ABI

JANUARY 26, 2023

John’s University School of Law American Bankruptcy Institute Law Review Staff Title 11 of the United States Code (the “Bankruptcy Code”) provides debtors with “a fresh start” by granting them a discharge of most debts. [1] 523(a)(2)(A) even when the debtor does not “personally obtain money, property, or services” from the fraud. [3]

Debtor 40

Debtor Bankruptcy Creditors 40

ABI

JANUARY 19, 2024

In particular, a plan under Subchapter V may allow existing shareholders of a debtor to retain their interests in the debtor even where all creditors are not paid in full. 6] Subparagraphs A and B of Section 1182(1) of the Bankruptcy Code list the key eligibility requirements for a Subchapter V debtor. [7] billion in damages. [3]

Bankruptcy 40

Bankruptcy Debtor Creditors Unsecured Debt 40

ABI

JANUARY 19, 2024

the “Debtor”) $1.5 The loan was secured by a lien on “all assets of the debtor, including all accounts.” [1] 1] In May of 2020, Allegiance filed a UCC-1 Financing Statement with the Texas Secretary of State to perfect its lien on the debtor’s assets. [2] 2] In 2022, the Debtor commenced a chapter 11 bankruptcy case. [3]

Secured Creditor 40

Secured Creditor Bankruptcy Debtor Collateral 40

ABI

JANUARY 28, 2024

7] Following the sale of the Property, Berley (for the second time) and Pazzo Pazzo (collectively, the “Debtors”) filed for relief under Chapter 11 of the Bankruptcy Code in the New Jersey Bankruptcy Court. In their bankruptcy schedules, the Debtors listed the lease and the option to repurchase the Property as assets. [8]

Bankruptcy 40

Bankruptcy Debtor Creditors Judgment 40

Jimerson Firm

NOVEMBER 27, 2023

If the debtor consents and no one otherwise objects, a secured party may accept the collateral in full or partial satisfaction of the obligation. A debtor is deemed to consent to the acceptance of collateral in partial satisfaction of the obligation if the debtor agrees to the terms of acceptance in a record authenticated after the default.

Secured Creditor 59

Secured Creditor Collateral Creditors Debtor 59

PBWT

AUGUST 16, 2022

21-br-00094, 2022 WL 3221232 (Bankr. 21-00094, 2022 WL 3221232, at *10 (Bankr. The Bankruptcy Court for the District of Hawaii ruled that the extension was constructively fraudulent, and thus avoidable under Bankruptcy Code section 548. See In re Pac. Holdings, Inc. , Accordingly, the Court found the debts avoidable.

Debtor 65

Debtor Construction Collateral Lender 65

ABI

JANUARY 19, 2024

Schlundt , the United States District Court for the Eastern District of Wisconsin held that liabilities arising after the bankruptcy based on the debtor’s pre-bankruptcy guarantee were not subject to the debtor’s discharge. [2] 4] Debtor personally guaranteed the Restaurant’s obligations to Creditor. [5] 27] [1] 11 U.S.C. §

Bankruptcy 40

Bankruptcy Debtor Creditors Judgment 40

ABI

JANUARY 28, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff One of the requirements a debtor must meet in order to be eligible for Subchapter V of Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) is that it must be "engaged in commercial or business activities." [1] 1182(1)(A). [2]

Debtor 40

Debtor Bankruptcy Unsecured Debt Creditors 40

PBWT

AUGUST 29, 2022

The creditor, himself a trustee of the debtor’s employee stock-option plan, had standing to sue without prior court permission because his suit wasn’t brought on behalf of the bankruptcy estate. 21-3022, 2022 Bankr. The debtor confirmed a liquidating plan that set up a post-confirmation trust. 2022 Bankr.

Creditors 65

Creditors Debtor Bankruptcy 65

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Under title 11 of the United States Code (the “Bankruptcy Code”), a debtor may be discharged of his or her debts. [1] 523(a)(2)(B), which provides that an individual debtor cannot be discharged from debts for money obtained by false written statements. [10]

Debtor 40

Debtor Bankruptcy Creditors Loans 40

PBWT

JANUARY 29, 2023

In 2022, there were several high-profile crypto bankruptcy filings. One way these debtors will bring value into their estates is through litigation. The actions are typically brought by a trustee or the debtor, though other parties may be appointed to bring the case as representatives of the estate.

