Abstract:

This article provides a detailed examination of the structure, sources, and ultimate content of the Islamic law of distressed debt. With specific illustrations from the Qur'an, sunna, and fiqh (Islamic jurisprudence), it orients non-specialists on the path to understanding where Islamic law comes from, how it is structured, and what its most salient provisions say about the proper treatment of insolvent debtors.

Summary: Because of the language of the lease, the bankruptcy court held that a lease had terminated (and consequently could not be assumed in a later bankruptcy case) following default and written demand by  the Leasor of payment of past due rent within 10 days.  Specific notice of termination of the lease was not required. For a copy of the opinion, please see: Salon America- Date of and Requirement for Termina

Summary:

The Trustee sought a 2004 Exam and documents from First Citizens Bank ("FCB"), based on a belief that the Debtor had used a checking account at FCB in connection with a Ponzi scheme.  FCB sought to quash this discovery, arguing that the Trustee was on a fishing expedition to establish claims against FCB in relation to the alleged scheme.

Summary: Despite testimony from the Debtors that they anticipated a substantial decrease in income due to loss of overtime, the court found that it was the circumstances at the time of the hearing that controlled.  Taken with the Debtors’ retention of a boat, their failure to disclose tax refunds,  overtime and bonuses, and continued 401k contributions, dismissal was appropriate. For a copy of the opinion, please see:

Summary:

Croatan Surf Club filed a single asset real estate Chapter 11, with such real estate subject to a lien by Royal Bank America ("RBA").  In compliance with 11 U.S.C. § 362(d)(3), Croatan filed a Second Amended Plan within 90-days of filing the bankruptcy, but RBA sought relief from stay, arguing that such plan was patently unconformable and was also nullified by the filing of a Third Amended Plan, outside of the 90-day window.

Summary: Swartville owed TD Bank $1,615,000, secured by real property and guaranteed by the three principals of the company.  Following default and rather than foreclosing on the property, TD Bank brought suit against the guarantors.  Swartville then filed Chapter 11, proposing to surrender the real property in satisfaction of the debt.  TD Bank objected that such plan was not filed in good faith, as it was intended solely to benefit the guarantors by forcing TD Bank to take the real property in reduction of the debt. Applying the two-prong good faith test dev

Summary: Dickerson filed Chapter 7 pro se, initially failing to disclose and exempt a pending lawsuit against Bell Partners for personal injuries and pecuniary losses.  The Debtor eventually claimed the lawsuit as fully exempt, but the Trustee objected to the exemption of an pecuniary losses Dickerson, the Trustee and Bell Partners subsequently agreed, both on the telephone and in emails, to settle the lawsuit for $15,000, consisting of $10,000 in exempt personal injury proceeds and $5,000 for pecuniary losses, that would be available for the bankruptcy estate.  Di

Summary:

The Debtor sought approval of the settlement of an Equitable Distribution, conducted in Maine, that would have allowed her to transfer funds into exempt IRAs, arguing that an Equitable Distribution  rights are not property rights and therefore not an asset of the bankruptcy estate.  The Trustee objected.

Summary: Rudlow, the attorney for WFS, brought a replevin action against Rawlinson and her nephew, for a vehicle which the nephew owned, subject to a lien held by WFS.  Rawlinson was not a party to the note, but Rudlow believed Rawlinson either had possession of the vehicle or knew its location, since her nephew lived with her.  Rawlinson brought a FDCPA claim in response. The 4^th Circuit began by holding that, just as, following Wilson v. Draper & Goldberg, PLLC, 443 F.3d 373, 375-76 (4th Cir.

 Summary:

Finch leased a room from Campus Habitat and asserted that Campus Habitat breached their lease, causing her to move out.  Campus Habitat responded and counterclaimed, receiving judgment for damages and, pursuant to the lease, attorneys’ fees.