Chapter 11 Bankruptcy News & Resources Central District of California

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Student Loans May Now Be Discharged More Easily In Bankruptcy in the 9th Circuit

On May 22, 2013, the 9th Circuit Court of Appeals released its opinion in Hedlund v. The Educational Resources Institute, Inc., and Pennsylvania Higher Education Assistance Agency, Case 12-35258 (D.C. 6:11-cv-6281AA). That opinion (and other pending decisions) may have made it a little easier on student loan debtors to have their student loans discharged in bankruptcy.

Bankruptcy Helps Lower Your Credit Card Minimum Payments

I know — a silly headline. Bankruptcy is admittedly an extreme way to lower your monthly credit card payments. But that depends on whether you are asking yourself the right question.

Can Tax Debt Help In Bankruptcy?

Overwhelming consumer debt and unpaid tax debt can feel like a one-two punch. To recover from the consumer debt hit, some consumer debtors must pass a means test and prove they are poor enough to qualify for bankruptcy relief. This can be a problem if household income is above median for the state. But, the jab of unpaid tax debt is a hit that can really lay a debtor low. Believe it or not, sometimes taking the blow from tax debt can help a debtor to dodge the means test.

Magistrates May Euthanize Senior Judges in Foreclosure Court

The Supreme Court of Florida has decided that non-judge magistrates will be hearing foreclosure cases in addition to retired senior judges. The new Amended Rule 1.490 would expand the use of general magistrates as an alternative to the use of senior judges to assist in processing foreclosure cases. This could mercifully spell the end of senior judges in Florida, which could help restore some confidence in our judicial system. Don’t get me wrong.

“Chapter 20″ Lien Stripping Allowed by Fourth Circuit Appeals Court

The U.S. Court of Appeals, Fourth Circuit, has become the first U.S. Court of Appeals to approve “chapter 20″ lien stripping. Although virtually all U.S. bankruptcy courts allow the “stripping” (vacating and eliminating) of completely unsecured junior mortgages on homestead real estate, the Fourth Circuit is the first circuit-level appeals court to approve lien stripping in a chapter 13 which follows closely on the heels of a chapter 7 bankruptcy filing

6 Do’s And Don’ts For Payments In A Chapter 13 Bankruptcy

A chapter 13 bankruptcy requires a Plan to repay some of a debtor’s obligations; afford a debtor the chance to catch up on those debts where he or she is behind, such as a tax obligation or a house payment; and re-classify some debts to pay only the secured amount rather than what is owed. Thus, the debtor enters into a Plan requiring the payment of a monthly amount, some of which will be distributed to secured debt (maybe a mortgage or car payment); some to priority debts (like tax or alimony payments); some to administrative expenses (the trustee’s fees); and some to the unsecured creditors (like medical bills and credit cards). If you are in such a plan or are contemplating filing one, here are 6 “do’s” and “don’ts:” 1. Do make you payment on time to the trustee’s office.

Student Loans: Two Appeals Court Cases Question the Brunner Test

The winds of change may be blowing regarding student loan dischargeability in bankruptcy cases, as two recent federal appeals court cases demonstrate. Section 523(a)(8) of the bankruptcy code states that in a chapter 7 or chapter 13 case, the bankruptcy court will not discharge any student loan debt “unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtor’s dependents.” 11 U.S.C. section 523(a)(8).

Why Your Bankruptcy Discharge Doesn’t End Your Case

Isn’t my case over? I got my discharge. Why’s the bankruptcy trustee still hounding me?, my client asks.

Wall Street Banks Get Lower Rates Than Student Loans AND Can Bankrupt Their Loans From The Government…Fair?

Sen. Elizabeth Warren Bankruptcy remains a source of financial relief for most borrowers. Most debts are discharged in bankruptcy and folks receive a “fresh start”.

Same-Sex Marriage and Bankruptcy

With the Supreme Court’s hearing two major cases addressing same-sex marriage this term, Hollingsworth v. Perry and United States v. Windsor, we have been getting questions about how same-sex marriages are dealt with in bankruptcy. The answer is, “it depends.” The first issue is the federal Defense of Marriage Act (“DOMA”). Sections 2 and 3 of DOMA are relevant here, and state: Section 2.

Sometimes In Bankruptcy It Is Good To Focus On Something Besides Yourself.

Sometimes you must focus on something besides yourself. The term bankruptcy often sends people into a spiraling state of panic as I have discussed in prior articles. It is not unusual when discussing the bankruptcy process for people to break out in a cold sweat. Their pupils dilate as their flight or fight system kicks in from the fear that washes over them

Do You Need Exact Debt Balance Amounts to File Chapter 7 or Chapter 13 Bankruptcy?

You may be putting off filing for Chapter 7 bankruptcy or Chapter 13 debt consolidation because of concern about not having the exact debt balances due on your credit cards and other debts. After all, bankruptcy involves a federal court filing under penalty of perjury. Let me reassure you that you do not need to worry or delay your bankruptcy filing if you are only able to estimate the balances due.

