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Sixth Circuit Court of Appeals puts Road Block Up for Individual Seeking Chapter 11 Relief

            Many individuals, either because of severe medical problems or because of a business deal gone bad, have debts in excess of those permitted under Chapter 13, a traditional reorganization for an individual. Those having debts ov… Read More
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Categories: Bankruptcy

Chapter 7 Trustee, Deemed by Bankruptcy Court to be "at Fault for Not Properly Supervising" Case, is Allowed Full Fee by Fourth Circuit

            The Fourth Circuit Court of Appeals recently reversed a Bankruptcy Court decision that cut a Bankruptcy Trustee’s fees, finding that “absent extraordinary circumstances”, the commission structure of the Bankruptcy Code mu… Read More
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Categories: Uncategorized

SECTION 506 AND "FLOATING" VALUATIONS

            In a recent case, the First Circuit Court of Appeals ruled that the Bankruptcy Court’s valuation of a real estate project can, indeed, change during a Chapter 11, from a valuation determined for purposes of “adequate protec… Read More
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Categories: Reorganization

SUPREME COURT UPHOLDS HOMESTEAD EXEMPTION

            United States Supreme Court, in the recent case of Law v. Siegel, reversed the lower courts and found the Debtor’s right in a bankruptcy to claim a homestead exemption superseded any bad conduct of the Debtor, even if that ba… Read More
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Categories: Bankruptcy

STUDENT LOAN UPDATE

            Since the enactment of the United States Bankruptcy Code in 1979, most debts are subject to a bankruptcy discharge, notable exceptions being taxes (and there are many exceptions to that exception), alimony and child support and… Read More
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Categories: Uncategorized

WILL DETROIT STAND ALONE:

The City of Detroit may not be the only Michigan City to file for bankruptcy.  Other Michigan cites, including Allen Park, Benton Harbor, Ecorse. Flint and Pontiac have all been run by Emergency Financial Managers.  These cities and other political… Read More
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Categories: Bankruptcy

TUITION PAYMENTS FOR PRIVATE SCHOOL ARE NOT FRAUDULENT TRANSFERS

The Bankruptcy Court for the Eastern District of Michigan recently held that a parent may pay tuition to private school for their children and the payments cannot be recovered as a fraudulent Transfer.  The name of the case was In re Karloak Case No… Read More
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Categories: Bankruptcy

BANKRUPTCY OR DIVORCE, WHICH SHOULD COME FIRST.

There are four major reasons why a couple should file for bankruptcy prior to the divorce.  Joint debtors have greater exemption rights than do individual debtors. A bankruptcy prior to divorce may eliminate non-dischargeable debts, such as hold-har… Read More
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Categories: Bankruptcy

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