As reported in WestlawNext, Repossessed car belongs to couple’s estate, must be returned, judge says (Bkrtcy.S.D.Ga.) (August 26, 2015) – A dealership that repossessed a couple’s car after they filed their second Chapter 13 petition violated the automatic stay because the vehicle, bought under a valid contract between bankruptcy cases, belonged to their estate, a…
Archives for 2015
Debtors’ sailboat qualifies for homestead exemption
As reported in WestlawNext, Debtors’ sailboat qualifies for homestead exemption (Bkrtcy.E.D.La.) (August 26, 2015) – A Louisiana couple who live full time on a sailboat that is moored at a marina can claim a homestead exemption on the vessel in their Chapter 7 bankruptcy, a bankruptcy judge has ruled in resolving an issue of first…
U.S. court approves Corinthian Colleges’ liquidation plan
REUTERS Copyright (c) 2015 Thomson Reuters August 27, 2015 U.S. court approves Corinthian Colleges’ liquidation plan – WSJ Mansi Goenka (Reuters) – A U.S. bankruptcy judge has approved Corinthian Colleges Inc’s plan to liquidate its assets, facilitating the company’s final winding-down process, the Wall Street Journal reported on Wednesday. The liquidating plan sets aside more…
50 CENT FILES BANKRUPTCY
As reported on Yahoo news: Rapper 50 Cent, real name Curtis James Jackson III, has reportedly filed for federal bankruptcy protection. US reports say he filed for Chapter 11 bankruptcy protection in an American District Court. This follows a ruling from a New York jury ordering him to pay five million US dollars (£3.2 million)…
Can a Mortgage Lien Be Stripped in a Chapter 7?
As reported by Robin Miller of CBAR: A dream is over, as today in Bank of America, N. A. v. Caulkett, Case No. 13-1421 (June 1, 2015) the Supreme Court disallowed the stripping of wholly-unsecured liens in Chapter 7 cases. The court reasoned that, while a “straightforward reading” of Code § 506(a) and § 506(d) favored…
When Can You Discharge Taxes in Bankruptcy?
The 5 Rules of Discharging Taxes If the income tax meets all five rules, then the tax debt is dischargeable in EITHER Chapter 7 or Chapter 13. 1. Federal Income Taxes Only: The taxes must be strictly for taxes on income (1040 Income Tax). Taxes such as payroll taxes, trust fund taxes, sales tax or…
THE WHITE HOUSE UNVEILS: STUDENT AID BILL OF RIGHTS
The Wall Street Journal reported today that the White House is weighing whether to make it easier for Americans to discharge student loans through bankruptcy. Federal law prohibits student loans — whether made by private lenders or the federal government — from being wiped out in bankruptcy, except in rare circumstances. In a presidential memorandum…