Friday, June 3, 2011
State Bankruptcy
Steven Schwarcz, law professor at Duke, has an article forthcoming in the May 2012 issue of the UCLA Law Review discussing the issue of state "bankruptcy."
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1807944
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1807944
BK Trustees want more power from Feds
Judges and debtors who force mortgage companies to produce a physical note before foreclosing on a home.
http://www.bizjournals.com/nashville/blog/2011/05/feds-look-to-give-trustees-more-power.html
http://lawprofessors.typepad.com/bankruptcyprof_blog/2011/05/feds-look-to-give-trustees-more-power.html
http://www.bizjournals.com/nashville/blog/2011/05/feds-look-to-give-trustees-more-power.html
http://lawprofessors.typepad.com/bankruptcyprof_blog/2011/05/feds-look-to-give-trustees-more-power.html
Gay Rights Victory in Californa
http://www.feedblitz.com/f/?FBLike=http://lawprofessors.typepad.com/bankruptcyprof_blog/2011/06/major-victory.html
The Honorable Michael S. McManus denied the U.S. Trustee's Motion to Dismiss a legally married same-sex couple's Chapter 7 case. The UST moved to dismiss alleging that the Debtors' joint petition was improper and unauthorized because the term "spouse" as defined by the Defense of Marriage Act's (DOMA) is limited to a person of the opposite sex.
The Honorable Michael S. McManus denied the U.S. Trustee's Motion to Dismiss a legally married same-sex couple's Chapter 7 case. The UST moved to dismiss alleging that the Debtors' joint petition was improper and unauthorized because the term "spouse" as defined by the Defense of Marriage Act's (DOMA) is limited to a person of the opposite sex.
Thursday, June 2, 2011
Home Rental Outpaces Homeownership In 500+ Cities
According to USA Today, 25 major cities - including Baltimore; Minneapolis; Salt Lake City; and Sacramento, Calif. - recorded a majority of homeowners in 2000 but had a majority of renters by 2010. Among the major cities experiencing a significant shift in the number of rented homes was Irvine, Calif., which swung from approximately 40% of rented homes in 2000 to 49.8% last year; Philadelphia, from 40.7% to 45.9%; Birmingham, Ala., from 46.3% to 50.7%; and Reading, Pa., from 49% to 57.6%.
USA Today also reports that Florida, California and Arizona had the most cities where the percentage of renter-occupied housing increased by at least five percentage points. On a national basis, 34.9% of occupied homes were rented last year, compared to 33.8% in 2000.
USA Today also reports that Florida, California and Arizona had the most cities where the percentage of renter-occupied housing increased by at least five percentage points. On a national basis, 34.9% of occupied homes were rented last year, compared to 33.8% in 2000.
Marilyn Monroe Photographer’s Archive in Bankruptcy
http://blogs.wsj.com/bankruptcy/2011/06/01/marilyn-monroe-photographer%E2%80%99s-archive-in-bankruptcy/tab/print/
The bankruptcy filing by Shaw Family Archives Ltd. Wednesday is just another chapter in the Shaw family’s history, a plot filled with equal parts glamour and contention. Edith Marcus, the organization’s president and Sam Shaw’s daughter, blamed the filing on “a series of lawsuits involving the photographs and other issues.”
Monday, May 23, 2011
In re Scholz
2011 WL 1528470 (9th Cir. B.A.P. March 22, 2011)
Benefits from the Railroad Retirement Act are included in the calculation of Current Monthly Income but must be excluded from the determination of Projected Disposable Income because of an "anti-anticipation" clause.
Benefits from the Railroad Retirement Act are included in the calculation of Current Monthly Income but must be excluded from the determination of Projected Disposable Income because of an "anti-anticipation" clause.
Chapter 7 Fee Waiver Provisions
As of May 10, 2011, the Poverty Guidelines for waiver of filing fees in a Chapter 7 was amended
http://considerchapter13.org/2011/05/22/judicial-conference-of-the-united-states-interim-procedures-regarding-the-chapter-7-fee-waiver-provisions-of-the-bankruptcy-abuse-prevention-and-consumer-protection-act-of-2005/
chart
http://www.uscourts.gov/uscourts/FederalCourts/BankruptcyResources/povertyguidelines2011.pdf
http://considerchapter13.org/2011/05/22/judicial-conference-of-the-united-states-interim-procedures-regarding-the-chapter-7-fee-waiver-provisions-of-the-bankruptcy-abuse-prevention-and-consumer-protection-act-of-2005/
chart
http://www.uscourts.gov/uscourts/FederalCourts/BankruptcyResources/povertyguidelines2011.pdf
QWR -- 12 U.S.C. 2605(e) -Nice outline
The loan servicer must, either acknowledge receipt or take the action requested, in the QWR within 20 business days.
