Following up on my prior post, the New York Court of Appeals has ruled that a rent stabilized appartment is a public benefit, rather than an asset.

Credit Slips
(posted 5 days 6 hours ago)

When you have filed for Chapter 7 or Chapter 13 bankruptcy, you always hope to not spend very long in trusteeship. When you receive a discharge, it means that essentially, your life is your own again. There are certain factors in your bankruptcy case that will govern how long it will take you to receive a discharge.
A Bankruptcy Timeline
Generally speaking, Chapter 7 cases move very quickly. They tend to be concluded in time periods between three months and a year, depending on the complexity of the case and how many creditors one might have. No-asset bankruptcies are obviously the simplest – with no assets to sell, no creditors need to file proof of claims, and no debts can be repaid from the non-existent proceeds.

(posted 5 days 9 hours ago)

Check out the latest news from Financial Poise. Don’t miss out on our upcoming live webinars and see what’s new on demand! View the full newsletter here.

(posted 5 days 11 hours ago)

Our Third Quarter Review covers the latest and greatest developments in the restructuring world in the past quarter and follows hot on the heels of the Inaugural Review published in September to coincide with the fourth anniversary of the founding of the Weil Bankruptcy Blog.
And what a fascinating few months it’s been: Judge Drain delivered a highly publicized bench ruling on the confirmation of Momentive Performance Materials’ plan of reorganization on August 26, giving us a whole host of interesting issues to analyze on the treatment of senior secured debt. If you haven’t read it already, please enjoy our in-depth series in the Momentous Decision in Momentive Performance Materials section of this Third Quarter Review, where we discuss Judge Drain’s rulings on, among other things, cramdown, make – wholes, and contractual subordination.
We’ve also continued our market leading coverage of Stern and its progeny in our Stern Files. As we await the Supreme Court’s decision in Wellness lntl Network v. Sharif, the circuit courts have been providing convenient summaries of their split, and we’ve duly blogged about them on the Weil Bankruptcy Blog.

(posted 5 days 11 hours ago)

Excessive debt is one of the major reasons why people file for bankruptcy. In many cases, the excessive debt is the result of paying for necessities such as medical bills and vehicle repairs. While there are some exceptions, most credit card debt can be wiped clean with Chapter 13 and Chapter 7 bankruptcy. Chapter 7 Bankruptcy […]
The post How to Get Rid of Credit Card Debt Through Bankruptcy appeared first on Allmand Law Firm PLLC.

(posted 5 days 11 hours ago)
Gary Cameron/Reuters

Lawyers, pay attention—correcting a mistake in bankruptcy papers is going to cost you pretty soon.
Starting Dec. 1, bankruptcy courts will charge $25 to file a motion seeking to redact information from previously filed papers. That means if you forget to slap a black bar over text you don’t want seen by the general public, you’ll have to pay to correct the mistake.
One other new fee will take effect next month, according to the Administrative Office of the U.S. Courts. The existing $157 fee to appeal a bankruptcy court ruling directly to a U.S. Court of Appeals, bypassing the district court, will increase by $50 to $207. Bankruptcy Beat
(posted 5 days 13 hours ago)

Readers who have not otherwise received notice in the twittersphere may be interested in this commentary at The Conversation.

Credit Slips
(posted 5 days 14 hours ago)

The overly complex Dodd-Frank Act came about because policymakers failed to tie regulation and regulatory structure together effectively. The next step in financial reform should be to simplify Â-- and perhaps consolidate Â-- regulatory processes.

(posted 5 days 15 hours ago)

341 notice annotated_Page_1You’re looking at bankruptcy official form B9.
It arrived in your mail because someone has filed bankruptcy and listed you on the schedules of a newly filed bankruptcy case.
Most likely, the debtor owes you money or you have an open claim of some sort against the bankrupt.
Your rights against the debtor have just changed.
Bankruptcy law, federal law, is now prepared to upend the debtor/creditor relationship.
You need to find all the information crammed into this single page so you can determine what, if anything, to do next. (Double click the image and you’ll get an enlarged version; hit the back arrow to come back here.)
1.  Who’s filed bankruptcy?
The name of the person  who filed the bankruptcy case and their mailing address is number 1 on our notice.  Any fictitious business names or prior names would appear here as well.

(posted 5 days 15 hours ago)
This Oct. 24, 2014 photo shows the Trump Taj Mahal Casino Resort in Atlantic City N.J.
Associated Press

A judge is threatening to boot Trump Entertainment Resorts Inc. out of Chapter 11 bankruptcy, due to the lack of a “reasonable likelihood of rehabilitation” for the gambling company. Read the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
The Associated Press reports on Brookfield canceling its plan to buy Atlantic City, N.J.’s Revel Casino Hotel. Bankruptcy Beat
(posted 5 days 17 hours ago)