One of the most frequently asked questions by persons ensnared in a bankruptcy for the first time is the bankruptcy's effect on a creditor's right to pursue a claim against the debtor. Often overlooked by debtors and creditors alike, 11 U.S…
The road through the briar patch of financial troubles has, in many jurisdictions, always passed by a homestead. Prudent debtors have normally taken advantage of the ability to shelter both their estates and their families in the homestead.…
The grounds for setting aside reaffirmation agreements are limited after the time to rescind has expired. Reaffirmation agreements are not favored by bankruptcy courts and are strictly construed based on conventional contract principles. 1 …
With the end of the 106th Congress, the bipartisan effort to rewrite the consumer bankruptcy law died the death of a post-adjournment veto. Although conventional wisdom dictates that a bill identical or nearly identical to the conference re…
aving used Christie's auction house to sell assets some time ago in a bankruptcy case was enough to have put me on its mailing list ever since to receive its catalogs. Occasionally, I'll glance at one for a moment while going through my mai…
The most embattled creditor in the consumer bankruptcy arena in recent years has been Sears Roebuck and Co. 1 In the following cases, Sears again finds itself at center stage in a consumer bankruptcy controversy. This time, the controversy …
Chapter 13 has long been a mechanism whereby unsecured creditors can reap distributions from debtors' available post-petition income. Distributions to general unsecured creditors in chapter 13 cases have risen to provide that, in many cases…
Should you let a sleeping dog lie? Chapter 13 plans, once confirmed, can be modified. However, modification triggers a re-examination of the debtor's affairs, including his or her income and assets. Absent a modification of a chapter 13 pla…
What About Bob!" was a popular movie starring Bill Murray about a wacky guy who consumes and overwhelms his psychiatrist, played by Richard Dreyfuss. A similar question, "What about post-petition claims?", can likewise cause a feeling of be…
The concept of a "needs-based" consumer bankruptcy law has generated numerous reactions, studies and debates. Most of these have focused on the need for a change in the bankruptcy system's approach to granting relief to consumer debtors, th…