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John Rogers:
The amount of your debt can control whether or not your are eligible to file Chapter 13 Bankruptcy. To find an experienced bankruptcy attorney to help you make this determination, go to http://www.nacba.org or http://www.abcworld.org .
Originally posted on Kentuckiana Bankruptcy Opinions: (Bankr. E.D. Ky. Aug. 18, 2015) The bankruptcy court grants the trustee’s motion to dismiss the Chapter 13 based on the debtor having secured claims in excess of that allowed under 11 U.S.C. § 109(e). The debtor argued that her schedules, which listed secured debt less than the 109(e) threshold, should control on the issue of her eligibility. The court holds that it may review other items in the record to determine eligibility. For reasons including that the debtor failed to include prepetition interest on her mortgage debt and listed certain debts as unliquidated and contingent when they almost certainly were not, the court finds that the debtor is not eligible for Chapter 13. Opinion below. 2015-08-18 – in re ash Author: Matt Lindblom
1 week 2 days ago
John Rogers:
If someone owes you money and they file bankruptcy, speak with a bankruptcy attorney immediately to discuss your options. You will likely only have a certain amount of time to make your claim. If you need help finding an experienced bankruptcy attorney, try http://www.nacba.org or http://www.abcworld.org .
Originally posted on Kentuckiana Bankruptcy Opinions: (Bankr. W.D. Ky. Aug. 20, 2015) The bankruptcy court holds that the creditor may not proceed with a damages hearing in state court, as the liability judgment has already been discharged in the bankruptcy. The creditor requests that the court allow her to challenge the dischargeability of the debt, despite the fact that the deadline for filing complaints to determine dischargeability has already passed. The court finds no basis to permit the late challenge. The creditor had notice of the bankruptcy and simply filed to timely file a complaint. Opinion below. 2015-08-20 – in re ausmus Author: Matt Lindblom
1 week 2 days ago
Wall Street Journal JPMorgan Chase has hired a recently retired general as senior adviser. Gen. Raymond T. Odierno will offer the bank advice on cybersecurity as well as the physical risks involved in operating in a range of countries. The paper reports that Ordierno served in the Persian Gulf and Iraq wars and worked closely with Gen. David Petraeus on the 2007 military surge in Iraq. ...

Read More from: BankThink

1 week 2 days ago
The federal government reached a settlement with Altegrity Inc. worth at least $30 million over a whistleblower lawsuit, Daily Bankruptcy Review reports via The Wall Street Journal. (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.”) Caesars Entertainment Operating Co.’s creditors want a stake in the parent company in exchange for endorsing the casino unit’s bankruptcy plan, WSJ reports. The 8,000-resident town of Hillview, Ky., is the first to file for bankruptcy since Detroit, Bloomberg reports. A discussion piece in the Huffington post looks at Puerto Rico’s private sector calling on Congress for the allowance of chapter 9.

Read More from: WSJ.com: Bankruptcy Beat

1 week 2 days ago
Poorly paid tellers get a boost from Amalgamated Bank; Nasdaq might be getting a female CEO; parent-friendly business trips as a new PE recruitment tool, and Fidelity's Kathleen Murphy on the benefits of mentoring. Plus, motorcycles, sushi chefs and Stephen Colbert.

Read More from: BankThink

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Some time ago you filed a bankruptcy and received a discharge.  You owned a home at the time your bankruptcy was filed and have continued paying on the mortgage.  Now you are trying to a refinance of your mortgage but are told that “because you did not reaffirm your mortgage during the bankruptcy your credit report does not show any payments”.   There are two issues going on here. First, by filing for bankruptcy your obligation to pay most debts, such as your mortgage, was discharged (meaning that the creditor cannot force you to pay the debt).  Of course, if you want to keep your home you need to pay the mortgage.  The mortgage lender will probably report your mortgage as “discharged in bankruptcy”.  The mortgage lender may also choose not to report any payments make after your bankruptcy was filed.  You ask your mortgage lender to report your post-bankruptcy payments, but they refuse because the “debt was discharged in bankruptcy”.   They are correct, the debt was discharged in bankruptcy and The Fair Credit Reporting Act (FCRA) does not require creditors to report to the credit reporting agencies.   Therefore, the mortgage lender is not required to report that you are still making payments.
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In this excerpt from Legal Action, Attorney David M. Siegel talks about the creation of the automatic stay in bankruptcy.  Some debts are eliminated whereas others are not.  It all depends upon the type of debt and the type of bankruptcy. Interviewer: What happens if I’ve got a garnishment or a threat of garnishment or+ Read More The post Bankruptcy & The Automatic Stay appeared first on David M. Siegel.
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Today we write on relatively recent decision on remand in the Chesapeake Energy Corporation early redemption litigation we previously covered.  In short, the United States District Court for the Southern District of New York held that the payment terms of an indenture prevail over equitable arguments, and if notes were redeemed at a time when a make-whole would be owed under the terms of an indenture, the make-whole was owed – even if the issuer didn’t mean to trigger it. 
1 week 2 days ago
There's nothing like a natural disaster to make people realize how important insurance is to the banking industry.