http://lawprofessors.typepad.com/bankruptcyprof_blog/2011/05/qualified-written-requests-from-my-new-law-clerk.html
http://lawprofessors.typepad.com/bankruptcyprof_blog/2011/05/qualified-written-requests-from-my-new-law-clerk.html
LA Real Estate Mogul Convicted Of $21m Fraud
"A bankrupt Los Angeles real estate developer has been convicted of stealing some $21 million through a tax shelter scheme. Ezri Namvar was found guilty Thursday of four counts of wire fraud along with a second defendant, 63-year-old Hamid Tabatabai. They could face up to 80 years in federal prison. “
http://www.kesq.com/news/27963843/detail.html
http://www.kesq.com/news/27963843/detail.html
Taking the Husband's Last Name Yes or No ?
http://thecareerist.typepad.com/thecareerist/2011/05/change-your-last-name.html
The trend I'm seeing in my late twenties/early thirty-something friends is to change your name personally but not professionally.
http://blogs.wsj.com/juggle/2011/05/08/the-name-change-dilemma/
The trend I'm seeing in my late twenties/early thirty-something friends is to change your name personally but not professionally.
http://blogs.wsj.com/juggle/2011/05/08/the-name-change-dilemma/
Chip Parker is Now Attacking Bankruptcy Trustees
http://www.bankruptcylawnetwork.com/florida-chapter-7-bankruptcy-trustees-tactics-rebuked-by-courts/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BankruptcyLawNetwork+%28Bankruptcy+Law+Network%29
The bankruptcy trustee has every right to demand rent or vacation of the house if the homestead exemption was not applied, despite what Chip thinks.
The Supreme Court of Florida stated last month its decision in Osborne v. Dumoulin, — So. 3d –, 2011 WL 320986 (Fla. 2011). In the Osbourne decision, Chief Justice Canady explains that a bk debtor need not do anything affirmative to not claim or receive the benefit of the homestead exemption. A homeowner can choose the $4,000 wildcard exemption if it provides a greater protection than the homestead exemption would. Actual abandonment of the home is not necessary. HOWEVER, the Court states, “When the debtor in bankruptcy does not claim the homestead exemption, the debtor effectively surrenders the homestead to the trustee for administration.” The trustee can sell the home whether occupied or not.
Some trustee have told me that they intend to offer to sell a quitclaim deed to the property to the debtor’s mortgage holder. If they can also evict the Debtor’s this will be more attractive to the creditor’s.
http://www.floridasupremecourt.org/decisions/2011/sc09-751.pdf
In the Iuliano case, the Trustee argued - a debtor who does do not claim his homestead as exempt in his bankruptcy petition, but refuses delivering exclusive possession to the Trustee for administration, is impeding the Trustee’s administration of the property.
Federal District Judge Moody stated:
11 U.S.C. § 542(a) requires a debtor to deliver to a trustee the property of the estate, “unless such property is of inconsequential value or benefit to the estate.” Where the estate has no equity in an asset, so that unsecured creditors are unlikely to benefit from a sale of the property, it is generally recognized that abandonment is the appropriate method of dealing with the asset, not liquidation. [Cite omitted.] Where there is no equity, it makes no sense for a Bankruptcy Court to order the surrender of possession of property to the Trustee.
http://www.bankruptcylawnetwork.com/wp-content/uploads/2011/05/Iuliano-v.-Brook1.pdf
The trustee will still be able to evict the Debtors once he has a buyer for the property.
The bankruptcy trustee has every right to demand rent or vacation of the house if the homestead exemption was not applied, despite what Chip thinks.
The Supreme Court of Florida stated last month its decision in Osborne v. Dumoulin, — So. 3d –, 2011 WL 320986 (Fla. 2011). In the Osbourne decision, Chief Justice Canady explains that a bk debtor need not do anything affirmative to not claim or receive the benefit of the homestead exemption. A homeowner can choose the $4,000 wildcard exemption if it provides a greater protection than the homestead exemption would. Actual abandonment of the home is not necessary. HOWEVER, the Court states, “When the debtor in bankruptcy does not claim the homestead exemption, the debtor effectively surrenders the homestead to the trustee for administration.” The trustee can sell the home whether occupied or not.
Some trustee have told me that they intend to offer to sell a quitclaim deed to the property to the debtor’s mortgage holder. If they can also evict the Debtor’s this will be more attractive to the creditor’s.
http://www.floridasupremecourt.org/decisions/2011/sc09-751.pdf
In the Iuliano case, the Trustee argued - a debtor who does do not claim his homestead as exempt in his bankruptcy petition, but refuses delivering exclusive possession to the Trustee for administration, is impeding the Trustee’s administration of the property.
Federal District Judge Moody stated:
11 U.S.C. § 542(a) requires a debtor to deliver to a trustee the property of the estate, “unless such property is of inconsequential value or benefit to the estate.” Where the estate has no equity in an asset, so that unsecured creditors are unlikely to benefit from a sale of the property, it is generally recognized that abandonment is the appropriate method of dealing with the asset, not liquidation. [Cite omitted.] Where there is no equity, it makes no sense for a Bankruptcy Court to order the surrender of possession of property to the Trustee.
http://www.bankruptcylawnetwork.com/wp-content/uploads/2011/05/Iuliano-v.-Brook1.pdf
The trustee will still be able to evict the Debtors once he has a buyer for the property.
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