ABI Blog Exchange

Filing Bankruptcy with too much property? If you or someone you know is thinking of filing bankruptcy, the value of the property that one has must be ascertained. If you have very little property and if the market value is low, you will more likely than not be eligible for a chapter 7 fresh start+ Read More The post Thinking Of Filing Bankruptcy? Check Your Property Values appeared first on David M. Siegel.
1 week 2 hours ago
Do you have Federal Student Loans? You may qualify for a Forgiveness Program and not even be aware of your eligibility. Here are some basic rules: 1. This only applies to Federal loans. If you have private loans, the creditor may have programs for forgiveness, but probably nothing like this. 2. What job qualifies for “Public Service”? Public Service is much broader than you would think. It includes:
  • Any Government job-This includes federal, state and local government, as well as “public child or family service agency”;
  •  Any Not-for-profit, tax-exempt organization as defined in the IRS Code, Section 501(c)(3);
  • Any private, not-for-profit organization providing public services including: emergency management, public safety, law enforcement, public interest law services, early childhood education, public service for the disabled and elderly, public education, school library or “other school-based services.”

Read More from: Scholnick Law

1 week 2 hours ago
Even in a world where people attempt almost any skilled task with the help of Google, YouTube, or Legal Zoom,  people continue to ask: is this contract legal? They aren’t asking (usually) whether the subject matter of the contract is permitted by law. They really want to know: will what I’ve written be enforceable. No magic words required to contract There are no magic words or phrases that make a contract enforceable by a court. Enforceability is not acquired by adding “whereas” or “notwithstanding“. A contract need only establish that one party made a promise to the other for consideration. Consideration is legalese for money.  Or something else of value. If I promise to join you for dinner next Friday, we have not created an enforceable contract, because there was no valuable consideration exchanged.  My promise was gratuitious.  You didn’t offer me anything but your good company over a meal. If , on the other hand, I promise to speak at the event you’re planning, for which you’ll pay my  fee, then we have an enforceable contract.  I will appear and speak, and you will pay. If either of us fails to do what we’ve promised, a court will attempt to give the injured party the benefit of the bargain. So here are four tips on drafting a contract that does the job. 1.  Write the complete expression of the deal
1 week 2 hours ago
On January 18, 2015, Fox Rothschild's Delaware Bankruptcy Litigation blog published a post "Caesars Bankruptcy: Illinois Bankruptcy Proceeding Stayed by Delaware Bankruptcy Court". The article reviews a situation where creditors filed a petition for an involuntary chapter 11 bankruptcy on January 12, 2015 against Caesars Entertainment in the Bankruptcy Court in Delaware and then three days later Caesars Entertainment filed a voluntary chapter 11 case in the Bankruptcy Court of the Northern District of Illinois.The Delaware Bankruptcy Court referred to this as a situation of  "parallel proceedings." In its January 15, 2015 order, the Delaware Bankruptcy Court ordered that the proceedings in the Illinois Bankruptcy case be stayed,  except for certain first day motions, pending "issuance of an order determining, if necessary, the venue in which the Debtor's chapter 11 case shall proceed."
1 week 3 hours ago
On January 18, 2015, Fox Rothschild's Delaware Bankruptcy Litigation blog published a post "Caesars Bankruptcy: Illinois Bankruptcy Proceeding Stayed by Delaware Bankruptcy Court". The article reviews a situation where creditors filed a petition for an involuntary chapter 11 bankruptcy on January 12, 2015 against Caesars Entertainment in the Bankruptcy Court in Delaware and then three days later Caesars Entertainment filed a voluntary chapter 11 case in the Bankruptcy Court of the Northern District of Illinois.The Delaware Bankruptcy Court referred to this as a situation of  "parallel proceedings." In its January 15, 2015 order, the Delaware Bankruptcy Court ordered that the proceedings in the Illinois Bankruptcy case be stayed,  except for certain first day motions, pending "issuance of an order determining, if necessary, the venue in which the Debtor's chapter 11 case shall proceed."

