A Bankruptcy proceeding is the procedure whereby a debtor seeks relief from creditors. There are several areas of concern relating to bankruptcy:
|
|
- Arron Horton
- 5 years ago
- Views:
Transcription
1 BANKRUPTCY A proceeding is the procedure whereby a debtor seeks relief from creditors. There are several areas of concern relating to bankruptcy: Automatic stay As soon as a bankruptcy petition is filed, an injunction is automatically imposed against all creditors of the debtor to prevent creditors from enforcing or attempting to enforce their rights against the debtors assets. Note, however, the stay will act to toll the running of statutes of limitation for the enforcement of liens against real estate. The lifting of the automatic stay by an order of the bankruptcy court will permit the specific creditor to proceed to enforce their rights against the debtor. However, the lifting of the automatic stay does not permit the debtor in bankruptcy to deal with the real estate without court authorization. Authorizations Generally, prior to any conveyance, lease or mortgage by the debtor and/or the bankruptcy trustee, court approval will be necessary. Payment Debts may be repaid either through liquidation (wherein assets are sold and the proceeds are divided among creditors) or through a reorganization or repayment plan. Chapter 7 = Liquidation Chapter 9 = Municipality Debt Adjustment Chapter 11 = Reorganization (usually corporate, but may be individual) Chapter 12 = Family Farm Debt Adjustment Chapter 13 = Individual Debt Adjustment Discharge A discharge prevents any further collection attempts by listed creditors against the debtor personally. It does not mean that the case is closed nor does it prevent enforcement against the debtor s prepetition assets. Thus, pre-existing liens against pre-petition real property are not wiped out by the discharge. Additionally, debts arising out of alimony, child support, student loans, and obligations resulting from fraud are generally not dischargeable. 1
2 Abandonment An order of abandonment by the bankruptcy court removes the specific property from the bankruptcy estate. The debtor in bankruptcy can then deal with the property without court approval. This is typically only done when the debtor in bankruptcy has no equity (after taking into consideration any applicable exemptions such as homestead) in the property and the asset is deemed worthless. Orders of abandonment can be relied upon 14 days after they are entered. The abandonment order does not have the same effect as the lifting of the automatic stay and creditors are still prohibited from bringing actions against the debtor in bankruptcy regarding the abandoned property. PENDING BANKRUPTCIES SCHEDULE B Raise the following exception: PROCEEDING PENDING IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ILLINOIS AS CASE NUMBER, IN RE THE ESTATE OF, ON A PETITION FILED FOR CHAPTER BANKRUPTCY. Land Trust Beneficiaries as Debtors: Whenever the searches disclose the name of an apparent beneficiary, the name search should include such party/ies. The most common instances in which the searches may disclose the possible beneficiaries are: An exempt deed in trust, wherein the grantor(s) are usually presumed to be the beneficiaries of the titleholding trust; A document (most typically an assignment of rents or UCC financing statement) executed by someone other than the titleholding trustee; and A court proceeding in which the titleholding trustee as well as another party are named as defendants. NOTE: A COMPLETE EXAMINATION OF SAID PROCEEDING HAS NOT BEEN MADE. If a trustee has been appointed, the following exception should be raised on Schedule B: RIGHTS AND POWERS OF THE TRUSTEE APPOINTED IN CASE NO. 2
3 Any title order in which a debtor in bankruptcy is attempting to sell convey or encumber the real estate during the pendency of the bankruptcy requires the approval of an underwriter of the company. Most such instances will require that an Order of Abandonment of the real estate be entered by the bankruptcy court. EXTENSION OF LIMITATIONS PERIOD Consider the effect that the bankruptcy stay may have had on the running of statute of limitations for the enforcement of mechanics lien claims, judgments, etc., against the land. If the limitations period has been tolled by a bankruptcy, add an office information note to the lien exception warning other examiners that the limitations period has been extended so that the exception is not waived in error. DO NOT WAIVE SECURED LIENS ON THE BASIS OF A BANKRUPTCY DISCHARGE - A bankruptcy discharge only relieves the debtor from personal liability for those debts which have been discharged. It is well-settled that a pre-existing lien is not affected by a bankruptcy discharge. See, e.g., First Federal Savings Bank v. Drovers National Bank, 237 Ill. App. 3d 340 (2d Dist. 1992); First National Bank in Toledo v. Adkins, 272 Ill. App. 3d 111 (4th Dist. 1995). Requests to waive a lien because of a bankruptcy (when, for example, a bankruptcy court and a state court have entered orders which purport to void a lien) should be referred to a company underwriter. BANKRUPTCY COURT ORDERS REMOVING LIENS FROM SPECIFIC REAL ESTATE court orders removing specific liens from specific real estate may be relied upon in order to waive exceptions for those liens. The bankruptcy case has to be reviewed to see if the debt was scheduled and proper notice was given to the creditor. The company will require that 14 days elapse from the entry of the order prior to waiving the exception. Orders entered in other than Chapter 7 bankruptcies may not be relied upon until successful completion of any reorganization plan. Waiving liens upon real estate in reliance upon a bankruptcy court order should be approved by an underwriter of the company. 3
