News out of New York is that Columbia House has retained bankruptcy attorneys to file a Chapter 11 bankruptcy. Chapter 11 is a reorganization and restructuring of debts similar to Chapter 13 bankruptcy The debtor’s bankruptcy attorney will prepare a repayment plan and submit it to the bankruptcy court and its creditors for approval. If […]
Life After Bankruptcy Starts Before Filing
Business Insider has a profile on a Michigan bankruptcy filer. The woman profiled hired a bankruptcy attorney in 2008 to help resolve her debts. She felt bad about her decision to file, but could not afford to repay. After meeting with a bankruptcy attorney, she came to the decision that it was the best choice […]
Supreme Court Holds Bankruptcy Attorney Fee Defense Not Billable
The United States Supreme Court issued a ruling yesterday rejecting the right of bankruptcy attorneys to bill for work and costs associated with defending approval of their fees. In Chapter 13 cases, clients may have a retainer paid to a bankruptcy lawyer. That lawyer cannot draw against those funds without bankruptcy court approval so they […]
Supreme Court Denies Mortgage Lien Strip in Chapter 7 Bankruptcy
The U.S. Supreme Court has entered a unanimous decision to deny lien strip of second mortgages in Chapter 7 bankruptcy. The bankruptcy attorneys for debtors in the two cases taken together BANK OF AMERICA, N. A. v. DAVID B. CAULKETT and BANK OF AMERICA, N. A. V. EDELMIRO TOLEDO-CARDONA attempted to strip the second mortgage […]
USSC Determines Bankruptcy Judges May Decide Non-Bankruptcy Matters with Consent
The United States Supreme Court has determined that bankruptcy judges may decide non-bankruptcy matters if the parties consent. The issues presented do need to be connected to the underlying bankruptcy. In many cases, bankruptcy lawyers representing the bankruptcy Trustee file litigation actions called adversary proceedings to recover money order property transferred away from the debtor’s […]
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