Bankruptcy Law Articles

An early victory for the Obama administration in 2009 was the passage of the Credit Card Accountability, Responsibility and Disclosure Act (CARD) in May. The Act seeks to improve consumer protection in the credit market by limiting what credit card companies can do in the event of consumer default; limiting interest rate hikes; changing rules on late fees; and requiring companies to offer consumers more information about their long-term balances.

Bankruptcy is not a topic most people are comfortable with, and few are willing to discuss the issue openly. This lends a haze of mystery to the filing of Chapter 7 bankruptcy, and many consumers are ill informed of their rights-which means they are more vulnerable to financial predators.

Lawsuits against debt collectors alleging violations of the Fair Debt Collection Practices Act (FDCPA) are on the rise, with 1,928 court filings nationwide by mid-March. Of those filings, 462 occurred in the first two weeks of March alone, an upward trend compared with cases filed in previous periods.

As home values skyrocketed before the housing bubble burst in 2008, many South Carolinians fell victim to mortgage fraud. In 2006, the FBI named South Carolina a Top 10 Hot Spot for mortgage fraud. The designation could have been attributed to the prevalence of "flipping" (the practice of buying property at a very low price, quickly making nominal improvements, and selling the property for a profit soon after, usually before the first mortgage payment was due).

The regulation of real estate law is set forth in section four of the Turkish Civil Code, named as Law of Property. This section stipulates the subject matter of real property, procedure for acquisition and termination of ownership rights and main principles of property law. In addition, the said section of property law deals with non-proprietary interests to real estate, such as easements, real estate obligations, mortgage and charge over property.

Even though many members of Generation Y might consider themselves too young to consider it, filing for bankruptcy may provide them with a way out of seemingly insurmountable personal debt.

If you are being evicted for nonpayment of rent and there has not yet been a court judgment in favor of your lessor/landlord, filing for bankruptcy may be able to help you avoid and/or postpone eviction.

As more families refinance their mortgages, are forced into foreclosure or find other ways to cancel their mounting debt, the last thing that may be on their minds is the potential tax consequences of their actions.

The Federal Trade Commission reports receiving more than 45,000 complaints about debt collectors in the first half of this year, up almost 20 percent over the first six months of 2008.

On February 16, 2010, Canada’s Finance Minister announced changes to federal mortgage rules that will take effect on April 19, 2010. The new rules will likely affect all residential real estate purchasers in Canada. This article discusses the serious financial impact of the new rules on condominium pre-sales.

Before you file suit, there are certain things that you should consider. Failing to do so will result in your throwing good money after bad.

Attorneys are happy folks. They are happy to file a lawsuit on your behalf. However, you should take a moment and discuss a few things with your attorney to see if the lawsuit will ultimately make you happy.

Today, its more important than ever, for a business owner to watch his receivables. Timing is everything. Debtors today have one basket of money and business owners are in a race with each other for that one basket of money. The one who wins the race, gets paid.

While they do similar things, each collects debt differently. Its important for business owners to identify the areas in which each excels and their methodologies before placing debt with either.

Handling a debt collector can be daunting. Learn how to handle a debt collector to your advantage.

The truth in Lending Act, loan modifications and recently enacted Civil Code §§ 2923.5 and 2923.6.

Brief Overview of Loan Modifications, Short Sales, Bankruptcy and Other Remedies to Avoid Foreclosure. As the mortgage crisis has unfolded across the United States, Florida has had the unfortunate distinction of leading the nation in home foreclosures. Many Florida homeowners are considered "underwater" on their mortgages because the amount they owe in mortgage debt is now more than the property is worth.

The much anticipated Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 became law on May 22, 2009; however, most of the provisions of the act do not become effective until February 22, 2010. Several important provisions of CARD are already in effect are impacting consumers and lenders.

Chapter 13 bankruptcy is often a viable option to halt foreclosure. The eligibility requirements and advantages are surprising.

This article will briefly discuss the advantages and disadvantages of the two common structures – share purchase or asset purchase arrangements.

In 2009, 372 cases of bankruptcy were filed in the Midland Division of the Western District of Texas’ US Bankruptcy Court. This figure was a rise from the 243 filed in 2008 and represented an increase of about 53%. Most of these were filed by companies under Chapter 11 bankruptcies. In a typical year, an average of 80% of bankruptcies are Chapter 11 ones. But of late, there has been also a rise in filings by individuals who file either under Chapter 7 or 13.

Well-known appliance retailer, Appliance World stores in Denver, Colorado have been closed because its parent company, GCF Holdings LLC filed for bankruptcy three months ago. This does not only affect its Denver operations but also involve its other metropolitan stores namely those in Arvada, Aurora, Highlands Ranch, Littleton and Colorado Springs.

The Philadelphia Orchestra needs $15 million to stay afloat. Its newly appointed President and CEO, Allison Vulgamore is faced with the daunting task of increasing ticket sales and finding a new musical director. Verizon Hall, the Orchestra’s home is only 62% full at best this season, even after offering tickets at discounted prices. This is down from 80% last year.