Read More from: Miami Bankruptcy Law Blog

1 week 3 hours ago
Many community banks will soon have to replace outdated technology Â-- expenses that will hit them in an ongoing environment of compressed net interest margins, increasing compliance costs and higher capital requirements.

Read More from: BankThink

1 week 5 hours ago
We are happy to welcome back Professor Michelle Harner of the University of Maryland and the reporter for the American Bankruptcy Institute's Commission to Study the Reform of Chapter 11. Harner has kindly offered to blog on her perspectives on the Commission's report. So she does not have to say -- anything she writes represents only her own views and not her views in her capacity as the reporter.

Read More from: Credit Slips

1 week 5 hours ago
A recent Millennium Trust white paper, “Raising Assets in a Post-Madoff World,” calls forth the image of private fund investors who did not look hard enough and at regulators who did not require enough or the right kinds of disclosures. Everyone sings “We Won’t Get Fooled Again.”  Read more here.
1 week 6 hours ago
On January 12, 2015, Appaloosa Investment LP and funds affiliated with Oaktree Capital and Tennenbaum Capital filed an involuntary bankruptcy petition against Caesars Entertainment Operating Company, Inc. (“Caesars”) with the United States Bankruptcy Court for the District of Delaware.  The petitioning creditors are junior noteholders of the debtor. According to the Statement of Petitioning Creditors in Support of Involuntary Chapter 11 Petition Against Caesars Entertainment Operating Company, Inc.,  petitioning creditors asked the Court to appoint an examiner to investigate claims that Caesars’ insiders plundered the company, paying themselves hundreds of millions of dollars while moving assets out of the reach of second-lien holders. Meanwhile, three days later, Caesars filed for bankruptcy in the Northern District of Illinois, case no. 15-01145 (ABG) (Bankr. N.D. Ill.) (“Illinois Bankruptcy”). The petitioning creditors filed a motion with the Delaware Bankruptcy Court seeking a stay of the Illinois Bankruptcy and finding that venue is proper in Delaware.  On January 15th, the Delaware Bankruptcy Court issued an Order staying the Illinois bankruptcy filing by Caesars while the Delaware Bankruptcy Court determines the proper venue in which the Caesars action shall proceed.
1 week 15 hours ago
Nearly a year ago, The Supreme Court held in Law v. Siegel (In re Law), No. 12-5196, 571 U.S. ___ (March 4, 2014), that despite a debtor’s misdeeds, the Bankruptcy Court still has to follow the Bankruptcy Code and can’t just dispense its own sense of justice ad hoc. This same reasoning was recently applied in a bankruptcy court case in California, In re Arellano, 517 B.R. 228 (Bankr. S.D. Cal. 2014), the bankruptcy court there followed the Supreme Court’s logic in affirming that a bankruptcy trustee can’t object to a debtor’s amended claim of exemption based merely on a claim of “bad faith,” just because the debtor failed to disclose the asset in his original filing. Following the Law case, the bankruptcy court reasoned, any exception to a debtor’s claimed exemption must be based in law, not simply the bankruptcy court’s own sense of equitable considerations. This case prompted me to go back and cover the Law case.
1 week 22 hours ago
There've been a bunch of post-mortems of the Antonio Weiss nomination in the press the last few days (see, e.g., here, here, and here). When I read them I often feel like I'm reading a story about a kid who went to a fancy eastern boarding school, where he was head of the literary society, lettered in three sports, and did lots of charity work, but didn't get into the Ivy League school where all of his family and family friends went. The result: shock and outrage that the kid was denied his birthright!  Being nominated for Undersecretary of the Treasury isn't quite like getting into Harvard (or even Yale). Yet reading Weiss's defenders' (and their all-too-willing jouralist abetters), one would think that's the story. And that underscores precisely what the problem was with the Weiss nomination, and what Weiss's defenders just don't get (or want to admit they get): the assumption that Wall Street success entitles someone to an important policy position for which they have no apparent qualifications.

