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Exemptions in bankruptcy are all about what you keep. Exemptions define the collection of assets and rights that are safe from the reach of a bankruptcy trustee or your creditors. But planning exemptions in a bankruptcy case is more than just the looking down the list of things you keep through bankruptcy and the dollar amount that is protected. Jay Fleichman suggested that if the value of your assets exceeded the exemptions available, Chapter 13 needed to be your chapter of choice. Really, it’s the value of the assets, and then, the little extra, that you get to keep because of exemptions. Add transaction costs to asset value When comparing the value of your assets to the list of exemptions available to you, remember the unwritten exemption:  transaction costs.
1 day 6 hours ago
Complex multi-jurisdictional insolvencies are an inevitable consequence of the increasingly global nature of big business. The collapse of the likes of Barings, Enron and most recently Lehmans (the latter involving insolvency proceedings in some 16 jurisdictions) have highlighted the growing need for legislative action to promote cross-border co-operation and protect the interests of international creditors. Comprehensive reform is needed, not least to curtail the inequitable practice of forum shopping. In an ideal world, a global harmonised insolvency system is the logical next step in insolvency policy evolution. However, for the moment it is Europe that is leading the charge. Reform at a European level has been a long term goal since the 60’s but the European Commission’s 2014 recommendations placed harmonisation firmly at the top of the agenda. With international policy powerhouses such as Insol International, The Capital Markets Union and the UN Commission on International Trade also turning their attention to the issue, it seems that a European wide insolvency regime could at last become a reality.

Read More from: eSQUIRE Global Crossings

2 days 12 hours ago
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Read More from: Young, Klein & Associates

2 days 13 hours ago
(Kate B.’s “Turkey Art”) (2015) Late yesterday afternoon, I advanced $1,167 to reopen a Chapter 11 case on the issue of a post-confirmation settlement dispute. The timing really didn’t occur to me until 1 of the 23 ECF recipients emailed me a “Happy Thanksgiving” but also kidded “A Thanksgiving eve filing? Doesn’t Ward ever let you leave?” Touché. And so, that got me wondering (for “fun”): Who else is filing bankruptcy cases and pleadings when they should be at home quick-thawing a turkey (6 hours per pound?!!) or better yet, sitting down to carve it? With that question, Plan Proponent offers you its first “Happy Thanksgiving” blog post, in three parts: Part 1: “Black Friday” is Not a Legal Holiday (Unless You’re in California)

Read More from: Plan Proponent

3 days 5 hours ago
Forgiving student loan debt for low-income Americans could reduce the racial wealth gap among those households by as much as 50%, according to a new report from Demos and the Institute on Assets and Social Policy. Abbye Jo Atkinson has just posted an interesting paper arguing that mortgage debt reduction could likewise significantly reduce the racial wealth gap. Even reducing interest rates on distressed mortgages systematically (rather than randomly under HAMP and similar programs) would disproportionately aid minority borrowers, who disproportionately were assigned to the subprime market. The 2008 foreclosure crisis devastated household wealth for black and hispanic families in the U.S. While the median net worth for white families declined from $193,000 to $142,000 between the 2007 and 2013 Survey of Consumer Finances, the median net worth for black families eroded from $19,2000 to $11,000.  Much of this story is about homeownership rates and home value declines, but another big piece of the net worth story is about debt, especially mortgage and student loan debt.

Read More from: Credit Slips

3 days 7 hours ago
On 1 April 2015, responsibility for consumer credit in the UK transferred from the Office of Fair Trading (“OFT”) to the Financial Conduct Authority (“FCA”). A consequence of this was to replace the OFT’s Consumer Credit Act licencing scheme with the FCA’s authorisation scheme under the Financial Services and Markets Act 2000 (“FSMA”). The impact of this has been significant and has led us to publish a practice note on Consumer Credit Law for Insolvency Practitioners on Lexis PSL. The practice note summarises the transfer from the OFT to the FCA and the impact on insolvency practitioners and professional services firms. Under the old OFT regime, accountants and lawyers could rely on the group licences issued to their regulatory bodies, and did not need to obtain individual licences. The group licencing scheme no longer exists. Although lobbying resulted in exclusions being introduced for IPs providing debt advice in “reasonable contemplation of an appointment” and for IPs once appointed as such, and also for solicitors carrying on debt collection activities with the intention of litigating, the exclusions are limited in their scope.