4 FRESH START THEORY One of the purposes of bankruptcy protection is to give the debtor a financial fresh start. Thus, if the debtor has properly scheduled a debt in the bankruptcy proceeding, and the if the debt was covered by the discharge given to the debtor, then that debt will not attach as a lien to any real property acquired by the debtor after the date of discharge. This is true even if the debt was secured such as a recorded memorandum of judgment. The bankruptcy case has to be reviewed to determine if the debt was scheduled and discharged. Certain types of debts cannot be discharged and will have to be shown even if they are against a purchaser who has gone through bankruptcy. The most common of those are: Criminal fines and debts: All court fees and court-ordered judgments related to any criminal activity cannot be discharged -- neither are any judgments or debts incurred as a result of personal injury or death to others caused by your own negligence or criminal activity; Student Loans: that have been in repayment status for at least seven years. Although there is a general policy not to discharge student loan debt; in some very rare circumstances, older student loans can be discharged, particularly if a hardship condition exists; Taxes: Federal, state and municipal taxes that became due within the last three years; Fraudulent debts: Any debt that the court finds was obtained fraudulently or illegally will not be discharged. For example, if you ran up debt on a credit card shortly before filing bankruptcy (within 60 to 90 days of filing), the court will refuse to discharge that debt. In addition, if you lied on a loan application to obtain funds -- that related debt will not be forgiven in bankruptcy; Dischargeable debt you incurred to pay off nondischargeable debt: For example, you cannot take a cash advance on a credit card to pay off last year's taxes, just so you can write it off in bankruptcy; Alimony and child support payments: (court-ordered) are not dischargeable; Divorce and property settlements: are not dischargeable unless the other party agrees to it. 4
5 COURT PROCEEDINGS EXAMINATIONS Actions taken in violation of a bankruptcy stay are void. If you are performing a necessary parties examination, verify that the automatic stay has been lifted to permit the party to proceed against the debtor in bankruptcy. The discharge of the debtor terminates this automatic stay. If the debtor has been discharged an order lifting of the stay is not required. If the automatic stay is still in place, raise the following note: (requesting that the stay be lifted): AN ORDER SHOULD BE ENTERED IN THE BANKRUPTCY PROCEEDING NOTED ABOVE IN SCHEDULE B AUTHORIZING THE FILING OF THE CONTEMPLATED PROCEEDING. If examining a subsequent stage of the proceeding (e.g., after complaint or after judgment) and actions were taken in the proceeding in violation of the stay, raise the following (requesting that the stay be annulled): AN ORDER SHOULD BE ENTERED IN THE BANKRUPTCY PROCEEDING NOTED ABOVE IN SCHEDULE B ANNULLING THE AUTOMATIC STAY AND RATIFYING ALL ACTIONS TAKEN IN SAID FORECLOSURE PROCEEDING IN VIOLATION OF THE STAY. THIS COMMITMENT IS SUBJECT TO SUCH FURTHER EXCEPTIONS AS THEN MAY BE DEEMED NECESSARY. In addition, when performing any after judgment or after sale proceedings examination, the effect that the stay may have had on extending the mortgagor s redemption period should be considered. PRIOR BANKRUPTCIES A bankruptcy case terminates when the case is either closed or dismissed and the trustee, if one has been appointed, has been discharged. Exceptions relating to right of appeal normally need not be raised relative to a bankruptcy unless either: (1) the order closing or dismissing the case was docketed within the last 14 days; or (2) real estate that was owned by the debtor at the time of the bankruptcy was not scheduled as an asset in the bankruptcy. In the latter instance, a company underwriter normally should be consulted before raising the exception. 5
6 INSURING TITLE THROUGH A BANKRUPTCY SALE If asked to insure a sale, lease, or mortgage through a bankruptcy, consult with a company underwriter. If a sale free and clear by the bankruptcy trustee is anticipated the following exception can be raised: In the event title is to be conveyed by the trustee in bankruptcy pursuant to an order for sale free and clear of liens pursuant to Section 363 (f) of the Code we should be provided with: a. Copy of the motion for sale free and clear; b. proof of service of motion on any parties whose interests are being affected by the sale; c. Copy order entered for sale free and clear; d. Copy of bankruptcy court docket sheet; e. Schedule of creditors. Upon review of the above requested documents this commitment will be subject to such further exceptions as are then deemed necessary. Note: Provisions of Rule 8002 and Rule 6004(g) prevent any sale from being insured until the 14 days from the entry of the order for sale on the docket. APPEAL AND STAY PERIODS FOR BANKRUPTCY COURT ORDERS The Federal Rules of Procedure (FRBP) were amended, effective December 1, 2009, to substitute a deadline which is a multiple of seven days for previously existing filing deadlines. Most importantly for our purposes is the impact of that change on FRBP 6004 (h), FRBP 8002 and FRBP FRBP 8002 now provides 14 (fourteen) days from entry on the docket to file an appeal from an order. As before, when the final day of a deadline falls on a Saturday, Sunday or holiday for the federal court involved, the final day becomes the next day the court is open for business. 6
7 FRBP 6004(h) (for sales of property) and FRBP 8017 (for any court order) are amended to increase from 10 to 14 days the time during which an order, decree or judgment of bankruptcy court is automatically stayed, unless otherwise ordered by the court. As before, remember that a court may lift the FRBP Rule 8017 automatic stay (stay of the order this differs from the automatic stay upon filing for bankruptcy previously discussed), but cannot lift the appeal period. The appeal period runs concurrently with automatic stay. In addition, the FRBP 6007 (notice of intent to abandon) period is changed from 15 days to 14 days, and the FRBP 6004(a) and FRBP 2002 (a) (notice of intent to sell) period is now 21 days, from the previous 20 days. CAUTION: The above comments are only a brief synopsis of some of the more common issues involved in dealing with bankruptcy situations. For a more detailed explanation, see the various topics on pages in the December, 1999 UNDERWRITING DESKBOOK. 7
8 To determine whether a bankruptcy has been filed; to check the status of a pending bankruptcy; or to obtain the case number, attorney s name, trustee s name, or debtor s social security number, call the following bankruptcy information hotlines or check the following websites: Southern District Central District Northern District court cases can be reviewed at low cost by establishing an account at 8
Bankruptcy. Consider these questions and answers to determine whether filing for bankruptcy is in your long-term best interest.
