Bankruptcy Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Bankruptcy.
California Attorney General Jerry Brown, Federal Trade Commission Jon Leibowitz and other top state prosecutors recently announced 189 lawsuits against loan modification companies nationwide, accusing them of scamming struggling homeowners trying to reduce their mortgage payments.
In prior articles the author has explained that assets owned by both husband and wife cannot be attached or sold to satisfy a creditor of only one spouse. Marital assets are protected in the State of Florida unless the creditor can show an obligation of both husband and wife.
In the recent heated real estate environment, buyers went to great lengths to purchase property with the intent to flip same and make incredible profits.
We hear it in the news every day, foreclosures and homelessness are rising and compounded by jobless rates. I’m really surprised about the number of people who sit back and let it happen to them. Homelessness is prevented every time a foreclosure is prevented.
A brief introduction to U.S. bankruptcy law for CEO’s
Foreclosure actions are routinely filed by banks against homes if the borrower defaults in payment. Homeowners can also be subject to foreclosure actions for failure to pay homeowner’s association dues, assessments or mechanics liens.
The article follows and elaborates the new decree which was issued by the government during the dissolution of the parliament of Kuwait and elaborates about the benefits of the decree, the size of the governmental support for the local companies and the economy in general.
Bank officers routinely meet with borrowers to talk about troubled loans. The banker and the borrower oftentimes leave the same meeting with divergent views regarding the parties’ obligation and agreements. The bank’s subsequent attempt to enforce its loan documents may invite retaliatory lawsuits.
By Lex Justis
The assertion that the Bahamas laws on bankruptcy may be used as a double edged sword can be derived from section 10 of the Bankruptcy Act 1870, whereby some level of protection is granted to an individual declared bankrupted.
The public has a general view that once a judge has rendered his decision and a final judgment is entered the case is over. However, in the event that the plaintiff prevails and is awarded a money judgment or either the plaintiff or defendant prevails and is awarded attorneys fees a second part of the case involving collections is required.
A corporation deep in debt often will try to eliminate liability by merely incorporating under a different name. In many circumstances the law will allow creditors of the defunct corporation to recover from the new corporation.
In the current construction climate builders often dictate the terms of a construction contract. For some large builders form contracts are the norm. However, smaller contractors often negotiate the terms and don’t rely on form contracts.
Once a husband and wife are married in the State of Florida the law recognizes a separate and distinct entity for property owned by husband and wife.
The Republic of Cyprus has now introduced amendments to the laws governing mortgage of immovable property, which simplify the process of re-mortgaging and minimising the costs involved in such transactions.
As a general rule, you are liable for those debts you incur. If you and your spouse have a shared credit card in both of your names, you are both liable for the debts. If your spouse takes out credit cards or loans but you are not named in the credit or loan documents, you are generally not personally liable for this debt.
In these times of economic crisis, companies may go bankrupt easier than ever. Companies should analyse and manage the risk of bankruptcy and react promptly to negative situations.
In which manner shall execution proceedings be commenced against a debtor after obtaining a favorable court verdict?
In the Polish legal system both the possibility of declaring bankruptcy both of an entrepreneur as well as a consumer.
Businesses close for a number of reasons. Sometimes, they close because the founder has suddenly become ill or has passed away, or perhaps because of bad economic times, increased competition or poor management. No matter why, all business owners must undertake a number of steps before closing their doors.
As the national foreclosure crisis continues to grow, the federal government and several states are taking corrective measures to diminish the fallout from predatory lenders and fraudulent subprime mortgage bankers. Several of these measures aim to make it easier for owners to retain their homes while they renegotiate their mortgages.
The Royal Decree Law 3/2009 of the 27th of March is a recent reform of the principal Spanish rules relating to insolvencies, i.e. the Insolvency Law 22/2003 of the 9th of July.
We have been in this housing crisis for a while now and the misconceptions have had a chance to proliferate. It is time for some straight talk, from a leading practitioner in the industry, which homeowners can rely on in making crucial decisions about their distressed properties.
Chapter 11 reorganizations may now be feasible for single asset real estate entities.
With the recent onslaught of large bankruptcy filings occurring nationwide, many of which are ending up with the filing companies being fully liquidated, if you have not yet started receiving preference demand letters from debtors or bankruptcy trustees offering you quick discounted settlements, you probably will over the course of the next few months.