Bankruptcy 65

Bankruptcy Debtor Creditors Unsecured Creditor 65

Troutman Sanders

JANUARY 18, 2023

Throughout the latter half of 2022, filing for bankruptcy became a reality for many high-profile crypto firms. At its peak, Celsius offered high yields on Earn account deposits, such as 5% for Bitcoin and up to 10% for certain USD-pegged stablecoins.

Bankruptcy 98

Bankruptcy Debtor Government Collections 98

ABI

JANUARY 22, 2023

4] Congress created the United States Trustee Program (“USTP”) to, among other things, oversee the administration of bankruptcy cases and to promote the integrity and efficiency of the bankruptcy system for the benefit of all creditors, debtors, and the public. [5] 3] At the same time, however, the requirement is not sacrosanct. [4]

Bankruptcy 40

Bankruptcy Debtor Creditors 40

ABI

JANUARY 26, 2023

the “Debtor”), which was owned by the New Owners, and continued operating the establishment under the Gordos name. [4] 4] In 2018, the Debtor defaulted on its lease, causing the Debtor to file a voluntary petition for relief under chapter 11 of the Bankruptcy Code. [5] 18-23862, 2022 WL 3108802, at *14 (Bankr.

Bankruptcy 40

Bankruptcy Debtor Trade Judgment 40

FFGN COLLECT NY

JULY 7, 2022

This amended the post-judgment interest rate on all judgments against consumers from 9% to 2%, effective April 30, 2022. Typically, the general rule for calculating a permitted garnishment is to deduct 10% of the gross income for weekly disposable earnings over $450. How to Calculate Wages For Garnishment. per hour, which is $450.00.

Garnishment 52

Garnishment Financial Institution Judgment Debtor 52

UK debt collections

JUNE 30, 2022

The third edition of the Allianz Trade Collection Complexity Score provides a simple assessment of how difficult it is to collect debt, helping to support decisions and manage expectations when trading internationally, essential in an environment where global business insolvencies are set to rise (+10% in 2022 and +14% in 2023).

Debt Recovery 83

Debt Recovery Trade Unsecured Creditor Collections 83

ABI

JANUARY 19, 2024

8] In 2022, while the appeal was pending, Endo and certain affiliates filed voluntary petitions for bankruptcy under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York. [9] 10] 11 U.S.C. § 25] [1] FTC v. 25] [1] FTC v.

Bankruptcy 40

Bankruptcy Manufacturing Debtor Government 40

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Under section 362 of title 11 of the United States Code (the “Bankruptcy Code”), the filing of a bankruptcy petition results in an automatic stay that generally enjoins any creditor from taking any action against a debtor or its property. [1] May 12, 2022). [2]

Foreclosure 40

Foreclosure Bankruptcy Debtor Creditors 40

Collection Industry News

DECEMBER 17, 2023

billion to service their external public and publicly guaranteed debt in 2022, the World Bank’s latest International Debt Report shows. billion in debt-servicing costs in 2022. billion in 2022. Poorest countries face risk of debt crises as borrowing costs surge WASHINGTON, Dec. The alternative is another lost decade.’’

Creditors 40

Creditors Banks Education Debt Management 40

PBWT

MARCH 3, 2022

For instance, while most judicial districts have United States Trustees, which are funded by a special fee charged to debtors, the judicial districts of Alabama and North Carolina instead have Bankruptcy Administrators, which are funded by general appropriations to the judiciary. Trustee program is funded by debtor-paid fees.

Bankruptcy 65

Bankruptcy Debtor Creditors 65

ABI

JANUARY 26, 2023

2] In July 2019, Robert and Bonnie Szczyporski (the “Debtors”) filed voluntary petitions for relief under Chapter 13 of the Bankruptcy Code. [3] 3] The IRS filed a proof of claim against the Debtors for unpaid taxes and interest, including a $927.00 10] Id. shared responsibility payment. [4] shared responsibility payment.

