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Bankruptcy filings fall for first time since abuse act of 2005
WASHINGTON – The number of bankruptcy cases filed in fiscal 2011, the 12-month period that ended in September, dropped 8 percent over the year before – the first decline since the Bankruptcy Abuse...
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Bankruptcy filings down in 2011
WASHINGTON – The number of new bankruptcy filings fell during the 2011 calendar year. Though quarterly data released in November showed the first drop in filings since the Bankruptcy Abuse Prevention...
View ArticleDebtor understated projected disposable income
A Chapter 13 debtor’s projected disposable income should not have been reduced by monthly installment payments that she in fact would not be making, the 4th Circuit has ruled in reversing judgment. The...
View Article‘Absolute priority’ survived bankruptcy reform
The latest reform of the Bankruptcy Code did not eliminate the long-standing rule protecting dissenting creditors when there’s a “cram down” under the Chapter 11 plan of an individual debtor in...
View ArticleDebtor’s kids didn’t count as full ‘household’ members
A debtor could not count each of her children and step-children as full members of her “household” when calculating her disposable income under the Bankruptcy Abuse Prevention and Consumer Protection...
View ArticleDivorce obligation wasn’t discharged in bankruptcy
A divorced woman’s obligation to pay 50 percent of her ex-husband’s federal income taxes was not discharged in her Chapter 7 case, the New Hampshire Supreme Court has ruled in reversing judgment. The...
View ArticleChapter 7 case dismissed for ‘abuse’
Chapter 7 debtors could have their case dismissed based on a finding that they “abused” the process by attempting to retain certain luxury items they could have sold to help satisfy their debts, the...
View ArticleDivorce obligation can’t be discharged in bankruptcy
A divorced man’s obligation to pay off a marital debt in the form of a line of credit was not discharged in his bankruptcy case, the Missouri Court of Appeals has ruled in reversing judgment. At the...
View ArticleChapter 11 debtors subject to ‘absolute priority rule’
The 2005 amendments to the Bankruptcy Code did not exempt individual Chapter 11 debtors from the application of the absolute priority rule, the 10th Circuit has ruled in reversing judgment. The...
View ArticleChapter 13 plan satisfied ‘good faith’ standard
The Bankruptcy Abuse Prevention and Consumer Protection Act prohibited the consideration of debtors’ Social Security income in determining whether their Chapter 13 plan was proposed in good faith, the...
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