What types of bankruptcy are available?Chapter 7 bankruptcy and chapter 13 bankruptcy are the two types of bankruptcy most often used by consumer. Chapter 7 is typically used by those with little non-exempt property and less than median income. Chapter 13 is often used by consumers who desire to propose a chapter 13 plan
Jordan E. Bublick
Jordan E. Bublick Blogs
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NY Southern District Upholds Judge Lifland's Bear Stearns Decision Denying Main and Nonmain Recognition
On May 27, 2008, the District Court of the Southern District of New York issued its decision upholding Bankruptcy Judge Lifland’s order denying recognition under Chapter 15 of certain Bear Stearns hedge funds’ Cayman Island foreign liquidation proceedings as either “foreign main proceedings” or as “foreign nonmain proceedings.” In re Bear Stearns High-Grade Structured Credit Strategies…
Lack of Specific Personal Jurisdiction over Canadian Creditor
On May 16, 2007, the Bankruptcy Judge Joan A. Lloyd issued her decision in the case of In re Thermoview Industries, Inc., ___ B.R. ___, 2007 WL 1447855 (Bkrtcy.W.D.Ky.)(Lloyd, J.). This case involved a situation in which the Chapter 11 Trustee brought a preference action against a Canadian corporation. The court held that it lacked…
BVI Insolvency Proceeding Recognized as Foreign Main Proceedings
The Bankruptcy Court in the case of In re Grand Prix Associates, Inc., et al., 2009 WL 1410519 (Bankr. D.N.J. 2009) recognized the British Virgin Islands insolvency proceedings as “foreign main proceedings” under chapter 15. The foreign insolvency proceedings were pending in the Eastern Caribbean Supreme Court, High Court of Justice, BVI. The principal debtors…
New Subchapter V Small Business Bankruptcy Reorganization
The Small Business Reorganization Act of 2019 (the “SBRA”), which went into effect on February 18, 2019, provides for simplified small business reorganization for individuals and business entities under the new subchapter V of chapter 11. Subchapter V resembles the provisions of chapter 12 for family farmers, but incorporates also some of the provisions that…
Bankruptcy Creditors' Meeting
In a Chapter 7 or Chapter 13 bankruptcy case, a “creditors’ meeting” (or “341 meeting”) is held about six weeks after the bankruptcy case is filed. Although called a “creditors’ meeting,” in most cases, no creditors take the opportunity to attend.A Chapter 7 creditors’ meeting is usually presided over by the Chapter 7 trustee…
Preservation of Error, Civil Plain Error Exception, and Bankruptcy
The recent Middle District of Florida decision in In re Nabavi, 2014 WL 3939595 (DC MD Florida, August 12, 2014) made reference to the 11th Circuit Court of Appeal’s longtime adoption of the “civil plain error rule” which is an exception to the general rule that an appellate court will not consider an issue not…
Exemption of Annuities in Florida
Florida law provides a certain exemption for annuities. Florida Statute section 222.14 provides that “the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shall not in any case be liable to attachment, garnishment … or legal process in favor of any creditor … of the person who is the beneficiary of such…
U.S. Supreme Court "Summary Dispositions"
The United States District Court of the Northern District of Florida’s landmark decision in Brenner, et al. v. Scott, etc., 999 F.Supp. 2d 1278 (2014) (regarding the constitutionality of Florida’s restrictions on marriage) makes reference to a U.S. Supreme Court case that was disposed of by “summary disposition.” The District Court stated that US Supreme…
Unsecured Debt in Chapter 13: How Much Must You Pay?
The amount you are required to pay back to your general unsecured creditors in a Chapter 13 Bankruptcy Case depends on various factors. It can range from only about a few pennies on the dollar to 100% of the debt. The amount required to be paid must be the higher of the “means…