Bankruptcy News
Welcome Back Twinkies!
After Hostess Brand filed for Chapter 11 bankruptcy back in May 2012 and later began liquidating its assets in November 2012, many wondered what would become of Twinkies, the cream-filled sponge cakes that have been a delicious guilty pleasure for...
A Review of the Bankruptcy Judge Appointment Process
With a “Notice of Vacancy for the Position of United States Bankruptcy Judge” currently posted in the Eastern District of North Carolina, the Sasser Law Firm found a recent report issued by the Institute for the Advancement of the American...
Creditor Harassment and Violation of the Automatic Stay in the Age of Social Media
As if filing for bankruptcy is not emotionally challenging enough, some debtors are feeling the effects of creditor intimidation through Facebook and other social networking media. In the age of social media, creditors have found a new way to hound and...
Supreme Court Decides Meaning of Defalcation
The US Supreme Court has decided the meaning of defalcation for purposes of dischargeability actions filed under section 523(a)(4) of the bankruptcy code. A dischargeability action must be brought by adversary proceeding by a creditor within 60 days of the initial setting of...
May 2013 Bankruptcy Filing Statistics for the Eastern District of North Carolina
Last month in May 2013, 695 new bankruptcy petitions were filed with the court in the Eastern District of North Carolina. Of those cases filed, 231 cases were Chapter 7, 13 cases were Chapter 11 and 450 cases were Chapter 13. ...
Disclosure of Information in Bankruptcy Cases
In bankruptcy filings, debtors are required to disclose a significant amount of detail regarding their financial position. The consequences of failing to make adequate disclosures can include denial of discharge, dismissal of the case, fines and even imprisonment. The different tools...
Valuation in Bankruptcy Cases
The strategy in valuing assets in bankruptcy can vary based on the circumstances. To determine the amount of a secured claim, fair market value is appropriate [e.g. NADA retail value for vehicles being stripped down]. However, in the context of...
Former Rental Property Ruled Debtors' Primary Residence
The United States Bankruptcy Court for the Eastern District of Michigan recently ruled in favor of a secured creditor’s Objection to Confirmation of the debtors’ Chapter 13 Plan in case 12-61616, Edward and Terry Kelley. The issue at stake regarded the...
Local Bankruptcy Judge Named Dean of Campbell Law School
Effective July 15, 2013 Bankruptcy Judge J. Rich Leonard of the Eastern District of North Carolina will be the Dean of Campbell University’s Normal Adrian Wiggins School of Law. “Judge Leonard’s wealth of experience in judicial leadership will prove tremendously beneficial...
Early Bankruptcy Acts
Did you know that bankruptcy was included in the United States Constitution? In Article 1, Section 8, the founding fathers gave Congress the authority to “uniform laws on the subject of bankruptcies throughout the United States.” Though Congress attempted several...