Read More from: eSQUIRE Global Crossings

3 days 10 hours ago
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Read More from: Young, Klein & Associates

3 days 14 hours ago
We are all taking off early to enjoy Thanksgiving with our friends and family and hope all our readers have a Happy Thanksgiving!
3 days 22 hours ago
The Bank for International Settlements acknowledges that people may have legitimate reasons to prefer an anonymous payment system.

Read More from: BankThink

4 days 7 hours ago
For most of us Thanksgiving Week brings the smell of turkey roasting in the oven, time away from work and school, family gatherings and, of course, football! At Bond & Botes, we look forward to these things and are thankful for the many clients that we have been able to serve in the past year. We take great pride in being able to provide our clients with quality representation and compassion as they are going through tough times. We are also mindful that many people will spend the Thanksgiving Holiday alone and or under the heavy weight of depression and anxiety. The depression that these folks endure is amplified because they see other people enjoying happiness and time with loved ones. They feel excluded and hurt. Anyone who has ever experienced depression knows that the pain is real and can be very intense. In my experience, one of the greatest causes of anxiety and depression for individuals can be financial challenges that seem insurmountable. Financial problems can lead to marital and other family struggles. The best way to show love to a neighbor dealing with financial problems is to help them address the issues they are dealing with. Procrastination and continued worrying will only make the matters worse.

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

4 days 8 hours ago
Professionally, what’s a bankruptcy lawyer thankful for?
  • I’m thankful for experience and a skill set useful to real people with financial problems.
  • I’m thankful for bankruptcy laws, flawed as they are, that allow people to escape debt and focus on the future.
  • I’m thankful for the right to vote for people who might make the laws better and the system more balanced.
  • I’m thankful for an honest judiciary that gives the system integrity.
On a less lofty note, I’m thankful for computers and the internet, which make it possible to represent individuals without carbon paper, adding machines, trips to the clerk’s office, and stacks of books in a library. I’m thankful as a woman to live in a time and place where my gender isn’t a bar to education and professional contribution. And, at every level of my being, I’m thankful for a wonderful set of bankruptcy lawyers I count as friends and partners, who share generously and stretch my thinking. Image courtesy of Pixabay, for whom I am more and more thankful. The post Thankful appeared first on Northern California Bankruptcy Lawyer.
4 days 8 hours ago
Connie Jodice cleans a section where pre-made foods will go, next to the wet rack, containing fresh produce, inside a Haggen grocery store, formerly an Albertsons, located in Palmdale, on March 23, 2015.
Mel Melcon/Los Angeles Times via Getty Images
Grocery store chain Albertsons Cos. is buying back 33 stores the government required it to sell when it acquired rival Safeway Inc. earlier this year, a highly unusual development approved by a judge on Tuesday that highlights a misfire by U.S. antitrust enforcers, The Wall Street Journal reports.  (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, scroll to the bottom and click “try for free.”) Spanish renewable energy and engineering firm Abengoa SA said on Wednesday that it is filing for preliminary creditor protection, an initial step that could lead to the largest bankruptcy case in the country’s history, WSJ reports.

Read More from: Bankruptcy Beat

4 days 8 hours ago
There is no shortage of opinions about payday loans. But the same cannot be said for hard research, which is needed before regulators write new rules for the industry.

Read More from: BankThink

4 days 8 hours ago
We hope everyone enjoys their time with family and friends on this day of giving thanks ! May we all look forward to a new year of helping one another and giving thanks for all of our family and friends. Let us always remember those that made our freedom possible and remember them as they share Thanksgiving away from family and friends. photo credit: The U.S. Army via photopin cc
4 days 8 hours ago
Editor's note: Morning Scan will not publish on Thursday, Nov. 26 or Friday, Nov. 27 in observance of the Thanksgiving holiday. We'll be back on Monday, Nov. 30. Wall Street Journal In-house lawyers at the Consumer Financial Protection Bureau had proof the Federal Reserve and the Federal Deposit Insurance Corp. were eagerly awaiting its report on Ally Financial. That nugget was included in the House Financial Services Committee report, released on Tuesday, that slammed the CFPB for...

