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Bankruptcy Court Allows Discharge of Federal Tax Debt for California Debtors
A California bankruptcy court ruled that a debtor couple’s federal tax liabilities were subject to discharge under Chapter 7 of the Bankruptcy Code. In re Martin, 508 B.R. 717 (Bankr. E.D. Cal. 2014) (PDF file). The debtors did not file Form 1040 tax returns for those...
Federal Government Announces Debt Relief Plan for Certain Student Loans Without Changing Any Bankruptcy Laws or Procedures
Student loan debt is among the largest financial burdens Americans face, with many estimates placing the total amount of debt at more than $1 trillion. Bankruptcy law, unfortunately, only offers limited relief. Since 2005, nearly all student loans are excepted from...
Debtors Barred from Chapter 7 Liquidation by Court, but Given Option to Convert to Chapter 13
Chapter 7 bankruptcy enables qualifying debtors to pay down their debts by liquidating their non-exempt assets, followed by a discharge of many remaining debts. In order to qualify for a Chapter 7 discharge, debtors must demonstrate that they meet the criteria set out...
Bankruptcy Court Disallows Proof of Claim Filed by Debtors on Behalf of IRS for Tax Debts
A bankruptcy court recently ruled on a seeming conflict between two sections of the Bankruptcy Code dealing with proofs of claim (POCs) for tax debts. In re DeVries, No. 13-bk-41591, mem. dec. (Bankr. D. Id., Apr. 28, 2015). The Chapter 13 trustee objected to a POC...
Unemployment Compensation in California Personal Bankruptcy Cases
The loss of a job is one of the biggest factors that lead people to file for Chapter 7 and Chapter 13 bankruptcy. State and federal programs exist to assist people who have lost their job and are looking for a new one. When losing a job puts a person in such financial...
Federal Government Intervenes in Business Owner’s Personal Chapter 7 Bankruptcy, Alleging Nondischargeability of Debt
Business owners, entrepreneurs, and investors often create business entities as a means of protecting themselves from liability, as well as protecting their business or investment from their own liability. If an individual debtor has some form of individual liability...
Court of Appeals Takes Hard Line Against Bank’s Typo in Loan Document
A drafting error in a security instrument rendered the security interest invalid, according to the Seventh Circuit Court of Appeals. In re Duckworth, Nos. 14-1561, 14-1650, slip op. (7th Cir., Nov. 21, 2014). Specifically, the date of the security instrument did not...
“Hardship Exemptions” from the Affordable Care Act’s Insurance Mandate Includes Recent Bankruptcy Filings
Congress passed the Affordable Care Act (ACA), also known as “Obamacare,” in 2010, but some of its more controversial provisions did not take full effect until last year. The requirement that individuals and families either have qualifying health insurance coverage or...
Appeal of a Bankruptcy Court’s Ruling Depends on Whether It Was “Final” or Not
A bankruptcy case is different from other court proceedings. While most litigation pits two or more parties on opposing “sides” against each other, a bankruptcy case may involve disputes between creditors and a debtor, among creditors, or between a party to the...
What Happens to Someone’s License to Use a Trademark When the Trademark Owner Goes Bankrupt?
Our bankruptcy system has found ways to deal with most types of assets, debts, and other interests, through both the federal Bankruptcy Code and the caselaw developed in the bankruptcy courts. Somehow, trademark rights have fallen through the cracks, but a recent...
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