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Stern v. Marshall
The 2011 United States Supreme Court ruling in the case of Stern v. Marshall has both a practical bankruptcy angle and Hollywood flair. That case concerned the longstanding litigation between Vickie Lynn Marshall, known to the public as Anna Nicole Smith, and Pierce Marshall, the son of Vickie Lynn Marshall’s former husband, J. Howard Marshall.…
Origins of Bankruptcy
Origins of Bankruptcy It is said that the term “bankruptcy” is rooted in Italian merchant markets wherein indebted peddlers who sold their wares on a bench had their benches broken. Banka rupta, or broken bench, became the symbol for indebtedness. Etymologically related to banking when bankers lent money and traded currencies on a bench, bankruptcy…
363 Sales
Upon filing a bankruptcy case, “all legal or equitable interests of the debtor in property as of the commencement of the case” becomes the property of the bankruptcy estate. If bankruptcy estate property is to be sold, such a sale is termed a “363 sale,” or a bankruptcy sale. A 363 sale is based on…
Loan Agreements
The old adage is that it takes money to make money. When an individual borrows money for a business venture, that individual will be responsible for paying back the loan. The same is applicable for an individual who borrows money for home improvement, a vacation or any other reason. Like other creditor-debtor relationships, borrowing money…
Chapter 13 Bankruptcy Eligibility
Bankruptcy is an option for individuals struggling with mountains of debt because it provides honest debtors with a clean slate. The clean slate, in legal terms, is a discharge. The bankruptcy process provides that a debtor can discharge his or her debt so that the debtor is no longer obligated to repay certain creditors. One…
Priorities of Unsecured Claims
Debtors who seek a fresh start through bankruptcy will often have secured and unsecured debt. Usually, the unsecured debt is greater than the secured debt. Debtors generally have significant, unsecured credit card debt. With the advent of online lenders offering quick, unsecured debt to borrowers, those lenders will likely have hold significant claims in bankruptcy…
Property of the Estate
When a debtor files for bankruptcy, he or she creates a “bankruptcy estate.” In broad terms, this estate is composed of any legal or equitable interest of the debtor in property as of the commencement of the case. To note, the legislative history indicates that a bankruptcy filing “bring anything of value that the debtors…
Lien Stripping in Chapter 13
Lien Stripping in Chapter 13 Consumers dealing with large debt and minimal prospects of repaying that debt often turn to bankruptcy to get a fresh start. Through the bankruptcy, the debtor can emerge debt-free and not have to live with collection calls and worries. The United States Bankruptcy Code (the “Code”) is confusing. What’s more,…
Criminal Proceedings and the Automatic Stay
Criminal Proceedings and the Automatic Stay One of the most unique and perhaps most important features of the bankruptcy process is the automatic stay. The automatic stay, in section 362 of the US Bankruptcy Code, halts creditor collection of debtor assets. It is effective as soon as the debtor files for bankruptcy and provides the…
The Truth in Lending Act
In 1968, Congress passed the Truth in Lending Act, or TILA, which was the first major Congressional venture regulating consumer credit. “The purpose of this regulation is to promote the informed use of consumer credit by requiring disclosures about its terms and cost. The regulation also includes substantive protections. It gives consumers the right to…
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