Should you consider handing over your keys back to the bank?
Bankruptcy is often seen as a quick fix for credit problems and it is. Filing and obtaining a bankruptcy ruling will stop creditors from harassing you for payments and it can wipe out all credit card debt and other unsecured debts.
Receiving frequent calls and letters from the debt collectors increase the stress in the difficult situation. Fortunately, there are solutions for those dealing with what seems to be insurmountable debt.
You may need help with your bankruptcy
Pursuant to the Insolvency Act 26 July 2005 and Article L622-17 of the Code de Commerce, debts arising after the date a French company is put into Receivership must be paid by the company's Receiver. However, those debts e.g. rents that arose prior to the leaseback company becoming insolvent must be lodged in the insolvency proceedings. This is a necessary step in order for the Court to admit claims and consider you as a (usually non-preferential) creditor in the Receivership.
Cross-default clauses are part of the customary tools and modules of international banks. Their operational area covers credit agreements with enterprises, as well as governments and governmental agencies all over the world.
In light of the financial downturn, many foreign invested companies simply are abandoned by their foreign investors. However with recent guidelines issued by the Chinese government, foreign investors may be subject to more substantial liability, for failure to properly close their FIE. This article sets forth guidelines regarding proper closure of an FIE.
The article details the effects of the new bankruptcy law on income tax discharges.
In Romanian Law a debt represents a patrimonial right in on the basis of which the creditor can request from another person (named debtor) to act per his obligations.
Which assets are capable of being taken by execution in France on an English judgment?
Limitations to corporate liability protection. Principles discussed are of general application, though legal authorities cited are based on Florida law.
Florida Foreclosure Fraud Protection Law Enacted - Homeowners Provided Protection against Mortgage Loan Modification Firms
On October 1, 2008, the Florida legislature enacted the Florida Foreclosure Fraud Protection Act. This new law protects homeowners from many of the foreclosure rescue scams, unlicensed loan modification companies, and other questionable companies that are targeting people in foreclosure.
Most people do not realize that they can stop foreclosure even if they stopped paying their mortgage.
This article uncovers the next real estate crisis, a shortage of affordable rental properties. As someone familiar with the real estate market in the Coachella Valley of California, the author examines this area of California in particular and uncovers what could be a silver lining soon for the construction industry especially in light of the decline in new construction. While real estate agents are also suffering, and brokerage houses are closing, the rental industry may be ready for a boom.
The author of this article discusses some possible new problems the construction industry may face in the current economic crisis. As one familiar with real estate and construction issues in California, the author discusses constractor lending problems, construction defect and lender lawsuits and looks at what could be an even more perfect storm heading for the construction industry in California.
The author of this article discusses some possible new problems the real estate market may face in California as the economic crisis and credit crisis grows. The article also focuses on some new construction law problems in California related to the credit crisis and the relates the type of calls attorneys are now getting from the public in fear of losing their homes.
The author has prepared these draft forms for use in TARP, the $700 billion Troubled Asset Relief Program. While the forms may need some tweaking, in this humorous article the author provides draft forms not just for TARP 1, but also for TARP 2 when financial institutions need to request additional funds.
This legal author discusses the $700 Billion Bailout Plan, the Troubled Asset Relief Program (TARP) and what it means for federal regulations lawyers who will be called to interpret the law and the truckloads of new regulations that will likely follow. After years of deregulation in the U.S. and internationally, one thing is certain in these uncertain times. There are going to be a great deal more regulations put on the financial and other industries.
The still recent Spanish Bankruptcy Law more fully examines the legal system regarding company managers’ liability. This new liability system serves to supplement the system already provided for in the Public Limited Company and Limited Liability Company Laws, as well as the Criminal Code, within the framework of corporate crime.
The simplest way for creditors to protect their rights in bankruptcy cases is by properly filing a proof of claim. This article discusses briefly the necessity for filing a proof of claim, the procedure for filing a proof of claim, and the effect of filing a proof of claim in a bankruptcy case. Citations have been omitted from this version of the article.
Courtroom E of the National Commercial Court of Appeals (the “Court of Appeals”) confirmed a ruling passed by the Court of First Instance which declined the request of a company’s trustee in bankruptcy to extend the bankruptcy to the company’s vice-president due to an alleged use of the company’s funds to his own personal benefit.
We briefly analyze the insolvency proceedings available to both companies and individuals in Argentina.