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Rosson v. Fitzgerald (In re Rosson) ---- F. 3d ----, 2008 WL 4330558 (9th Cir. September, 2008) Issue: Does a chapter 13 debtor have an absolute right to dismiss his case? Holding: No, the court may refuse to dismiss if...
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Here is the text of the most recent version of the bailout bill - the Emergency Economic Stabilization Act of 2008, also known as TARP - Troubled Asset Relief Program. It requires the Treasury to create an Office of Financial...
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Judge Peck entered this Order on September 19, 2008 selling assets to Barclays Capital four days after the chapter 11 case was filed. You can access the final agreement betrween the parties here.
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American Justice Law School filed a chapter 7 petition in the Western District of Kentucky last week. I'm not sure why. The schedules, attached here, disclose that the "unencumbered" assets were sold early this year to a new group now...
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From my friend Peter Lively. This is pretty good. Thinking outside the box as they say. Bankruptcy 2005 applied to Wall Street by mundog50 In 2005 our congress passed a bankruptcy bill, crafted by the banking industry, to correct supposed...
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1st Circuit Court of Appeals, September 17, 2008 In Re Weaver, --- F.3d ---, 2008 WL ------ (1st Cir. 2008)(court of appeals exercised its discretion under section 158(d)(2)(A) to deny leave to appeal) 1st Circuit Court of Appeals, September 19,...
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This has got Georgetown Prof. Adam Levitin's feathers a little ruffled. The Mortgage Bankers Assn claims that if home mortgages can be modified in a bankruptcy case, over the objection of the lender, interest rates will rise and there will...
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Here is the text for the draft bailout proposal by Congress (with some ads - sorry about that). The Treasury Secretary can buy up to $700 Billion in "mortgage related assets" for the next two years. He has to report...
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Chapman v. Forsyth & Limerick, 43 U.S. 202 (1844) Issue: When a person sells goods for the account of the owner and thereafter does not pay the owner, is the debt discharged under the bankruptcy laws at the time? Holding:...
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I received an email from counsel for the debtors in the Regevig case in Arizona telling me that they have settled with the trustee and will be withdrawing their appeal. We will have to wait to see if any trustees...
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3rd Circuit Court of Appeals, September 09, 2008 In re Schaefer Salt Recovery, Inc., --- F.3d ---, 2008 WL -------- (3rd Cir. 2008)(authority of Bankruptcy Court to issue sanctions under 28 U.S.C. 1927) 5th Circuit Court of Appeals, September 12,...
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More further thoughts about the Regevig case in Arizona. I will admit that at first I thought Judge Haines had a supportable argument for his proposition. He ruled that California cannot tell the trustee to leave things alone which applies...
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So it was really one of your typical "First Day" hearings on September 16. One of the motions was to give a "comfort order" to JP Morgan Chase, the bank that clears the checks and various securities going from here...
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As I reported earlier, August 9, 2008, an Arizona Bankruptcy Judge has ruled that the California Wildcard exemption (CCP 703.140(b)) is unconstitutional. In re Regevig, 389 B.R. 736 (Bkrtcy, Ariz, Haines J, June, 2008) As I understand it, certain trustees...
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In re Hamilton, --- F.3d ---, 2008 WL 3905437 (6th Cir, August, 2008) Issue: Is a post-discharge judgment against the debtor void ab initio or must the bankruptcy court leave the judgment alone based on the Rooker-Feldman doctrine? Holding: The...
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The second item on the Bankruptcy Court docket is the Declaration of the Chief Financial Officer of Lehman Bros., Ian T. Lowitt. This pleading gives a brief background on Lehman Bros and why it filed the chapter 11 case. You...
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This chapter 11 case was filed in the Southern District of New York. You can access the emergency schedules here. It's case No. 08-13555-jmp. Judge James M. Peck. (The picture is Emanuel and Mayer Lehman, circa 1880s) Debtor's counsel is:...
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(or the week before I should say - I've been busy - 3 chapter 11s this week, all people who don't qualify for chapter 13 trying to save real property) 7th Circuit Court of Appeals, September 02, 2008 Freeland v....
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Judge Lynch is the "first and only woman judge" on the 1st Circuit according to the announcement which may be accessed here.
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The announcement can be accessed here. Judge Christopher Klein has left the BAP after ten years as required under the local rules. There are six judges on the 9th Circuit BAP. A seventh position has remained open so that other...
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The House of Representatives has passed Senate Bill S 2450, which creates a new Federal Rule of Evidence 502 (limiting waivers of the attorney-client privilege and work-product rule). The full text of the rule and explanatory material can be accessed...
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The UST has announced the new median income figures for each state effective October 1, 2008. Those can be accessed here.
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THE CENTRAL DISTRICT CONSUMER BANKRUPTCY ATTORNEYS ASSOCIATION 2008 CALVIN ASHLAND AWARDS DINNER TO HONOR JUDGE OF THE YEAR, The Honorable Geraldine Mund (To be presented by prior Calvin Ashland Judge of the Year, Samuel L. Bufford) Reception and no-host bar...
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From Prof. Bob Lawless and Credit Slips.
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From Prof. Dale Oesterle BusinessProf Blog: "Over the weekend the United State Government, read Treasury Secretary Henry Paulson, seized two federally charted mortgage companies, Fannie Mae and Freddie Mac. This comes on the heels of a federally sponsored buyout of...
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In re Pearson, --- B.R. ---, 2008 WL ----------- (10th Cir BAP, July, 2008) Issue: May a debtor take the ownership deduction for a vehicle even though the vehicle is owned free and clear? Holding: Yes. These are above-median chapter...
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This report, just issued, is really nice, judges, cases and goings-on in the district, packed with information - 71 pages. You can access it here.
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"(Almost) Everything We Learned about Pleasing Bankruptcy Judges, We Learned in Kindergarten," July, 2008 can be accessed here. This is an amusing way of looking at very old rules, "Be Prepared," "Don't Lie," etc.
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Total bankruptcy filings for August were 93,987 or 4,476 per day. This compares to 96,385 for July or 4,381 per day. At this rate, the third quarter will be about 285,000 compared to 272,000 in the second quarter and 240,000...
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The announcement is here. It doesn't say who she replaced.
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Well, I'm glad we cleared that up! Professor Ning Zhu, Professor at University of California, Davis, has some great statistics which show what I have been saying for years: over-spending by consumers is the biggest cause for consumer bankruptcies, not...