Summary:
Ms. Crow filed a Chapter 13 bankruptcy, but after a creditor raised issue with her exceeding the §109(g) debt limits, converted to Chapter 7. Eight months after the initial filing of her voluntary bankruptcy petition, Ms. Crow sought to amend her schedules to claim an exemption in an individual retirement account (IRA) that had been omitted from her original petition, but would otherwise indisputably have been exempt. The Trustee opposed this amendment, arguing that Ms.
By Ed Boltz, 2 August, 2017
Summary:
Mr. Weiss, together with his business partner, purchased land for development in Charlotte by obtaining a $28,290,000 loan from GECMC 2006-C1 Carrington Oaks, LLC (“Carrington Oaks”) conditioned, in part, on their personal guaranties. After the loan defaulted, Carrington Oaks brought suit for payment against Mr. Weiss.
At trial, however, Mr.
By Ed Boltz, 2 August, 2017
Summary:
SunTrust denied the application for credit to purchase a boat made by the Trapps due to issues with Mr. Trapp’s Social Security number being linked to a deceased person. The Trapps brought suit under the Equal Credit Opportunity Act (ECOA), 15 U.S.C.A.
By Ed Boltz, 14 July, 2017
Summary:
Ms. Burwick denied certain allegations in her answers to Interrogatories but her response to a set of Admissions, sent pursuant to Rule 36, with similar questions was fourteen (14) days late.
By Ed Boltz, 14 July, 2017
Mounting Student Loan Debt Mobilizes Bankruptcy Courts
https://www.bna.com/mounting-student-loan-n73014461679/
July 12, 2017
Mounting Student Loan Debt Mobilizing Bankruptcy Courts
By Ed Boltz, 6 July, 2017
By Ed Boltz, 31 May, 2017
Summary:
The bankruptcy court issued a show cause order to the Debtor’s attorney for signing a certification that a reaffirmation would not be an undue hardship for the Debtor. The court held that in regards to a reaffirmation the debtor’s attorney must file an Affidavit stating that the Reaffirmation:
1. Represents a fully informed and voluntary agreement by the debtor;
2. Does not impose an undue hardship on the debtor or a dependent of the debtor;
3.
By Ed Boltz, 31 May, 2017
Summary:
The Bankruptcy Administrator moved to dismiss the Debtors case arguing that on the Means Test they were limited to deduction of the lesser of either the actual mortgage and vehicle expenses or the amounts under the applicable National or Local standard. In affirming denial of this motion by the the bankruptcy court, the Court of Appeals held that based on the plan language of 11 U.S.C. § 707(b)(2)(A)(ii)(I) “[t]he debtor’s monthly expenses shall be the debtor’s applicable monthly expense amounts specified under the National Standards and Local Standards.” 11 U.S.C.
By Ed Boltz, 31 May, 2017
Summary:
The Trustee sought to abandon LLCs of inconsequential value to avoid tax liabilities of more than $1 million due to recaptured pass through losses. Abandonment of these assets would shift the tax liability to the debtor, who contended that this would improperly burden his fresh start. The bankruptcy court rejected this as the “[i]mpact on the debtor is not ... one of the factors to be considered in authorizing abandonment, which suggests that impact on the debtor is not a necessary
consideration.” In re Johnston, 49 F.3d 538, 541 (9th Cir.
By Ed Boltz, 31 May, 2017
Summary:
Throughout extended litigation regarding the validity of a junior mortgage (there are more than 300 docket entries in this Chapter 13 case), a motion to dismiss filed by the trustee remained pending due to the inability to confirm a plan.