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Bankruptcy Law Articles

Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Bankruptcy.

Bankruptcy Reform

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

Major Security Mechanisms under Turkish Law and the Effect of Bankruptcy

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

Using Bankruptcy to Save Your Home and Avoid Foreclosure

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.

Foreclosure - Don’t Give Up - You Can Fight

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.

Mortgages in Spain

What to look out for if requesting a Spanish Mortgage.

Prison Sentences for Monetary Debts in Turkey

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.”

An Indispensable Tool in Business Life: Promissory Note - Turkey

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.

Repair your Credit and Boost your Score

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

The Pros and Cons of Reverse Mortgages

“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!”

What to Do When a Creditor Calls

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?

Corporate Bond Crisis in Israel: Rescuing the Business, to Rescue the Creditors

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

Military Members Who are Facing Bankruptcy in Texas Have Legal Protections

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.

Michigan Foreclosure Prevention Law

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.

Legal Options Available to Victims of Real Estate Fraud in Ontario

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).

Changes to PA's Mechanics' Lien Law Effective Oct. 10, 2009

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

Toronto Real Estate Lawyers: Defaulting on Your Mortgage

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

Bankruptcy Myths

Answered some bankruptcy myths.

Cracking Down on Loan Modification Fraud

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.

Resulting Trust: The Law Will Protect Your Assets From Your Spouse’s Creditor

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.

Usury: The Pitfalls of Charging Too Much Interest

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.

Suing Your Lender when Mortgage Modification isn’t an Option

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.

Guide for New York Company Considering Chapter 11 Bankruptcy / Reorganization

A brief introduction to U.S. bankruptcy law for CEO’s

Get Your Share of Surplus Funds Remaining after a Foreclosure Sale

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 Law Decree Number 2 of 2009 for Enhancing the Economical Stability of Kuwait

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.

When Dealing With A Bank You Had Better Get It In Writing

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.

Bankruptcy Laws in Bahamas

  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.

You Have Obtained a Final Judgment: Now What?

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.

Liability of Successor Corporation/De Facto Merger

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.

One Sided Construction Contracts May Not Be Enforced By The Courts

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.

A Bank Account Owned by Husband and Wife is Immune from Collection by a Creditor of Only One Spouse

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.

Modernisation of Cyprus Mortgages Law

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.

Am I Liable for my Husband's Debts?

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.

Liability of Directors for Bankruptcy in Slovakia

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.

Execution Proceedings against a Debtor after Obtaining a Favorable Court Verdict

In which manner shall execution proceedings be commenced against a debtor after obtaining a favorable court verdict?

Declaration of Bankruptcy: a Definition and Description of the Required Proceedings - Poland

In the Polish legal system both the possibility of declaring bankruptcy both of an entrepreneur as well as a consumer.

Winding Down: How to Properly Close your Business

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.

California's Foreclosure Surge Leads to Stricter Regulations

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.

Reform 3/2009 to the Spanish Insolvency Law

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.

Truth about Foreclosure Rescue

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.

New Life for Bankrupt Projects?

Chapter 11 reorganizations may now be feasible for single asset real estate entities.

Is Bankruptcy for You?

What You Need to Know Before Filing Bankruptcy

The Preferred Method of Responding to Preference Demands: How to Know when to Say Deal or No Deal

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.

Mortgage Foreclosure in France

Should you consider handing over your keys back to the bank?

How will Bankruptcy Affect your Credit?

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.

Bankruptcy vs Debt Settlement - How to Compare?

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.

Why you Need an Attorney to File Bankruptcy in San Diego

You may need help with your bankruptcy

French Insolvency Law - Leaseback Issues

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.

Modern Designs of Cross-Default Clauses - Germany

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.

Practice & Procedures for Properly Closing a Foreign Invested Company in China

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.

Discharge of Unfiled Taxes under BAPCPA: No More Super Discharge

The article details the effects of the new bankruptcy law on income tax discharges.

Debt Collection in Romania

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.

Advice on enforcement of a UK Court Judgment in France

Which assets are capable of being taken by execution in France on an English judgment?

Piercing the Corporate Veil in Florida

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.

Can I Really Stop Foreclosure?

Most people do not realize that they can stop foreclosure even if they stopped paying their mortgage.

The Looming California Rental Crisis - Coming to a Town near You

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 State of the Construction and Building Industry in California - More Problems on the Horizon

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 Real Estate Crisis in California and Lawsuits in the Wake of the Credit Crunch

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.

Draft TARP Bailout Forms For The $700 Billion Dollar Troubled Asset Relief Program

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.

The $700 Billion Bailout - The Start of $700 Billion in Regulations for Lawyers to Figure Out

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.

Manager's Liability within the Framework of Bankruptcy

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.

Proofs of Claim in Bankruptcy

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.

Decline of Request to Extend the Bankruptcy to Vice-President of a Bankrupt Company

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.

Insolvency Proceedings in Argentina

We briefly analyze the insolvency proceedings available to both companies and individuals in Argentina.

Mortgages in Bulgaria – Specific Issues

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

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