Plaintiffs George and Georgia Diamond (“Diamonds”) appeal a bankruptcy court order denying their request for prejudgment interest on their nondischargeable claim against debtor, Scott Bakay (“Debtor”). The issue on appeal is whether the bankruptcy court erred by denying the Diamonds’ second post-judgment motion for prejudgment interest on their nondischargeable claim. “The decision whether or not…Read more
What is the Child Tax Credit Exemption in Bankruptcy?
Is The Child Tax Credit Exempt In Bankruptcy In Colorado? As you may have learned from researching bankruptcy, when your attorney files your bankruptcy petition, an estate is created. Within the estate there are – broadly speaking – two kinds of property: exempt and non-exempt. Exempt property is protected by state and federal law and…Read more
10th Circuit Bankruptcy Appellate Panel Decision – Dunckley v. Cohen / Borgman v. Cohen
What does the word “attribute” mean? Colorado Revised Statute 13-54-102 exempts the “full amount” of a debtor’s federal income tax refund that can be “attributed to” to the child tax credit. In these cases, the debtors exempted the portion of their federal income tax refunds attributed to the child tax credit, but the Trustee objected.…Read more
11th Circuit Court of Appeals Bankruptcy Decision – In Re: Ralph F. Porto
Porto filed his Chapter 7 bankruptcy proceeding on March 16, 2007. One of the debts he sought to discharge was a personal injury judgment debt he had owed DeLauro since 1985. DeLauro filed a complaint objecting to the discharge of Porto’s debt to him on the ground that Porto had fraudulently avoided satisfying that debt…Read more
4th Circuit Court of Appeals Bankruptcy Decision (Unpublished) – Peggy S. Levin v. Wachovia Bank
The issue presented is whether a debtor’s remainder interests in the corpus of two spendthrift trusts are property of his bankruptcy estate. The bankruptcy court ruled that they were; on appeal, the district court ruled that they were not. The Appeals Court believes the district court is correct that the debtor’s remainder interests are not…Read more
4th Circuit Court of Appeals Bankruptcy Decision – Bruce Matson v. Diego Alarcon
In this case, a trustee of a bankruptcy estate filed objections in the bankruptcy court to the requested priority treatment of a portion of severance compensation claims filed by the debtor’s former employees (the claimants). The bankruptcy court overruled the trustee’s objections and, under 28 U.S.C. §158(d)(2)(A)(i), certified an appeal to this Court. On appeal,…Read more
What Happens After a Creditor Gets a Default Judgment Against Me?
How To Stop A Default Judgment In Colorado A “default judgment” happens when a defendant doesn’t respond to a lawsuit. They either ignore the deadline to respond to the lawsuit by not filing an answer to the plaintiff’s complaint, or after they file an answer, they don’t participate in the litigation. Once a creditor…Read more
What is Property of the Estate in Bankruptcy?
When you file a bankruptcy petition, an estate is created. Section 541(a) of the Bankruptcy Code states: (a)The commencement of a case under section 301, 302, or 303of this title creates an estate. Such estate is comprised of all the following property, wherever located and by whomever held: (1) Except as provided in subsections (b)…Read more
9th Circuit Bankruptcy Appellate Panel Decision – Howard Richard Veal, Jr.
In the first of these two related appeals, debtors and appellants Howard and Shelli Veal (the “Veals”) challenge the bankruptcy court’s order granting relief from the automatic stay under §362(d)1 to appellee Wells Fargo Bank, N.A., as Trustee for Option One Mortgage Loan Trust 2006-3, Asset-Backed Certificates Series 2006-3 (“Wells Fargo”). In the second appeal,…Read more
9th Circuit Bankruptcy Appellate Panel Decision – Edra D. Blixseth
The Bankruptcy Code requires an individual debtor in a chapter 7 case to undertake certain obligations with respect to personal property that secures a debt. A debtor must file a statement of intention indicating whether she intends to surrender or retain such property and must file and perform on her intention within a certain time…Read more
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