Blog

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…

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. …

Although short sales are common, the benefit for a homeowner who has received (or expects to receive) a bankruptcy discharge is much less clear. The bankruptcy discharge eliminates the homeowner’s personal liability on the mortgage loan and the potential tax…

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…

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…

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…

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…

After April 15, 2013, debtors owing income tax obligations for tax year 2009 may be subject to discharge and/or be non-priority obligations as long as (1) the tax return was filed more than 2 years prior to the bankruptcy filing,…

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…

Many chapter 7 debtors are unaware that Homeowner’s Association (HOA) dues occurring post-petition are not dischargeable in bankruptcy. According to Section 523(a)(16) of the Bankruptcy Code any “fee or assessment that becomes due and payable after the order for relief…