Bankruptcy Please note that this Information Paper only provides basic information and is not intended to serve as a substitute for personal consultations with a Legal Assistance Attorney. Consider these
More informationEXHIBIT 7 1 Flow Chart for Chapter 12
EXHIBIT 7 1 Flow Chart for Chapter 12 The Filing of the Chapter 12 Petition The debtor files with the bankruptcy court clerk s office: 1. Filing fee and administrative fee 2. Voluntary petition (Official
More informationREDSTONE LEGAL BRIEF. A Preventive Law Service of The Office of the Staff Judge Advocate Redstone Arsenal, AL
REDSTONE LEGAL BRIEF A Preventive Law Service of The Office of the Staff Judge Advocate Redstone Arsenal, AL Keeping You Informed On Personal Legal Affairs Bankruptcy THIS HANDOUT is provided for general
More informationBankruptcy And Title Insurance. Joe Reinhardt Regional Counsel Chicago Title Insurance Company
Bankruptcy And Title Insurance Joe Reinhardt Regional Counsel Chicago Title Insurance Company Bankruptcy From Our Perspective Pending bankruptcy of Seller/Borrower Past bankruptcies in the chain Post-closing
More informationSUMMARY OF BANKRUPTCY TITLE STANDARDS
TITLE STANDARDS SUMMARY OF BANKRUPTCY TITLE STANDARDS Materials By: Heather Wagner The Wagner Law Firm, LLC Roswell, Georgia Presented By: Heather D. Brown Brown Law, LLC Roswell, Georgia 169306 1 of
More informationSECTION 4 NOTICE OF THE BANKRUPTCY CASE
SECTION 4 NOTICE OF THE BANKRUPTCY CASE We learn about a consumer s bankruptcy filing in a number of different ways, including from the customer, the customer s attorney, by way of a letter or notice,
More informationLIQUIDATION UNDER CHAPTER 7 QUESTIONS AND ANSWERS ABOUT CHAPTER 7 BANKRUPTCIES
LIQUIDATION UNDER CHAPTER 7 QUESTIONS AND ANSWERS ABOUT CHAPTER 7 BANKRUPTCIES 1. What is a chapter 7 bankruptcy case and how does it work? A chapter 7 bankruptcy case is a proceeding under federal law
More informationBankruptcy 1. WHAT IS A DISCHARGE IN BANKRUPTCY?
Bankruptcy DISCLAIMER: The information contained in this fact sheet is of a general nature and is provided for your assistance. It is not intended as legal advice and is not a substitute for legal counsel.
More informationUNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION. // Filed: CHAPTER 13 PLAN
In Re: Debtor(s). UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION Case #: Chapter 13 Hon. // Filed: CHAPTER 13 PLAN ( )Original or ( )Amendment No.: ( )Pre-Confirmation
More informationBANKRUPTCY CHAPTER 7 (aka Discharge or Liquidation )
BANKRUPTCY CHAPTER 7 (aka Discharge or Liquidation ) ANSWERS TO THE MOST COMMONLY ASKED QUESTIONS Compliments of: Sam C. Gregory, PLLC 2742 82 nd Street Lubbock, Texas 79423 (806) 687-4357 1. What is chapter
More informationAnalyzing benefits and risks of filing Chapter 7 bankruptcy
Analyzing benefits and risks of filing Chapter 7 bankruptcy Successful bankruptcy provides a fresh start for the honest but unfortunate debtor Chapter 7 discharge is only available once every 8 years.
More informationAmerican Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours
American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours NOTE: The Bankruptcy Multiple-Choice exam contains 50 questions. You must correctly answer
More informationBANKRUPTCY CLIENT FORM We accept the following forms of payment: cash or check. Cell Phone:
Name: Spouse s Name: Business Names: Mailing Address: Home Phone: Fax: Email: BANKRUPTCY CLIENT FORM We accept the following forms of payment: cash or check. City: Have you filed bankruptcy before? Yes
More informationWelcome to today s webinar! Basic Bankruptcy Victor A. Davis February 21, 2019
Welcome to today s webinar! Basic Bankruptcy Victor A. Davis February 21, 2019 In order to obtain a CE Certificate or CLE Credit, you must listen to the webinar for a minimum of 55 minutes obtain the password
More informationLAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA Tel.(818) Facsimile (818)
LAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA 91505-5046 Tel.(818) 847-0211 Facsimile (818) 847-0214 INITIAL CONSULTATION AGREEMENT AND REQUIRED NOTICES Please Note: These documents
More informationV. Bankruptcy Concepts
V. Bankruptcy Concepts Familiarity with several fundamental bankruptcy concepts and a bit of bankruptcy terminology is helpful in analyzing the bankruptcy issues that most frequently confront state courts.
