So you're doing business as usual and notice that payments from your customer are getting later and later. Turns out that customer is struggling to navigate in the sputtering economy. Waiting for your money is bad enough; but what if you receive a demand to refund what you've been paid? And not because of anything...Read More
Section 523(a)(4) of the Bankruptcy Code, 11 USC 523(a)(4) makes debts arising from “fraud or defalcation while acting in a fiduciary capacity” nondischargeable. You know what that means, right? If you answered “Yes,” then you’ve overcome a gulf that several Federal Courts of Appeal could not. In fact it was not until the decision in Bullock...Read More
Q: If a debtor files Bankruptcy after taxes are sold, the redemption period has expired, and the property is sold to a disinterested third party, can Bankruptcy still help them recover that property? A: Kind of. The debtor is out of luck unless the redemption period expired within the 2 years prior to the filing....Read More
Lopsided divorce settlement shortly before a husband’s bankruptcy filing did not amount to a “fraudulent transfer” of assets: ex-wife keeps it all! Bankruptcy: In re Kimmell, 10 B 36039 Adversary: Trustee v. Kimmell, 10 A 2174 Opinion: Oct. 12, J. Barbosa (ND IL WD) Read the opinion hereRead More
As the economy continues to sputter and consumers gasp for air, credit card issuers have been developing a strategy to cope with the chaos. Will they be offering longer terms? Lower interest rates? Perhaps rebates to long-time, loyal customers?Read More
Underlying Bankruptcy: In re Sarah Michaels, Inc., 03-19465 Date of Issuance: January 11, 2007 Judge: Jack B. Schmetterer See the opinion here.Read More
Read the Opinion opinion issued: November 27, 2006 judge: Jack B. Schmetterer underlying bankruptcy: In re GGSI Liquidation, 01 B 31751 (Jointly Administered)Read More
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