The Supreme Court plans to hear two cases brought by Bank of America concerning liens created by second mortgages where the value of the home is less than the amount of the lien from the first mortgage. In one federal appellate circuit, the Eleventh which takes...
Month: November 2014
Rationale for Distinctions in How Chapter 13 Wage-earner Bankruptcies and Chapter 11 Corporate Reorganizations Progress
It has just been announced that the company, Digital Domain Media Group (“Digital Domain”), won approval as a bankruptcy debtor for post-petition financing in its Chapter 11 corporate reorganization. As is the case for many companies undergoing...
Feeling the Heat after Bankruptcy Discharge
Most individuals who file for bankruptcy, particularly a Chapter 7 or Chapter 13 action, do so to get a fresh start. When debts are discharged via the bankruptcy, creditors’ rights to collect those debts are severely limited, if not rendered void. However,...
Getting Past the Automatic Stay in Bankruptcy
One of the most important features of the bankruptcy process is the automatic stay, which stops those from collecting debts from the party filing for bankruptcy protection. Specifically, under 11 U.S. Code § 362, the filing of a bankruptcy petition operates as a...
Exemptions Available to Chapter 7 Debtors in Bankruptcy Cases
Previously we discussed in a recent blog post the use of the homestead exemption by Debtors in Chapter 7 bankruptcy cases to protect the equity they have in their home. This particular exemption is but one of several which the State of New Mexico allows Debtors in...
Effect of Homestead Exemption in New Mexico Bankruptcies
In bankruptcy cases filed in the District of New Mexico, individual debtors filing for bankruptcy protection have the right to claim certain exemptions pursuant to either state or federal law, and can elect to use whichever is more favorable to them. Certain types of...
The Peculiar Meaning of Abandonment in Bankruptcy Cases
In any and all fields of law, certain nomenclature can often have a different meaning than in other settings. The term "abandonment" appears to be one of these words but, upon closer scrutiny, generates some confusion only as to who is actually abandoning property. An...
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