More informationBANKRUPTCY FOR NON-LAWYERS
BANKRUPTCY FOR NON-LAWYERS Bankruptcy Overview Federal Legislation 11USC 101 et. seq. No bankruptcy under State law Who may be a debtor? 11 USC 109 Individual, Partnership or Corporation or other business
More informationSummary of Bankruptcy Reform Conference Report
Summary of Bankruptcy Reform Conference Report On the evening of Thursday, July 25, 2002, Senate and House conferees reached consensus on the final issue in disagreement between their respective versions
More informationMaking Money in BK. Law Offices of Michael A. Hearn FRIDAY 9:00-11:00 AM. CCAMs must sign the session roster to receive CEUs. ABOUT THE SPEAKERS
Making Money in BK Sometimes the biggest mistakes an association can make in the face of a bankruptcy is to write it off! Bankruptcy is rarely an entirely bad debt. Learn what you need to know in order
More informationTraps for the Unwary Chapter 7 Bankruptcy Attorney
Traps for the Unwary Chapter 7 Bankruptcy Attorney MSBA Consumer Bankruptcy Section Presented 1/24/18 Michael G. Wolff, Esquire Chapter 7 Trustee Definition Unwary Not cautious, not aware of possible dangers
More informationChapter 15: Creditor - Debtor Relations and Bankruptcy
Chapter 15: Creditor - Debtor Relations and Bankruptcy Copyright 2009 South-Western Legal Studies in Business, a Copyright part of South-Western 2009 South-Western Cengage Legal Learning. Studies Business,
More informationWHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13. Name: Case Number:
WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 YOUR TRUSTEE S NAME, ADDRESS, AND TELEPHONE NUMBER: ADAM M. GOODMAN STANDING CHAPTER 13 TRUSTEE 260 PEACHTREE STREET N.W. SUITE 200 ATLANTA, GEORGIA 30303 Telephone:
More information1/11/2018. Bankruptcy Basics JOSHUA D. GREENE SPRINGER BROWN, LLC. Introduction. I. Parties. A. Debtor. Creditor. C. Trustee. D. United States Trustee
1/11/2018 Bankruptcy Basics JOSHUA D. GREENE SPRINGER BROWN, LLC Introduction I. Parties A. Debtor B. Creditor C. Trustee D. United States Trustee 1 1/11/2018 Hypothetical 1 You meet with new clients Johnny
More informationBankruptcy & Child Support: An Introduction
WICSEC Conference September 7th - September 11th, 2008 Bankruptcy & Child Support: An Introduction John Cardoza VCDCSS john.cardoza cardoza@ventura.org What we ll discuss. Bankruptcy Basics Filings Chapter
More informationFidelity National Title Insurance Company
Fidelity National Title Insurance Company COMMITMENT FOR TITLE INSURANCE Issued by FIDELITY NATIONAL TITLE INSURANCE COMPANY Fidelity National Title Insurance Company, a California corporation (the "Company"),
More informationNFCC Certification Book 6 BANKRUPTCY
NFCC Certification Book 6 BANKRUPTCY This document remains the sole property of the National Foundation for Credit Counseling (NFCC). By accepting this document and participating in the NFCC Certification
More informationJudgments & Liens in Virginia: A Real Estate Agent s Perspective Kay M. Creasman, Assistant VP & Counsel
Judgments & Liens in Virginia: A Real Estate Agent s Perspective Kay M. Creasman, Assistant VP & Counsel Student Handout Judgments & Liens in Virginia 2.14 page 1 of 10 I. Background When a debtor owes
More informationBankruptcy BASICS. APRIL 2006 Revised Third Edition. Bankruptcy Judges Division. Administrative Office of the United States Courts
Bankruptcy BASICS (Applicable to Cases Filed on or After October 17, 2005) Bankruptcy Judges Division Administrative Office of the United States Courts APRIL 2006 Revised Third Edition Bankruptcy Basics
More informationCAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET
CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET Please provide us with the following information to help us serve you better (please print). Name: Social Security Number: Date: DOB: Address: City, State,
More informationUNITED STATES BANKRUPTCY COURT DISTRICT OF RHODE ISLAND FOURTH AMENDED LOSS MITIGATION PROGRAM AND PROCEDURES I. PURPOSE
APPENDIX IX (Rev. 2/14/11) UNITED STATES BANKRUPTCY COURT DISTRICT OF RHODE ISLAND FOURTH AMENDED LOSS MITIGATION PROGRAM AND PROCEDURES I. PURPOSE The Loss Mitigation Program (LMP) is designed to function
More informationDUTIES AND OBLIGATIONS OF SMALL BUSINESS REORGANIZING UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
DUTIES AND OBLIGATIONS OF SMALL BUSINESS REORGANIZING UNDER CHAPTER 11 OF THE BANKRUPTCY CODE In a Chapter 11 case, the party filing the case is referred as a debtor. Upon filing, the debtor automatically
More informationBankruptcy BASICS (Applicable to Cases Filed on or After October 17, 2005)
Bankruptcy BASICS (Applicable to Cases Filed on or After October 17, 2005) Leonidas Ralph Mecham, Director Administrative Office of the United States Courts Bankruptcy BASICS (Applicable to Cases Filed
More informationIf this is an Amended or Modified Plan, the reasons for filing this Amended or Modified Plan are: [state reasons].
