As reported by Robin Miller of CBAR, a Florida Bankruptcy judge has helped to distinguish between a divorce support provision or a property settlement agreement. If the obligation was intended to be a support payment, then Appellant did not discharge the debt in bankruptcy. See 11 U.S.C. § 523(a)(5). If instead the obligation was intended to be a property…
Can a Debtor be Judicially Estopped from Prosecuting an Undisclosed Employment Discrimination Claim?
Yes. As reported by Robin Miller of CBAR, a Chapter 13 debtor was judicially estopped from prosecuting her employment discrimination claim where she obtained confirmation of her plan in her still-active bankruptcy case without disclosing either her prepetition Charge of Discrimination filed with the Florida Commission on Human Relations and the Equal Employment Opportunity Commission…
Do I have to Reopen my Chapter 7 Bankruptcy in Michigan and add a Creditor if I Forget to List that Creditor?
No. The 6th Circuit has established an “omitted creditors rule” in the case In re Madaj, 149 F3d 467 (1998). Here is a summary of the Madaj opinion and holding: 1. The confusion regarding the treatment of omitted creditors is due to a line of cases that perpetuates the erroneous view that once a case…
What Children Should Know About Credit in Michigan?
Here is a very insightful post by my good friend and “credit guru” Philip Tirone with www.720CreditScore.com: “Charge it” is a phrase children hear when shopping with parents. It seems so easy to give someone a piece of plastic and get whatever we want. But is that the lesson we really want to teach our…
Student Debt Threatens the Safety Net for Elderly Americans According to Bloomberg
As reported by Natalie Kitroeff from Bloomberg Businessweek, student debt is growing faster for seniors than for any other age group, according to the latest data gathered by the Federal Reserve Bank of New York. Lingering student loan debt is part of a broader and, many elder-care lawyers say, devastating accumulation of debt among older…
Consumer Financial Protection Bureau Issues Warning on Bitcoins
The New York Times DealBook Blog reported that the Consumer Financial Protection Bureau issued its first consumer advisory on virtual currencies, including Bitcoin, and said that it would begin accepting complaints about such issues or companies. The agency warns consumers to be aware of hackers and schemes, volatile exchange rates and a lack of government…
Is a Debtor Judicially Estopped from Prosecuting Undisclosed Prepetition Causes of Action where Debtor’s Bankruptcy Case has been Dismissed?
As reported by Robin Miller of CBAR: Although the debtor had failed to schedule her prepetition claims against her mortgage creditors in her prior Chapter 13 bankruptcy case, and her failure to list the causes of action among her assets was tantamount to a representation that she had no such claims, the debtor was not…