No, Your Bankruptcy Lawyer Is Not Trying to Torture You

For people who are engaged in a profession that is based upon communication, lawyers can be very bad at communicating. Bankruptcy lawyers, including me, don’t always communicate effectively with clients. Like any other specialized profession, we tend to think and talk in jargon, and we forget that other people, including clients, aren’t always up to speed.

What Are The Real Benefits Of The Bankruptcy Discharge?

A bankruptcy discharge is one of the primary reasons that a person files for bankruptcy protection. We all should know this, but do we really know what the bankruptcy discharge allows us to do? This is the question that really needs to be answered.

Reduce Your Car Loan

It’s important to keep a car. We all know this. We need to get to work, and we need to shop for our family.

Trouble Getting a Mortgage Modification? Get Your Bankruptcy Court to Help!

Homeowners experiencing financial difficulties can avoid losing their homes by getting a mortgage modification. The trouble many people have is getting their mortgage company to agree to grant them an affordable modification. Recently, several Bankruptcy Courts have gotten involved in the mortgage modification process. The Courts call it a “loss mitigation program”. The program offers a court structured negotiation between the lender and the homeowner

Judge says gift card claims against Borders are ‘equitably moot’

U.S. Judge Andrew Carter said it would be unfair to other creditors of the bankrupt bookstore to let gift card holders pursue recoveries from its estate.

Fisker fields $20 mln offer from Bob Lutz, Wanxiang – sources

A team including the former GM executive and China’s largest parts maker is looking to buy the car company for a fraction of its estimated worth almost a year and a half ago.

Revel Atlantic City Comes Out of Chapter 11 – LegalUSPokerSites.com

LegalUSPokerSites.com

Revel Atlantic City Comes Out of Chapter 11
LegalUSPokerSites.com
Revel is Atlantic City's newest casino and is also among its worst-performing in terms of revenue, a fact that the management of the property hopes will change now that the casino has emerged from Chapter 11 bankruptcy protection. Having only filed for …
Revel AC Completes Financial Restructuring and Emerges from Chapter 11Business Wire (press release)
Is internet gambling a boon for AC?Cherry Hill Courier Post
Revel Wants You (and Your Dog) to VisitWall Street Journal (blog)
CardPlayer.com-Press of Atlantic City-KXAN.com
all 35 news articles

Your Students, Your Schools — Des Moines east/north – DesMoinesRegister.com

Your Students, Your Schools — Des Moines east/northDesMoinesRegister.comThe East High Golf Classic on May 10 and 11 raised more than $33,000. Graphics …. “Damn Yankees” became the most awarded musical in central Iowa, winning in the following categories for production awards: outstanding overall performance, outstanding …and more

- RT @natlawreview: Financing and Restructuring #Law Updates from the National Law Review #bankruptcy #restructuring #banking…

- RT @natlawreview: Financing and Restructuring #Law Updates from the National Law Review #bankruptcy #restructuring #banking http://t.co/zsd…

- RT @TurnaroundDavid: Collateral Dispositions Under Article 9 of the UCC…

- RT @TurnaroundDavid: Collateral Dispositions Under Article 9 of the UCC
http://t.co/6WhPIHNM2c
@WeilGotshal #privateequity #restructuring

- RT @BobEisenbach: Interested in how trademark licenses are treated in bankruptcy? Here’s my new article in @ABAesq’s Bus Law Today:…

- RT @BobEisenbach: Interested in how trademark licenses are treated in bankruptcy? Here’s my new article in @ABAesq’s Bus Law Today: http://…

Memorial Day parades and observances set – Foster’s Daily Democrat

See more here: Memorial Day parades and observances set – Foster’s Daily Democrat

Adams and Reese to acquire a 23-lawyer firm

Link to original: Adams and Reese to acquire a 23-lawyer firm

O’Melveny Further Bolsters Global Restructuring Practice

See original article - O’Melveny Further Bolsters Global Restructuring Practice

Firm Leaders Survey, Kramer Levin: Business of Law

Credit: Firm Leaders Survey, Kramer Levin: Business of Law

Madonia Family Looks to Sell Assets After Chapter 11 Filing – The Ledger

Madonia Family Looks to Sell Assets After Chapter 11 Filing
The Ledger
The Madonias' company, Mulberry-based East Coast Brokers and Packers, filed for Chapter 11 bankruptcy in March. … Florida is the nation's second-largest tomato-producing state behind California, according to the United States Department of Agriculture.

- Borders gift card holders deserve nothing, judge rules http://t.co/UkTd4N04C9 via @reuters

- Electric carmaker Tesla pays off U.S. loan http://t.co/kBS5UIwvOH via @reuters

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Chapter 11 Bankruptcy Resources and News

The purpose of a Chapter 11 is to restructure the debts of a troubled business or individual. The goal of a Chapter 11 is to propose and confirm a Chapter 11 plan of reorganization.

When a business's survival is at stake, along with its employees' jobs, a bankruptcy lawyer must draw on all of his or her skills and creativity in a crisis environment. Chapter 11 business reorganizations combine litigation, negotiation, and transactional planning into one process - an intense microcosm of legal practice.

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