[Attorney name, bar # Attorney address Attorney city, state zip Attorney phone number Attorney fax number Attorney email] UNITED STATES BANKRUPTCY COURT DISTRICT OF ARIZONA In re [Debtor name(s)], Case
More informationRIGHTS AND RESPONSIBILITIES AGREEMENT BETWEEN CHAPTER 13 DEBTORS AND THEIR ATTORNEYS (Model Retention Agreement)
02/03/04 rev. UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS In re: Case No. Judge: RIGHTS AND RESPONSIBILITIES AGREEMENT BETWEEN CHAPTER 13 DEBTORS AND THEIR ATTORNEYS (Model Retention Agreement)
More informationCLIENT INFORMATION SHEET. PERSONAL INFORMATION spouse s ssn (last 4 only):
Today s date / / Please indicate below how you heard about us: CLIENT INFORMATION SHEET Your name: Spouse s name: PERSONAL INFORMATION your ssn (last 4 only): spouse s ssn (last 4 only): Physical address:
More informationBANKRUPTCY: HOW CAN WE PROTECT THE INTERESTS OF THE CHILDREN WE SERVE? (CLE)
Wednesday: Breakout Session 6 Workshop A Time: 10:15 a.m. - 11:30 a.m. Location: Atlantic 3 BANKRUPTCY: HOW CAN WE PROTECT THE INTERESTS OF THE CHILDREN WE SERVE? (CLE) When a parent files for bankruptcy,
More informationBANKRUPTCY LAW 2013 FOR COLLECTION PROFESSIONALS. Know Your Rights as a Creditor
BANKRUPTCY LAW 2013 FOR COLLECTION PROFESSIONALS Know Your Rights as a Creditor 800-556-3009 www.careertrack.com DISCLAIMER: The principles and suggestions in this handout and the BANKRUPTCY LAW 2013 FOR
More information, Note (the Note ) made by Borrower in the amount of the Loan payable to the order of Lender.
, 201 Re:, Illinois (the Project ) Ladies and Gentlemen: We have served as [general] [special] [local] counsel to (A), a partnership ( Beneficiary ), the sole beneficiary of ( Trustee ), as Trustee under
More informationDated: New York, New York December 29, /s/ Arthur J. Gonzalez Chief United States Bankruptcy Judge
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------------------------------x In re: : : Amending General Order M-364 Adoption of Modified Loss Mitigation : Program
More informationRule Chapter 13 Payments. Commencement of Payments.
Rule 3070-1. Chapter 13 Payments. (A) Commencement of Payments. (1) Deadline to Commence. Payments to the chapter 13 trustee pursuant to the proposed plan, as may be amended, shall commence not later than
More informationSELECTED STATUTES & CASE LAW THAT IMPACT THE INTERPLAY BETWEEN BANKRUPTCY & MATRIMONIAL LAW & THE FACT PATTERN By Emily Harper
SELECTED STATUTES & CASE LAW THAT IMPACT THE INTERPLAY BETWEEN BANKRUPTCY & MATRIMONIAL LAW & THE FACT PATTERN By Emily Harper 28 U.S.C. 1334 Jurisdiction of the Bankruptcy Court Regarding Certain Issues
More informationBack to the basics... BANKRUPTCY
Back to the basics... BANKRUPTCY WHAT IS BANKRUPTCY? Constitutionally authorized method by which honest debtors achieve a fresh start and creditors are repaid in an orderly manner. HOW DOES BANKRUPTCY
More information11 USC 505. NB: This unofficial compilation of the U.S. Code is current as of Jan. 4, 2012 (see
TITLE 11 - BANKRUPTCY CHAPTER 5 - CREDITORS, THE DEBTOR, AND THE ESTATE SUBCHAPTER I - CREDITORS AND CLAIMS 505. Determination of tax liability (a) (1) Except as provided in paragraph (2) of this subsection,
More informationBANKRUPTCY CHECKLIST
DISCLAIMER: This checklist is not intended as a comprehensive worksheet, but as an aid to the attorney, and will require the use of additional forms and investigation as judged necessary by the attorney.