Read More from: Credit Slips

1 week 1 day ago
Consumer Financial Protection Bureau (CFPB) is seeking input on a “Safe Student Account Scorecard” that would help colleges to avoid partnering with financial institutions that offer checking and prepaid accounts with tricks and traps.  CFPB discloses that many “colleges make deals with financial institutions, where the college helps with or allows the promotion of credit, debit, or prepaid cards, sometimes endorsed with a college logo or linked to a student identification card.  Colleges, either directly or indirectly, typically get a share of the revenue generated from the cards, and financial institutions have access to a new group of consumers. The CFPB has identified agreements where financial institutions offer royalty payments for use of college trademarks or bonuses based on the number of student account sign-ups. Financial institutions may also offer discounted, or even completely free services, in exchange for marketing access on campus.”
1 week 1 day ago
Weighing your debt resolution options can be overwhelming.  We are posting a 5-part blog series over the next month to help breakdown some of the most common and important considerations. Here are the topics we will be covering: What are the tax consequences? How the debt is settled – lump sum payment vs. structured payment […] The post Debt Relief Blog Series: Determining Your Best Option. Part I: Tax Consequences appeared first on Acclaim Legal Services, PLLC.

Read More from: Acclaim Legal Services

1 week 2 days ago
The SEC has issued a statement, which, although no mention of the proxy access proposals is specifically made, addresses the controversy surrounding the SEC staff’s recent decisions to permit companies to exclude shareholder proposals on the basis that companies will be proposing their own conflicting management proposals. Chair White has directed the SEC staff to review the rule and report to the Commission on its review.
1 week 2 days ago
Investing in startups is different than other types of alternative investing, with unique challenges and opportunities. In Episode 19 of Accredited Investor Markets Radio, entrepreneurial ‘it’ girl, Diana Kander, discusses what to look for on both the investment and entrepreneurial side of a start-up. Her discussion with AccreditedInvestorMarkets.com Managing Editor, Alicia Purdy, covers how an angel investor can help or hurt a start-up, how to avoid executing a flawed plan, how to learn and move on from a failure and how identify a perfect match between investor and entrepreneur.   Learn more about Diana Kander here.   Or you can find her here: Twitter: @dianakander LinkedIn Facebook   About Diana Kander   As refugees of the Soviet Union, Diana Kander’s family escaped to the US when she was 8-years-old. By the time she was an American citizen, she had perfected her skills as a capitalist – selling flea market goods to grade school classmates at a markup.  
1 week 2 days ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week.

Read More from: BankThink

1 week 2 days ago
If you ask any bankruptcy lawyer what they feel the best time is for filing bankruptcy, you’ll likely hear a resounding, “Now!” In truth, waiting around to file bankruptcy increases your risk for wage garnishments, lawsuits, auto repossession, and even foreclosure of you home. The New Year is here now, and there are many reasons […] The post Reasons to File Bankruptcy at the Beginning of the New Year appeared first on Allmand Law Firm PLLC.

Read More from: AllmandLaw

1 week 3 days ago
As market participants will know, the appeal in the Apcoa II scheme of arrangement settled just before Christmas. While welcome for the players involved, it deprived the market of the clarity of a Court of Appeal judgment on many scheme issues such as jurisdiction, the imposition of new obligations and class composition. In the absence of the Court of Appeal’s review, we offer our own reflection on the current state of key issues arising on schemes of arrangement in financial restructurings. continue >>>
1 week 3 days ago
PE Fund“The private equity balance of power is starting to shift in favor of the strongest general partners, leaving limited partners with less negotiating clout,” according to an article by Pension & Investments writer Arlene Jacobius. Read more here.
1 week 3 days ago
Teen retailer Wet Seal Inc. filed for Chapter 11 bankruptcy protection early Friday morning, hoping to salvage some of its stores using a financing offer from B. Riley Co. LLC, The Wall Street Journal reports. The filing followed warnings that Wet Seal was running out of cash even after shutting down 338 stores. (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 our homepage, scroll to the bottom and click “try for free.”) The Chicago judge who’s in charge of the bankruptcy for casino giant Caesars Entertainment Corp.’s largest unit granted several routine requests to keep the company operating normally during the case, WSJ reports.

Read More from: WSJ.com: Bankruptcy Beat

1 week 3 days ago

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