ABI Blog Exchange

Planning on filing a Kenosha bankruptcy this year? Be sure not to miss your income tax return filing deadline of April 15th. Sending your income tax return late to the IRS can cause collateral damage to your Kenosha bankruptcy case. The law regarding tax debts and bankruptcy states that recent income tax debts are not dischargeable in a Kenosha bankruptcy. However, old tax debts may be dischargeable. Of course, the tax debt must also qualify for discharge under the current Bankruptcy Code. Recently, the First, Fifth, and Tenth Court of Appeals ruled that a late filed tax return does not qualify as a “tax return” according to the language in the Federal Bankruptcy Code. The recent rulings center on a statement included in the 2005 changes to the Bankruptcy Code. This new language reads that a tax return is defined as a tax filing that “satisfies the requirements of applicable non-bankruptcy law (including applicable filing requirements).” In plain English, tax returns filed by the IRS without cooperation from the debtor are not recognized as “tax returns”. This means any tax return not filed on time may not be dischargeable debt in either a Kenosha Chapter 7 Bankruptcy or a Kenosha Chapter 13 Bankruptcy if not paid in full.

Read More from: Wynn at Law, LLC

5 days 17 hours ago
Noxious Weeds! What happens when you surrender a home in bankruptcy?  Must you move the second a bankruptcy is filed?  Do they give you time to move or will your possessions be thrown out on the front lawn for the neighbors to view? When you surrender a home through bankruptcy, there will be a specific process for the lender to obtain the home.  Let’s walk through the general process.
  1.  In a Chapter 7, the lender must wait until the 341 Meeting of Creditors  so the trustee may determine whether or not he or she wants the property.
  2. If the trustee, abandons the property, the lender may lift the automatic stay to begin foreclosure proceedings or they may wait until your discharge.
    • If the automatic stay is lifted, your attorney should update you the lender is seeking permission to foreclose.

Read More from: Bankruptcy Law Network

5 days 18 hours ago
Proposed legislation in the U.S. Congress would revise the Title III equity crowdfunding landscape by roping off a restricted, sky-box-like section just for accredited investors. Some securities professionals expect Congress to enact this legislation by summer 2015.  Read more here.
5 days 18 hours ago
The United States Supreme Court heard arguments yesterday from a homeowner and a bank on whether second mortgages with no equity to attach to can be stripped off in Chapter 7 bankruptcy … the transcript of the oral argument is here.
5 days 18 hours ago
The CFPB's complaint portal will only be helpful to consumers if the agency takes the time to verify or contextualize their concerns.

Read More from: BankThink

5 days 18 hours ago
Sale signs greet customers walking to the RadioShack at Valley View Plaza in Marion, Ind., on Friday, Feb. 20.
The Chronicle-Tribune/Associated Press
Salus Capital Partners says it has made a “materially superior” offer for RadioShack Corp. at a bankruptcy auction for the electronic retailer’s assets and wants a bankruptcy judge to intervene before a winner is a declared. The Wall Street Journal has the Daily Bankruptcy Review article here. (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.”) A fund that invested exclusively in Bernard Madoff’s massive Ponzi scheme has struck a deal that frees up $93 million to pay back victims of the fraud, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

5 days 19 hours ago
Sale signs greet customers walking to the RadioShack at Valley View Plaza in Marion, Ind., on Friday, Feb. 20.
The Chronicle-Tribune/Associated Press
Salus Capital Partners says it has made a “materially superior” offer for RadioShack Corp. at a bankruptcy auction for the electronic retailer’s assets and wants a bankruptcy judge to intervene before a winner is a declared. The Wall Street Journal has the Daily Bankruptcy Review article here. (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.”) A fund that invested exclusively in Bernard Madoff’s massive Ponzi scheme has struck a deal that frees up $93 million to pay back victims of the fraud, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

5 days 19 hours ago
Receiving Wide Coverage ... Go West, CFOs: Ruth Porat's move from chief financial officer at Morgan Stanley to the same position at Google has sparked a surge of think pieces on Wall Street's diminished lure compared to the creative yet lucrative jobs in Silicon Valley Â-- and more than a few contrarian responses. The New York Times' Neil Irwin cheers Porat's decision as an indicator that the tech sector has dibs on the country's top talent,Â...