More informationDepartment of Legislative Services
Department of Legislative Services Maryland General Assembly 2008 Session SB 216 Senate Bill 216 Judicial Proceedings FISCAL AND POLICY NOTE Revised (Senator Pugh and the President, et al.) (By Request
More information(a) Plan Requirements. In addition to the requirements of Bankruptcy Code 1322(a), a plan shall be in the form of Local Plan Form 13-2 and shall have:
RULE 2084-4. PLAN (a) Plan Requirements. In addition to the requirements of Bankruptcy Code 1322(a), a plan shall be in the form of Local Plan Form 13-2 and shall have: (1) The debtor's estimate of the
More informationCHAPTER 13: THE DISCHARGE
CHAPTER 13: THE DISCHARGE American Bankruptcy Institute At the end of the long journey through chapter 13, the debtor will reap the reward of the discharge. 396 Pursuant to 1328(a): [A]s soon as practicable
More informationCLIENT MEMORANDUM. Spousal Signature Requirements on a Note and Deed of Trust secured by Texas Real Property
CLIENT MEMORANDUM From: Peirson & Patterson, L.L.P. Date: September 1, 1999 Subject: Spousal Signature Requirements on a Note and Deed of Trust secured by Texas Real Property We are providing our clients
More informationCREDIT COUNSELING REQUIREMENT
CREDIT COUNSELING REQUIREMENT In order to file bankruptcy, an individual must receive from an approved nonprofit budget and credit counseling agency... an individual or group briefing... that outlines
More informationTake My House PLEASE!: Getting Rid of Encumbered Property in Consumer Cases
Educational Materials Monday, September 28, 2015 11:45 AM 12:45 PM Take My House PLEASE!: Getting Rid of Encumbered Property in Consumer Cases Presented by: TAKE MY HOUSE PLEASE!! Getting Rid of Encumbered
More informationBankruptcy Fee Agreement
Bankruptcy Fee Agreement Purpose of Agreement: The purpose of this Agreement is to provide you with a listing of our fees, so that if you do in fact retain us, you understand what are fees are due in advance,
More informationPersonal Glossary of Terms
Annual Report Insolvency practitioners are obliged to produce regular reports detailing their actions, including an account of what money they have received from insolvent companies and individuals and
More informationFINAL RULE ANALYSIS 2016 MORTGAGE SERVICING RULE AMENDMENTS (REG X) 2016 TRUTH IN LENDING AMENDMENTS (REG Z)
FINAL RULE ANALYSIS 2016 MORTGAGE SERVICING RULE AMENDMENTS (REG X) 2016 TRUTH IN LENDING AMENDMENTS (REG Z) The following provisions have been amended or added by this final rule: Force-Placed Insurance
More informationUNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA FOURTH AMENDED ADMINISTRATIVE ORDER
UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA www.flmb.uscourts.gov In re ADMINISTRATIVE ORDER PRESCRIBING PROCEDURES FOR CHAPTER 13 CASES / Administrative Order FLMB-2017-3 FOURTH AMENDED
More informationTitle Theory of Mortgages. Some Implications of Title Theory. Foreclosure/Equity of Redemption 8/29/2016
Title Theory of Mortgages In medieval times, mortgage instrument conveyed to the mortgagee a legal estate in fee simple subject to condition subsequent Mortgagor retained future interest (right of entry)
More informationUNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF KENTUCKY DIVISION IN RE: CASE NO. Original Amended Date:
UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF KENTUCKY DIVISION IN RE: CASE NO. DEBTOR(S) CHAPTER 13 PLAN AND MOTIONS Original Amended Date: NOTICE TO CREDITORS: This Plan may modify your
More informationChapter 13 Plan Non-Standard Section Template for Student Loan IDR Plans During Bankruptcy
Chapter 13 Plan Non-Standard Section Template for Student Loan IDR Plans During Bankruptcy For use by a debtor not in default on Federal student loans who wants to enroll in or remain in an IDR repayment
More informationWhat Does It Mean To File For Personal Bankruptcy?
Thank you for contacting our office to ask about personal bankruptcy. The following are some answers to many of the questions people have about the process of bankruptcy. Bankruptcy is complex and the
More informationSolving Money Problems
Solving Money Problems 14 th Edition Robin Leonard, J.D. Attorney Margaret Reiter Chapter 1 How Much Do You Owe?... 1 Learning Objectives... 1 Introduction... 1 How Much Do You Earn?... 2 How Much Do You
More informationAt the Intersection of Real Property and Bankruptcy
At the Intersection of Real Property and Bankruptcy Michael E. Kreun Beisel & Dunlevy, P.A. MichaelK@bdmnlaw.com Jacqueline J. Williams Manty & Associates, P.A. JWilliams@Mantylaw.com I. Bankruptcy Basics.
More informationBasic Debtor Creditor Terminology
Basic Debtor Creditor Terminology Debtor: person who owes the money Creditor: person to whom the money is owed To qualify as a debt, it must be: Certain (i.e., not contingent on some future event) Liquidated
More informationChapter 4. 1:05 2:05pm. The Chapter 13 Plan and Saving Your Client s Home. William F. Malaier Jr. Nagler & Malaier, P.S.
Chapter 4 1:05 2:05pm The Chapter 13 Plan and Saving Your Client s Home William F. Malaier Jr. Nagler & Malaier, P.S. PowerPoint distributed at the program and also available for download in electronic
More informationOfficial Form 410 Proof of Claim
Fill in this information to identify the case: Debtor 1 Debtor 2 (Spouse, if filing) United States Bankruptcy Court for the: District of of Case number Official Form 410 Proof of Claim Read the instructions
More informationFrequently Asked Questions for Chapter 13 Bankruptcy
Frequently Asked Questions for Chapter 13 Bankruptcy What is going to happen now that I have filed a Chapter 13 bankruptcy? Since you have just filed a Chapter 13 Bankruptcy, you probably have a lot of
More informationscc Doc 731 Filed 07/31/18 Entered 07/31/18 14:35:02 Main Document Pg 1 of 15
Pg 1 of 15 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - x : In re: : Chapter 11 : TOISA LIMITED, et al., : Case No. 17-10184
More informationQuestions and Answers About Farm Debt
Revised October 2003 Agdex 817-14 Questions and Answers About Farm Debt This factsheet addresses some of the common, and some not-so-common, questions asked by farmers about the legal implications of debt.
More informationLoan Enforcement Improving the Odds of Recovery. By Michael A. Campbell Polsinelli Shughart PC
Loan Enforcement Improving the Odds of Recovery By Michael A. Campbell Polsinelli Shughart PC Copyright 2009 Contents 1. Good Underwriting 2. Speed and its Effect on Recoveries 3. Pre-Enforcement Asset
More informationLOCAL FORM 4 August 1, IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF NORTH CAROLINA [insert correct division name] DIVISION
LOCAL FORM 4 August 1, 2010 IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF NORTH CAROLINA [insert correct division name] DIVISION In re: Case No. - - - Chapter 13 Debtor(s DETAILS OF
More informationNC General Statutes - Chapter 54C Article 5 1
Article 5. Enforcement. 54C-76. Cease and desist orders. (a) If a person or savings bank is engaging in, or has engaged in, any unsafe or unsound practice or unfair and discriminatory practice in conducting
More informationIntroduction What is Insolvency? What is Bankruptcy? Special Filings Chapter Chapter Chapter 11...
