Legal Articles, Bankruptcy

New Record Unemployment Filings Could Spike Bankruptcy Numbers

Record Unemployment Rates could be a clear indicator of the dark financial days looming. 6.6. Million people filed for unemployment for the week ending 3/28/2020. These high numbers may lead to an influx of bankruptcy filings in the near future.

Tendering Money When Futile

A tender must be immediately available money but does not have to be made if futile.

Application of Payments: Nevada Supreme Court Clarifies How Payments are Applied.

The Nevada Supreme Court has recently clarified the law on how payments are applied.

So You've Been Sued in Michigan?

If you get sued by a debt collector in Michigan, learn how to protect your legal rights and understand the legal process

Bankruptcy & the Fair Debt Collection Practices Act (FDCPA)

Filing a proof of claim in a chapter 13 bankruptcy case in connection with a debt for which the applicable statute of limitations has passed does not violate the FDCPA.

When May a Debtor in Possession (DIP) Sell or Lease Property of the Estate? a Dualistic Approach Requiring Business Justification and Balancing of the Interests of the Debtor, Creditors, and Equity Ho

In response to a $140 million judgment Hulk Hogan, known legally as Terrence Bollea, obtained against, inter alia, Gawker Media, LLC (“Gawker”) and its founder and erstwhile CEO Nicholas G.A. Denton in connection with Mr. Bollea’s allegations that Gawker damaged him by publicizing a video depicting Mr. Bollea and the wife of his friend engaged in sexual intercourse, Mr. Denton filed a chapter 11 bankruptcy case seeking to discharge his personal obligations arising from the judgment and other debts. See In re Nicholas G.A. Denton, Case No. 16-12239 (Bankr. S.D.N.Y.).

Equitable Subordination

Bankruptcy courts are special courts. They are neither Article III courts (Northern Pipeline Constr. Co. v. Marathon Pipe Line Co., 458 U.S. 50 (1982)) nor their adjuncts (Stern v. Marshall, 564 U.S. 462 (2011)), but nonetheless have inherent powers (Law v. Siegel, 134 S. Ct. 1188, 1194, 571 U.S. __ (2014)) and—pursuant to 11 U.S.C. § 105—certain equitable powers. This means that they have broad powers to order equitable remedies—such as specific performance—where no adequate remedy at law exists, to the extent not inconsistent with any other provisions of the Bankruptcy Code. See Law v. Siegel, 134 S. Ct. at 1194, 571 U.S. at __. This is the backdrop against which inequitable conduct by a creditor may lead to subordination of its claim in a bankruptcy proceeding under established, codified, equitable principles. Subordination means that a claim, by judicial decree, is lowered, in whole or part, in priority relative to its ordinary position in respect of one or more other claims.

How to Avoid Liens on Your House in Bankruptcy

This article discusses Minnesota law relating to the removal (“discharge”) of judgments following a judgment debtor’s bankruptcy.

Chapter 13 Advantages: The Art of the (Chapter 13) Plan

Done properly, chapter 13 provides certain above-median wage earners—and others with special considerations, often relating to a mortgage—with debt relief.

Taxability of Discharged Debts: Advantages and Consequences of Bankruptcy

The Internal Revenue Code ("I.R.C." or the "Code") broadly defines gross income as "all income from whatever source derived, including . . . [i]ncome from discharge of indebtedness" I.R.C. § 61(a)(12). Although the I.R.C. does not define "discharge," this has long been understood to include the taxpayer's release from a monetary obligation such as debt forgiveness or by way of a discharge in a bankruptcy case.

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