Read More from: BankThink

4 days 8 hours ago
Davis v. Hoa Thi Phan (In re Tung Thanh Nguyen), 783 F.3d 759 (10th Cir. 2015) – A chapter 7 trustee sought to avoid as a fraudulent conveyance a debtor’s transfer of real property to his sister by quit claim deed for … Continue reading →
4 days 11 hours ago
As I noted in an earlier post, the paperwork the forms that Oregon and Washington debtors have used to file bankruptcy since the 1980s will be replaced by a new longer set of forms on December 1, 2015. Many critics have noted that the new form, at least at first blush, appear to be more user friendly while soliciting much more in the way of detail. The fear is that debtors who are foolhardy enough to file on their own will leave themselves exposed as they inadvertently report more than they should without advice of counsel. Other critics have cited the confusion that will likely be produced as courts struggle to wade through reams of information provided by self filers relying on the new forms. Other critics have questioned how the new forms will make bankruptcy easier for anyone, in as much as the average length of a bankruptcy petition will soon become over twenty pages longer than it is today.   One thing the new bankruptcy will provide to the courts is more meaningful data regarding bankruptcy trends. For example it would be extremely difficult today for any bankruptcy court to do any meaningful analysis regarding the percentage of Chapter 13 Bankruptcy filings that were initiated due to student loan debt, or tax debt or mortgage arrears. The new forms should provide more detailed information to the bankruptcy court about the bankruptcy customer. Is this a good thing?

Read More from: Oregon Bankruptcy Lawyer

4 days 21 hours ago
As the CFPB and Department of Education and others struggle with how best to provide effective help to at risk student loan borrowers, here is one example of a program that provided these services. For full disclosure I am the chair of the advisory committee of the organization that oversaw and funded the project. The Center for Excellence in Financial Counseling (“CEFC”) at the University of Missouri St Louis was founded and funded to develop ways to improve the quality of education and counseling for consumers in financial distress. For its first program, the organization has been exploring ways to help consumers who are at risk on the repayment of student loans. This is the first such program in the country and CEFC is encouraged about the results thus far and for the prospects going forward.

Read More from: Credit Slips

4 days 22 hours ago
We are a consumer bankruptcy law firm helping persons and businesses with their financial situation.  If you believe we can be of assistance to you, please contact us today at  or toll-free at 1-888-651-9353 and put our experience to work for you.  We offer a free initial consultation and we are available to accommodate your schedule and meet with you on weekends or during the evening. We are located in Glasgow, Kentucky at 111 West Wayne Street, one block off of the Square in Glasgow.  Glasgow is conveniently located on the Louie B. Nunn Cumberland Parkway, for those traveling from west or east of Glasgow We are Certified, Consumer Bankruptcy Law, American Board of Certification… one of the few attorneys in Kentucky so certified We are an active member of the National Association of Consumer Bankruptcy Attorneys, serving as Kentucky State Chair of this organization. We are also have been designated a debt relief agency by Congress and the United States Supreme Court and we provide legal assistance to consumers seeking relief under the Bankruptcy Code.
5 days 18 min ago
Both bankruptcy and foreclosure are extremely complicated topics. Not only can the guidelines governing each can seem overwhelming for a non-lawyer, but the emotional reaction people have when feeling desperate about finances can make you feel like you are drowning. Depending on which type of bankruptcy protection you qualify for, you may be able to protect your home from foreclosure. First things first: hire a knowledgeable lawyer who will explain all your rights and assist you in making decisions regarding the process. This is your home we are talking about — likely your largest investment to date. Take the time necessary to become informed about your options regarding foreclosure and bankruptcy law in New Jersey. Chapter 13: If you file for this type of bankruptcy, you may be able to save your home. If you qualify, and are able to make loan payments on a revised schedule, you can ward off foreclosure. Chapter 13 bankruptcy often removes second and third mortgages; this may give you the extra funds needed to pay back the first loan.
5 days 33 min ago