Table of Contents Introduction... 3 What is Insolvency?... 3 What is Bankruptcy?... 5 Special Filings... 7 Chapter 7... 7 Chapter 13... 8 Chapter 11... 8 The Automatic Stay Filing... 9 Avoidance Actions
More informationTOP THINGS TO REMEMBER ABOUT THE TRUSTEE S OFFICE AND YOUR CHAPTER 13 CASE
TOP THINGS TO REMEMBER ABOUT THE TRUSTEE S OFFICE AND YOUR CHAPTER 13 CASE 1. Know your case number. 2. Make your payments. Send your payments in time for the payments to reach the Trustee s office by
More informationIN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION. Chapter 13 Trustee Procedures for
IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION In re: Chapter 13 Trustee Procedures for Administration of Home Mortgage Payments Chapter 13 Trustee Procedures
More informationBankruptcy Abuse Prevention and Consumer Protection Act of 2005 and Bankruptcy Selected Topics
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and Bankruptcy Selected Topics Presented by David A. Garland Edgar W. Duskin, Jr. BANKRUPTCY ABUSE PREVENTION AND CONSUMER PROTECTION ACT
More informationA REVIEW OF THE NEW BANKRUPTCY LAW. Wednesday, 15 February 2006
A REVIEW OF THE NEW BANKRUPTCY LAW Wednesday, 15 February 2006 I. One of the main purposes of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is to prohibit granting relief under Chapter
More informationIC Chapter 3.1. Liquidation of Financial Institutions
IC 28-1-3.1 Chapter 3.1. Liquidation of Financial Institutions IC 28-1-3.1-1 Definitions Sec. 1. (a) The definitions set forth in this section apply throughout this chapter. (b) "Federal deposit insurance
More informationBankruptcy Consultation Agreement
Bankruptcy Consultation Agreement 1. Bankruptcy Telephone Consultation Agreement (signature required) 2. Notice Pursuant to 11 USC Section 342(b) (information only) 3. Notice Pursuant to 11 USC Section
More informationJASON B. COUEY, ATTORNEY AT LAW ATTORNEY FEE & ENGAGEMENT AGREEMENT
Page 1 JASON B. COUEY, ATTORNEY AT LAW ATTORNEY FEE & ENGAGEMENT AGREEMENT CHAPTER 7 ATTORNEY FEES & FILING FEES MINIMUM TOTAL DUE AT 2ND APPOINTMENT IF YOU ARE PAYING YOUR FILING FEE IN INSTALLMENTS:
More information2016 Foreclosure Law Amendments and Vacant and Abandoned Property Legislation. Two Major Prongs to Legislation
2016 Foreclosure Law Amendments and Vacant and Abandoned Property Legislation November 2016 Jacob Inwald Legal Services NYC Two Major Prongs to Legislation Addressing Zombie Properties: Vacant and Abandoned
More informationDECLARATIONS FOR REAFFIRMATION REQUIRED BY CODE 524(k)
DECLARATIONS FOR REAFFIRMATION REQUIRED BY CODE 524(k) (1) The disclosures required under subsection (c)(2) shall consist of the disclosure statement described in paragraph (3), completed as required in
More informationCHAPTER 13 BANKRUPTCY IN THE EASTERN DISTRICT OF KENTUCKY
CHAPTER 13 BANKRUPTCY IN THE EASTERN DISTRICT OF KENTUCKY [PHOTO] THE DEBTOR S CHAPTER 13 HANDBOOK A Publication of the Chapter 13 Trustee for the Eastern District of Kentucky 2018 Beverly M. Burden, Trustee
More informationPFIZER INC LEGAL SERVICES PLAN
PFIZER INC LEGAL SERVICES PLAN FACT SHEET HOW TO GET LEGAL SERVICES To use your Legal Plan, visit our web site at www.legalplans.com or call Hyatt Legal Plans' Client Service Center at 1-800-821-6400.
More informationWHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE
WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE This booklet answers most of the questions that will arise during your Chapter 13 plan. Read this completely to understand your obligations and responsibilities,
More informationDoc 4 Filed 01/29/17 Entered 01/29/17 23:00:32 Main Document Pg 1 of 9
17-10184 Doc 4 Filed 01/29/17 Entered 01/29/17 23:00:32 Main Document Pg 1 of 9 TOGUT, SEGAL & SEGAL LLP One Penn Plaza, Suite 3335 New York, NY 10119 (212) 594-5000 Albert Togut Frank A. Oswald Brian
More informationFIRST AMENDED AND RESTATED MUTUAL INDEMNIFICATION AGREEMENT
Palmetto Land Title Association Revised 05/01/10 FIRST AMENDED AND RESTATED MUTUAL INDEMNIFICATION AGREEMENT Now, Witness that the below signatory parties to this First Amended and Restated Mutual Indemnification
More informationBankruptcy Basics. Second Edition. Produced by the Center for Professional Development Credit Union National Association Madison, Wis. Stock No.
