Rule 9006(b) Permits Bankruptcy Courts to Extend Statutes of Limitations
Extending statutes of limitations does not affect ‘substantive’ rights, thus the Rules Enabling Act does not preclude a rule from allowing an extension, Judge Julie Manning says.
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Connecticut Supreme Court: Increased Homestead Exemption Applies to Existing Debts
Even under an unfavorable choice of law, a debtor in Connecticut was allowed to enjoy the state’s new $250,000 homestead exemption, even though her debts had accrued before the increase went into effect.
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Oversecured Creditor Granted ‘Default’ Interest on a Loan Purchased at Discount
District judge in Connecticut upheld an award of ‘default’ interest, even though the fully secured lender had opposed the chapter 11 process and resisted the use of its cash collateral.
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Channeling ‘Asbestos’ Claims Is a Legitimate Use of Chapter 7, District Judge Says
Reversing the bankruptcy court, a district judge ruled that a company may file in chapter 7 even when there are no operations and no assets aside from insurance.
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The Date of Service of a Writ of Garnishment Is the Date of Transfer of a Preference
Circuits are split on the date of transfer resulting from a garnishment.
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To Avoid U.S. Trustee Fees, Court Liberally Allows Closing a Case After Confirmation
Pending adversary proceedings don’t preclude a finding that the chapter 11 case has been ‘fully administered,’ thus allowing entry of a final decree and cutting off further fees owing to the U.S. Trustee Program.
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Rifle Held Exempt as Household Goods in Georgia but Not in Connecticut
Claiming a firearm is owned for defense of the household raises the odds that the gun will be exempt as household goods.
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Connecticut Joins New York on Fraudulent Transfers for Children’s Tuition
Student’s entitlement to a refund determines whether a parent’s tuition payments are constructively fraudulent transfers.
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Colleges Beat Back Another Fraudulent Transfer Suit Aimed at Tuition Payments
Federal student loan proceeds were never the parents’ property and thus could not be recovered by a trustee.
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Connecticut Judge Takes Sides in a Circuit Split on Trademark License Rejection
A ‘cert’ petition is in the works to resolve the circuit split from Lubrizol regarding the rejection of trademark licenses.
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