Bankruptcy 40

Bankruptcy Debtor Healthcare Government 40

ABI

JANUARY 22, 2023

9] The reason being that the Debtors "intended to continue their operations in the Chapter 11 bankruptcy case for the benefit of creditors;" therefore, "the Debtors were subject to an employer's WARN obligations." [10] 10] See id. 6] Following an unsuccessful mediation, Art Van filed a Motion for Summary Judgment. [7]

Bankruptcy 40

Bankruptcy Debtor Retail Judgment 40

ABI

JANUARY 23, 2024

the Debtor”) was an investment firm founded by Kyle Livingstone Davies (“Davies”) and Su Zhu (“Zhu” and collectively with Davies, “the Founders”). [3] 4] Due to the “extreme fluctuations in cryptocurrency markets,” however, the Debtor’s business collapsed. [5] 2] Three Arrows Capital, Ltd. (“the citizen residing abroad. [9] 442 (Bankr.

Bankruptcy 40

Bankruptcy Debtor Trade Judgment 40

ABI

JANUARY 28, 2024

10] As a result, Vital filed an adversary proceeding seeking a declaration that the CEO Accounts were property of the estate and demanding turnover of the CEO Accounts. [11] 10] Id. [11] 8] Ownership of the CEO Accounts had not yet been determined to belong to the Owocs or Vital for the purpose of this sale. [9] 5] Id. [6]

Bankruptcy 40

Bankruptcy Debtor Creditors Government 40

ABI

JANUARY 19, 2024

Bankruptcy Code, there are various provisions that allow debtors and trustees to avoid certain types of prepetition transfers. [1] 10] The Bankruptcy Court entered an order for relief under Chapter 7 and Petr was appointed as the chapter 7 trustee. [11] 2022); 11 U.S.C. § Nino Aspanadze St. million to BMO (“the Transfer”). [9]

Bankruptcy 40

Bankruptcy Financial Institution Loans Banks 40

Troutman Sanders

OCTOBER 16, 2023

In April, Coinbase petitioned the Third Circuit to compel the SEC to answer its July 2022 petition, which requested for the agency to promulgate crypto-specific regulations. On October 10, D.C. For more information, click here. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

On Guard

DECEMBER 9, 2022

So fast in fact, that 57% of finance professionals expect financial services companies to be transformed into IT companies in 10 years’ time. But by combining lots of (un)structured data from different sources, it is possible to use the data as a basis for informed decisions and predicting customer or debtor behaviour.

Credit Management 52

Credit Management Debtor Acquisition Financial services 52

On Guard

DECEMBER 9, 2022

So fast in fact, that 57% of finance professionals expect financial services companies to be transformed into IT companies in 10 years’ time. But by combining lots of (un)structured data from different sources, it is possible to use the data as a basis for informed decisions and predicting customer or debtor behaviour.

Credit Management 52

Credit Management Debtor Acquisition Financial services 52

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff Section 524(a) of Title 11 of the United States Code (the “Bankruptcy Code”) provides that a debtor may be discharged (i.e., 1] Section 524(e) provides that a discharge of a debtor’s debt does not affect the liability of a non-debtor. [2]

Creditors 40

Creditors Bankruptcy Debtor Collections 40

ABI

JANUARY 19, 2024

Madison Square”), the debtor and debtor in possession, moved to retain Epiq Corporate Restructuring, LLC (‘‘Epiq’’) as the claims agent pursuant to Section 156(c). 13] Second, Epiq argued that the activities it would engage in under the Access Agreement fall under a service to the chapter 11 debtor or to the greater public. [14]

Bankruptcy 40

Bankruptcy Debtor Trade Collections 40

Troutman Sanders

JULY 5, 2023

On June 29, the Federal Financial Institutions Examination Council announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. in the fourth quarter 2022. There was also an improvement compared to first quarter 2022 when 96.9%

Financial services 52

Financial services Financial Institution Credit Unions Credit Unions 52

Fico Collections

JANUARY 18, 2023

Top 5 Debt Collection Posts of 2022: Crisis and Opportunity. The continuing effects of the pandemic, rising costs of living and skyrocketing energy costs put sharp pressure on household budgets in 2022. Here are the top five posts from 2022 on debt collection trends. Debt Collection and Debt Resolution in 2022.

Collections 52

Collections Retrieval Lender Debtor 52

Fico Collections

MAY 19, 2021

Mon, 07/25/2022 - 11:00. In my personal experience, first-party fraud typically comprises around 10% of the volume of credit losses (also known as bad debt) but, alarmingly, more than 20% of the value. From banks to telcos to debt collection agencies, what looks like unrecoverable bad debt may in fact be first-party fraud. by Matt Cox.

Collection Agencies 52

Collection Agencies Collections Agency Banks Financial services 52