Bankruptcy Basics Second Edition Produced by the Center for Professional Development Credit Union National Association Madison, Wis. Stock No. 26895 Written by Alan Stabler Second edition by Samuel T.
More informationGetting to the Front of the Line What to Do When Your Debtor Declares Bankruptcy
Getting to the Front of the Line What to Do When Your Debtor Declares Bankruptcy August 22, 2013 All animals are equal, but some animals are more equal than others George Orwell, Animal Farm Edward H.
More informationFamily Law Bulletin IMPACT OF THE NEW BANKRUPTCY REFORM ACT ON FAMILY LAW IN NORTH CAROLINA. John L. Saxon
Family Law Bulletin Number 20 June 2005 Cheryl Howell, Editor IMPACT OF THE NEW BANKRUPTCY REFORM ACT ON FAMILY LAW IN NORTH CAROLINA John L. Saxon On April 20, 2005, President George W. Bush signed into
More informationDORAL FINANCIAL CREDITORS TRUST FIRST SEMI-ANNUAL STATUS REPORT FOR THE PERIOD FROM OCTOBER 28, 2016 (THE PLAN EFFECTIVE DATE) THROUGH APRIL 30, 2017
DORAL FINANCIAL CREDITORS TRUST FIRST SEMI-ANNUAL STATUS REPORT FOR THE PERIOD FROM OCTOBER 28, 2016 (THE PLAN EFFECTIVE DATE) THROUGH APRIL 30, 2017 Background The Doral Financial Creditors Trust (the
More informationlaw are made pursuant to Federal Rule of Bankruptcy Procedure IN RE: MICHAEL A. SCOTT and PATRICIA J. SCOTT, Debtors.
IN RE: MICHAEL A. SCOTT and PATRICIA J. SCOTT, Debtors. PATRICIA J. SCOTT, Plaintiff, v. CALIBER HOME LOANS, INC., Defendant. Case No. 09-11123-M Adv. No. 14-01040-M UNITED STATES BANKRUPTCY COURT FOR
More informationBankruptcy Toolkit for General Practitioners SOURCES OF BANKRUPTCY LAW. 3/12/2012. March 14, 2012
Bankruptcy Toolkit for General Practitioners March 14, 2012 Gloria Z. Nagler William F. Malaier, Jr. Nagler & Associates www.naglerlaw.com SOURCES OF BANKRUPTCY LAW The Bankruptcy Code - Title 11 of the
More informationPrinciples of Business Credit
Principles of Business Credit National Education Department 8840 Columbia 100 Parkway, Columbia, MD 21045-2158 Fax: 410-740-5574 Email: education_info@nacm.org Eighth Edition Questions for Discussion
More informationTHOMAS P. DORE, ET AL., SUBSTITUTE TRUSTEES. Wright, Arthur, Salmon, James P. (Retired, Specially Assigned),
UNREPORTED IN THE COURT OF SPECIAL APPEALS OF MARYLAND No. 0230 September Term, 2015 MARVIN A. VAN DEN HEUVEL, ET AL. v. THOMAS P. DORE, ET AL., SUBSTITUTE TRUSTEES Wright, Arthur, Salmon, James P. (Retired,
More informationCHAPTER 244 FORECLOSURE AND REDEMPTION OF MORTGAGES*
CHAPTER 244 FORECLOSURE AND REDEMPTION OF MORTGAGES* *selected sections relating to foreclosures by sale Section 1 Foreclosure by entry or action; continued possession Section 1. A mortgagee may, after
More informationBANKRUPTCY. Freephone. FACTSHEET 10 (2018)
What is Bankruptcy? Freephone 0800 083 8018 1 FACTSHEET 10 (2018) Bankruptcy is a way of dealing with debts that you cannot pay. Whilst you are bankrupt any assets that you have might be used to pay off
More informationNo Submitted: May 12, Filed: November 4, Before LOKEN, Circuit Judge, HENLEY, Senior Circuit Judge, and HANSEN, Circuit Judge.
No. 93-3981 In re: Clarice Morris Groves, Ethyl Mae Davis, Joyce Belle Harvel-Barney, Debtors. -------------------- Clarice Morris Groves, Ethyl * Appeal from the United States Mae Davis, Joyce Belle Harvel-
More informationSTANLEY J. KARTCHNER, CHAPTER 7 TRUSTEE
STANLEY J. KARTCHNER, CHAPTER 7 TRUSTEE EMAIL: trustee@aztrustee.com 7090 N ORACLE ROAD #178-204, TUCSON, AZ 85704 TEL (520) 742-1210 ONLINE: aztrustee.com (Date) To: (Name(s)) la version en español de
More informationExecutive Summary of the 2016 Mortgage Servicing Rule
1700 G Street NW, Washington, DC 20552 October 18, 2017 Executive Summary of the 2016 Mortgage Servicing Rule On August 4, 2016, the Consumer Financial Protection Bureau (Bureau) issued a final rule (2016
More informationNC General Statutes - Chapter 45 Article 9 1
Article 9. Instruments to Secure Equity Lines of Credit. 45-81. Definitions. The following definitions apply in this Article: (1) Authorized person. Any borrower; the legal representative of any borrower;
More informationDirectors and Officers Liability Excess and Drop Down Non- Indemnified Loss Policy
Directors and Officers Liability Excess and Drop Down Non- Indemnified Loss Policy In consideration of the payment of the premium and in reliance upon the information provided and statements made in the
More information