california map with roadsWhat do you do when creditors from your spouse’s past threaten?
Chances are your first reaction is to put the title to your biggest assets in just your name.
Whew! Safe.
Not.
Just because  the deed to the house now reads Jane Doe instead of John Doe and Jane Doe it’s easy to think the house is Jane’s separate property and  the operation of California community property law has been beaten back.
Wrong.
Why does it matter whether the house or a business is community property?  Because the character of the property determines which creditors of the married couple can levy on the asset to pay a debt.
Community property is available to creditors of either spouse, for debts incurred during their marriage and before marriage.
Ouch!
Registered domestic partners are also presumed to have community property and are subject to the benefits and burdens of community property.

(posted 4 days 12 hours ago)

Banks have very precise metrics for measuring profits and volatility from normal risk. Shouldn't there be an objective way to measure the extreme risk that can determine whether an institution fails or survives?

BankThink
(posted 4 days 12 hours ago)

Summary:  In “RADIO SHACK BANKRUPTCY WATCH: From Crystal Palace to Near Shore of Chapter 11,” the Editorial Staff of Commercial Bankruptcy Investor ponders Radio Shack’s crystal palace and outlines of a Radio Shack chapter 11 strategy.
Read the article here or visit www.commercialbankruptcyinvestor.com for more information.

(posted 4 days 13 hours ago)

The most interesting element of the SEC’s latest whistleblower award, the largest so far at $30 million, may be the lengthy footnote that explains why the Commission believes an award payment is appropriate even though the claimant resides in a foreign country.

(posted 4 days 13 hours ago)

Devising a risk mitigation plan Â-- and the training and oversight necessary to implement it Â-- requires lenders and servicers to conduct a scientific investigation into the policies, procedures and controls they already have in place.

BankThink
(posted 4 days 14 hours ago)
Getty Images

An auction to sell Atlantic City, N.J.’s Revel Casino Hotel will resume next week after no winner was chosen Wednesday afternoon. The Wall Street Journal has the Daily Bankruptcy Review article here.
The distribution of $7.3 billion raised in the international bankruptcy liquidation of Nortel Networks Corp. moved a step closer to fruition, but Justice Frank Newbould in Canada and Judge Kevin Gross in the U.S. will issue separate rulings. Read the DBR 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.”)

WSJ.com: Bankruptcy Beat
(posted 4 days 15 hours ago)

It’s Rosh Hashanah – the Jewish New Year, and we at the Weil Bankruptcy Blog are pleased to send wishes for a shanah tovah u’metukah —  sweet, happy, and healthy year to all of our readers (and non-readers too).
Rosh Hashanah and the days surrounding it are called the Days of Awe because those days are a time of personal reflection.  So, in the spirit of reflection, we are taking some time off.  We’ll be back on Monday.  In the meantime, you, too, can reflect on the year by viewing our Weil Bankruptcy Blog Mid-Year Review here.  And not to toot our own, ahem, horns,* but it’s a pretty great recap, if we may say so ourselves.  A final note of caution: we take no responsibility for anyone caught reading the Mid-Year Review during the rabbi’s sermon.  Not that it’s a bad idea. . .
*On Rosh Hashanah, and in most of the month leading up to it (and until Yom Kippur), it is customary to blow the shofar – an animal horn that sounds a lot like a trumpet – in observance of the Days of Awe.

(posted 4 days 15 hours ago)

Receiving Wide Coverage... Here Come the Lawyers: What did you expect, Home Depot would get a free pass from lawyers on its massive data breach? The floodgates have opened as the first of what could be many lawsuits filed against Home Depot after 56 million credit and debit cards were compromised. In federal court in Atlanta, two credit unions Â-- Southern Chautauqua Federal Credit Union in New York and First Choice Federal Credit Union in PennsylvaniaÂ...

BankThink
(posted 4 days 16 hours ago)

Bankruptcy can be a long and complex process.  Chapter 7 cases typically take about four to six months to complete, while Chapter 13 can take anywhere from three to five years.  When a case is open for such a long time, anything could happen to interrupt the process.  If you don’t complete the filing process the first time around, can you still file a second time?  Our bankruptcy attorneys explore the options.

Stressed Man Worries About Economy, Paying Bills, Retirement
Reasons a Bankruptcy Case Can Be Dismissed
There is no such thing as a partial bankruptcy: you either receive a discharge, or you don’t.  Dismissal or denial can terminate a bankruptcy case before a discharge is obtained.  There are many different reasons a case may be denied or dismissed against a debtor’s wishes:

Young, Klein & Associates
(posted 4 days 16 hours ago)

One of the things most people want to know when considering bankruptcy is how soon after filing bankruptcy can they obtain credit. The answer to this will vary from case to case but there is a relatively simple formula to follow. After your case is filed, you can apply immediately for a secured credit card.+ Read More
The post How To Build Credit After Bankruptcy appeared first on David M. Siegel.

(posted 5 days 8 hours ago)