Read More from: BankThink

1 week 2 days ago
There's nothing like a natural disaster to make people realize how important insurance is to the banking industry.

Read More from: BankThink

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Our memo on the court’s decision upholding its ruling on the SEC’s conflict minerals disclosure is here. EY's recent analysis of the second year of conflict minerals reporting concludes that companies are reluctant to conduct additional due diligence amidst an uncertain regulatory environment, so that disclosure did not change much from the prior year. 
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Series: Newbie Litigator School You have the evidence that you need to prove your case. Now, how do you get it admitted? Our panel will explore evidentiary foundations related to authentication of records, competency and credibility of witnesses, hearsay rules and exceptions, privilege issues, and opinion evidence. We’ll also discuss how motions in limine can help to keep evidence in or out and streamline your trial. Read more here.
1 week 3 days ago
Before it dissolves in late September, a bipartisan House task force should take a broader look at de-risking, changing technologies, cybersecurity and the private sector's role in deterring terrorism financing.

Read More from: BankThink

1 week 3 days ago
Receiving Wide Coverage ... Fed Hesitates Over Rate Hike: Minutes from the latest Federal Reserve meeting suggest officials are torn over when to go ahead with a rate increase. Some are worried about the slow pace of inflation, which remains well below the central bank's 2% target. China's stock-market declines and the effects of a strong U.S. dollar are also of concern. On the other hand, a substantial number of Fed officials think a rate hike...

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1 week 3 days ago
Authored by J. Ellsworth Summers, Jr. and Armando Nozzolilloand J. Ellsworth Summers, Jr. and Armando Nozzolillo of Rogers TowersIn the right circumstances, creditors can utilize involuntary bankruptcy a tool for collecting on its debts. This post addresses the process a creditor must follow after filing an involuntary petition under chapter 7 or 11 of the Bankruptcy Code. Before a creditor can initiate this procedure, it is important to understand the basic requirements of involuntary bankruptcy. These basic requirements can be found here in the first post of this series.

Read More from: Florida Banking Law Blog

1 week 3 days ago
The judge in MF Global’s bankruptcy set the stage for a nearly full recovery for creditors, Daily Bankruptcy Review reports via The Wall Street Journal. (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.”) Detroit sold its first municipal bonds since leaving bankruptcy, WSJ reports. The Associated Press reports on a guilty plea by former Freedom Industries President Gary Southern for his role in a massive chemical spill in West Virginia last year.

Read More from: WSJ.com: Bankruptcy Beat

1 week 3 days ago
Regulated by multiple agencies, marketplace lenders reduce the financial system's leverage, provide greater financial transparency and ultimately deliver a better product to consumers and investors.

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1 week 3 days ago
2015 is set to be another bumper year for NPL transactions in Europe, even larger than 2014 which saw over €90bn of deals completed, itself a 40% year-on-year increase. What is already notable this year is a diversification in deal structures. In an article originally published in Funds Europe, Adam Plainer and Chris Evans consider four different approaches seen in Italy which highlight a range of options that potential acquirers and those making disposals across the entire European market should consider: securitisation, out-sourcing, whole business acquisition and plain vanilla sale. Please click here to read the full article. //
1 week 3 days ago
On August 13, 2015 (the “Petition Date”), Houston-based Hercules Offshore, Inc. and certain of its subsidiaries and/or affiliates (collectively, “Hercules”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware.  According to the declaration of Troy L. Carson, the Senior Vice President and Chief Financial Officer of Hercules (the “Carson Declaration”), Hercules enters bankruptcy with a “prepackaged” plan to, among other things, deleverage its balance sheet by converting $1.2 billion in principal amount of six outstanding series of senior notes (the “Senior Notes”) into 96.9% of new equity in the reorganized Hercules).  Hercules provides shallow-water drilling and marine services to the global oil and natural gas exploration and production industry.  Hercules also operates a fleet of 27 self-elevating, mobile offshore drilling units, or “jackup rigs,” and 21 self-elevating, self-propelled “liftboat” vessels.  As of the Petition Date, Hercules has estimated assets with a book value of approximately $546 million net of intercompany claims against and historic investments in, the Non-Debtor Subsidiaries.  Hercules has total liabilities of approximately $1.31 billion, the bulk of which ($1.2 billion) is comprised of unsecured debt obligations under the Senior Notes.
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Most Official Bankruptcy Forms are scheduled to be replaced with substantially revised, reformatted and renumbered versions effective December 1, 2015, if approved by the Judicial Conference at its September 2015 meeting.  You may find the new forms by following this link: 2015-12_bankruptcy_forms_numbered
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