Under a $10 billion turnaround plan, Japan’s national airline JAL has filed for bankruptcy due to its crippling debt of about $25 billion. The airline plans to continue its operations but will be laying off some of its staff, cancel routes that are not making profit and ground some of its older planes. At present, the plan is that JAL will cut its workforce to 36,201 from 51,862, retire its 37 Boeing 747-400s and halt several of its international and domestic routes.

In these economically challenging times, the number of bankruptcy filings has skyrocketed, to no surprise. Take Wisconsin for example. In 2009, the figure rose by 30% compared to the previous year, which itself had risen 35% compared to the year before that. Nationally, the picture is just as gloomy. More than 1.4 million bankruptcies were filed last year, representing an increase of 32% from the year before.

The Bankruptcy reform means test established in 2005 cuts off chapter 7 eligibility for upper income debtors.

This article mainly discusses the major security mechanisms available under Turkish law and the effect of bankruptcy.

During this era of record high home foreclosure and unemployment rates, many Americans are behind on mortgage payments and are understandably concerned about losing their family home.

Many Americans unfortunately find themselves having difficulty paying their mortgages. When a family falls behind on their mortgage payments, there are a number of ways to deal with the situation. Houses go into foreclosure for a variety of reasons including loss of employment, divorce, injuries, illnesses and disabilities.

What to look out for if requesting a Spanish Mortgage.

If you face decisions on bankruptcy and your underwater mortgage, talk to a bankruptcy lawyer who understands the protections bankruptcy law offers you and your family.

The Supreme Court recently heard oral arguments in an important case to determine the boundaries of the advice an attorney may give to a client considering filing for bankruptcy protection.

National unemployment rates have pushed individual bankruptcies to new highs. Even as layoffs decrease, bankruptcy filings continue to rise. In states like Arizona, the situation is especially dire.

Recently the U.S. Supreme Court heard oral arguments in an unusual bankruptcy case concerning the procedural requirements for discharging student loan debt in a Chapter 13 bankruptcy.

According to Article 38 of the Turkish Constitution (TC) “No one shall be punished for any act, which does not constitute a criminal offence under the law in force at the time committed; no one shall be given a heavier penalty for an offence other than the penalty applicable at the time when the offence was committed.”

This article aims at providing its readers with basic information on the validity conditions of promissory notes under Turkish law and the relevant execution proceedings.

How to Remove Negative information from your credit report. Improve your credit score simply.

“Are you short on cash? Do you own your home? Come in today and let us show you how you can make money each month while keeping your house!”

We all try hard to pay our bills and not spend more than we have. However, sometimes emergencies arise. We need expensive medications. A utility bill is particularly high. A child needs money for a crisis. Paying for these things can cause one to be unable to pay their regular bills. This column answers the question: What do I do when a Creditor calls?

Internet frauds have become extremely "popular" these days, and many people have fallen victim thereto. With so much indirect experience as legal professionals, we cannot help sharing some heartfelt tips with you so that your Internet surfing and on-line shopping will become more pleasant.

The author describes the Israeli side of the global financial crisis.

There is no doubt that the amazing men and women who serve in the United States military are the finest our country has to offer. They have made the choice to risk their lives to protect each one of us and we can never repay them enough.

The Michigan legislature has recently enacted a new Foreclosure Prevention bill into law. This law is designed to give homeowners more time to work out a modification on their mortgage and remains in effect for two (2) years from the date of enactment.

Real estate fraud in Ontario generally includes “mortgage fraud” (e.g. fraudsters acquire a mortgage fraudulently through false information or identification and run away with the money, leaving the true home owners with a significant liability) and “title fraud” (e.g. fraudsters use stolen identity or forged documents to transfer a registered owner’s title to him or herself without the owner’s knowledge).

Amendments to Pennsylvania's Mechanics' Lien Law are effective October 10, 2009.

Defaulting on your mortgage...dreaded topic if you're going through it...but important to know if you're unaware or considering it...

Answered some bankruptcy myths.

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.

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.

What You Need to Know Before Filing Bankruptcy

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.

Working out your issues with your lender. It is a fair statement that no one could have predicted the direction of the economy and the havoc that the economy would play in the commercial real estate market. Investing in real estate seemed like the ideal investment at the time—several years ago.

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.

Both individuals and businesses are faced with the choice of whether to lease or whether to purchase property. Many of the same considerations apply whether the property is an automobile, a personal residence or an office condo or building. These considerations need to be weighed by the individual or company to determine which is the right decision for you.

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.

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.

Unlike mail fraud, bank fraud, or wire fraud, mortgage fraud does not have its own federal statute associated with it. However, that definitely does not prevent the federal government from aggressively prosecuting the crime under the title of "mortgage fraud.".

A new beginning.

The mortgage is generally interest in land given to a creditor by the owners of a property as a guarantee for a loan.