Read More from: BankThink

5 days 19 hours ago
The SEC’s proposed rules on pay ratio disclosure is again the focus of Congressional attention, as three members of the House, Congressional Progressive Caucus Co-Chairs Representatives Raúl Grijalva (D-AZ) and Keith Ellison (D-MN), joined by Financial Services Committee member Maxine Waters (D-CA), sent a letter to the SEC asking them to finalize those rules.  
5 days 20 hours ago
Morris v. Ark Valley Credit Union (In re Gracy), 522 B.R. 686 (Bankr. D. Kan. 2015) – A chapter 7 trustee sought to avoid a credit union’s security interest in a manufactured home by asserting his strong arm powers as a hypothetical lien … Continue reading →
5 days 22 hours ago
On February 25, 2015, the Nebraska bankruptcy court issued a new student loan opinion that should lift the hopes of debtors overburdened by student loans.   See In re DeLaet, Case #13-04032. What is striking about this opinion is that the court granted a discharge of student loans to a relatively young debtor in good health. The facts of the case are as follows:
  • The debtor is 28 years old and is in good physical health.
  • The debtor had no dependents and was engaged to be married.
  • She graduated from college in 2009 with a degree in Fine Arts and English.
  • She owed $169,711 of student loans.
  • $27,045 of her loans were Federal Student Loans and those loans were enrolled in an Income Based Repayment (“IBR”) plan  with the Department of Education.  None of the federal student loans were discharged.
  • $142,66 of the loans were Private Student Loans (i.e., not guaranteed by the government).
  • The debtor was unable to find work in her field of study and testified that she submitted hundreds of job applications.
6 days 8 hours ago
Most of the posts on this blog, and in fact on most bankruptcy blogs, focus on the consumer as the bankruptcy debtor.  That makes sense–most bankruptcy cases involve a consumer debtor and a number of institutional creditors, like banks and credit card companies.  And those banks and credit card companies have in-house lawyers, and white-shoe law firms on retainer–they don’t need to read blogs to find out what to do about that bankruptcy notice they just got.  But there are times when the shoe is on the other foot–when the consumer is the creditor, and gets that bankruptcy notice.  It can be difficult, if not impossible, for a consumer in that situation to figure out what to do.

Read More from: Bankruptcy Law Network

6 days 12 hours ago
In the on-going saga of the Conex v. Car-Ber Testing, Inc. adversary proceeding (see our prior post here), Judge Leonard P. Stark, of the United States District Court for the District of Delaware, denied the Chapter 7 Trustee’s request to allow a direct appeal to the Third Circuit Court of Appeals of the Bankruptcy Court’s opinion that permitted the defendant in a preference action to use the new value defense – even though the “new value” had been paid post-petition.  Stanziale v. Car-Ber Testing, Inc., Civ. No. 14-cv-179-LPS (D. Del. Mar. 23, 2015) The basis of the underlying opinion was the Third Circuit’s opinion in the case of Friedman’s Litigation Trust v. Roth Staffing Companies LP, Case. No. 13-1712 (see our Friedman’s blog post here).
6 days 13 hours ago
All’s fair in love bankruptcy and war . . . except when one side decides to keep fighting after there’s been a truce.  The petitioning creditors in In re BG Petroleum, LLC, a recent decision from the Bankruptcy Court for the Western District of Pennsylvania, apparently forgot this rule. In BG Petroleum, the court gave a lesson on the basic principles of contract law in ruling on dueling motions filed by the debtor BG Petroleum, LLC and the petitioning creditors who commenced its involuntary chapter 11 case.  What Started this Fight?
6 days 15 hours ago
One of the major differences between various debt relief options is the approach taken to resolve the debt.  The approach you take for debt resolution can impact everything from: The time it takes to resolve your debt situation; The impact to your Credit; The actions Creditors take to collect on the debt; The stress you […] The post Debt Relief Blog Series: Determining Your Best Option. Part IV: Approach to Resolving the Debt appeared first on Acclaim Legal Services, PLLC.

Read More from: Acclaim Legal Services

6 days 16 hours ago
Deng Xiaoping's famous description of the "new" Chinese development-oriented economy begs the question of what that system intends to do with the inevitable casualties of consumerism and economic development. What of the increasing number of people in danger of falling out (or who have already fallen out) of the new middle class? In contrast to 20 years of concentrated efforts to establish and reform a business insolvency regime, it looks at though China is still very far from introducing a relief mechanism for consumer insolvency. The simple basis for debtor-creditor law in China is Article 108 of the PRC General Principles of the Civil Law:  "Debts shall be paid" (also allowing for installment payments pursuant to "a ruling by a people's court").  I suspect the Chinese phrase long predates "pacta sunt servanda."

Read More from: Credit Slips

6 days 16 hours ago
The ruling means that customers could be at risk for not reviewing bank statements carefully and then failing to notify their bank of an error in a timely manner.

Read More from: BankThink

6 days 16 hours ago
The Corporation Law Council, a committee of the Delaware State Bar Association that drafts recommendations for amendments to the DGCL on an annual basis, has proposed text of a bill to amend the Delaware General Corporation Law (the “DGCL”) in considerable ways.  The proposal—which is, in large part, a reaction to recent decisions of the Delaware Supreme Court and Delaware Court of Chancery—seeks to limit the impact of fee-shifting provisions that arise in the event of unsuccessful stockholder derivative suits, as well as permit Delaware corporations to include forum selection provisions in their organizational documents with certain limitations. Read More › Tags: Delaware General Corporation Law, Fee-Shifting Bylaws, Forum Selection Bylaws

Read More from: Delaware Bankruptcy Insider

6 days 17 hours ago
Bernstein-Burkley, P.C. Associate, Jennifer L. Tis, is currently the Vice […] The post Volunteer Spotlight: Jennifer Tis appeared first on Bernstein-Burkley, P.C..

Read More from: Bernstein-Burkley, P.C.

6 days 18 hours ago
The underdeveloped parts of the world constitute huge potential markets. Many companies are going to make a lot of money there in the coming years. And many of those profitable products will have something to do with bringing power to people who never were part of the hard-wired electric grid. Many of those products will be sold in developed countries to people who want to save money and who will come to realize more and more how fragile the electric grid really is. Read more here.
6 days 18 hours ago

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