Trustee Randall L. Seaver appeals the January 19, 2011 summary judgment of the bankruptcy court in favor of New Buffalo Auto Sales, LLC, Maurice J. Wagener, and Palladium Holdings, LLC. The bankruptcy court correctly concluded judgment holders pre-petition judgments did not constitute avoidable pre-petition transfers under Bankruptcy Code Section 547(b). Bankruptcy court erred in concluding…Read more
Are You Being Honest About How Much Debt You Owe?
I came across an article that I wanted to share in the New York Times. They are reporting on a new study by the Federal Reserve Bank of New York that shows that individuals are significantly underreporting how much debt they have. According to the study, households underreport their debt by an average of one…Read more
New Colorado Median Income Numbers for November 2011
New Colorado state median income numbers go into effect on November 1, 2011. The numbers come from the U.S. Census Bureau. These numbers are especially important for people considering Chapter 7 bankruptcy. Individuals who want to file Chapter 7 bankruptcy must first pass a “means test” which requires their annual income to fit within the…Read more
Colorado Bankruptcy Court Decision – In re Vickery
Plaintiff judgment creditor’s motion for summary judgment based on issue preclusion was denied. The Court analyzed the preclusive effects of Plaintiff’s two judgments according to the law of the forums in which they were rendered. With respect to the judgment from the federal district court in California, the Court could not determine from the jury…Read more
What Does It Mean To Be Judgment Proof?
I had a gentleman in my office the other day for a consultation. He had made some bad investments which never came to fruition. During the years that he waited on his jackpot, he ran up several credit cards. The plan, of course, was to pay off the credit cards once his investments made it…Read more
New Bankruptcy Court Fees Go Into Effect November 1, 2011
If you’re thinking about bankruptcy, you should know that new court fees take effect November 1, 2011. Below are the new fees for some of the primary costs in bankruptcy court. Chapter 7 Filing Fee – $306.00 Chapter 13 Filing Fee – $281.00 Adversary Proceeding Filing Fee – $293.00 Amendment to Petition Fee – $30.00…Read more
How to Avoid Bankruptcy – Get Rid of Your Car
I lost another potential client today. He was a young guy. His bills, especially his car payment, are overwhelming him. Thing is, he doesn’t need to file bankruptcy. And I told him that. What he needs to do is get rid of his car and start riding the bus. In fact, I also told him…Read more
8th Circuit Bankruptcy Appellate Panel Decision – In re: Mary Joan Lumbar
The Chapter 7 Trustee in the bankruptcy case of Mary Joan Lumbar appeals from the Bankruptcy Court’s judgment in favor of the Debtor’s parents on a fraudulent transfer action, holding that the Debtor could not fraudulently transfer property that would have been exempt. While state law determines the nature of a debtor’s interest in property,…Read more
What Does It Feel Like to Walk Away From Your Mortgage?
It’s no longer news that homeowners all over the United States are struggling to keep their homes. If you find yourself in that position, take comfort in knowing that you are in good company. If you’ve been thinking that your best course might be to let your mortgage lender foreclose on your home, you’ve probably…Read more
6th Circuit Bankruptcy Appellate Panel Decision – In re: Emerson
This is an appeal by Thomas C. Richardson, the Chapter 7 Trustee (the “Trustee”), from an order of the bankruptcy court granting summary judgment to Citimortgage, Inc. (“Citimortgage”) and denying summary judgment to the Trustee on his avoidance action pursuant to Bankruptcy Code Section 544(a)(3). The Trustee argues that Citimortgage’s mortgage on the debtor’s Property…Read more
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