use follow as a close second. Options for Dealing with Financial Concerns

Read More from: Bonds & Botes, P.C.

1 day 17 hours ago

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