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Hollywood Film Producer Faces Poor Box Office Receipts, Lawsuits, Bankruptcy
The story of a film producer who finds himself in a range of financial difficulties after poor performance at the box office is not unique to Los Angeles, but Hollywood probably gives this region more examples of this tale than most cities. One producer’s story,...
Bankruptcy Court Considers Whether to Lift Automatic Stay for Foreclosure-Related Proceedings
A California bankruptcy court recently ruled on a motion to lift the automatic stay in a Chapter 13 case by a company that purchased real property at a foreclosure auction. In re Richter, No. 6:14-bk-10231, mem. dec. (Bankr. C.D. Cal., Jan. 20, 2015). The purchaser...
Debtor’s “Tortious Conduct” May Prevent Discharge of Debt in Chapter 7 Bankruptcy
A creditor objected to the discharge of a judgment for damages against the debtor in a Chapter 7 bankruptcy case under 11 U.S.C. § 523(a)(6), which prohibits discharge of debts resulting from “willful and malicious injury by the debtor.” The bankruptcy court granted...
Exemption of Annuities Allowed in Chapter 7 Bankruptcy Case, Over Trustee’s Objection
A married couple claimed exemptions in several annuity contracts in their Chapter 7 bankruptcy case. The trustee objected under state law, arguing that the debtors were only allowed to exempt a maximum of $250 in monthly payments from the annuities. The court...
Bankruptcy Trustee Files “Clawback” Suits Seeking Return of Allegedly Fraudulent Transfers
A series of lawsuits, filed by a trustee as adversary proceedings in an ongoing bankruptcy case, seek the return of money paid by the debtor in allegedly fraudulent transfers. This type of proceeding is sometimes known as a “clawback” suit. The bankruptcy case, In re...
Violation of Automatic Stay Can Result in Emotional Distress and Punitive Damages, According to Ninth Circuit Ruling
When a debtor files for bankruptcy under Chapter 7 or Chapter 13, an automatic stay takes effect that bars most legal actions against the debtor or the debtor’s property. Violations of the automatic stay can result in substantial liability for the debtor. The Ninth...
Ninth Circuit Affirms Partial Discharge of Student Loan Debt in Chapter 13 Bankruptcy
Federal bankruptcy law specifically excepts student loan debt from discharge, unless a debtor can meet the difficult burden of demonstrating “undue hardship” to themselves and their defendants. 11 U.S.C. § 523(a)(8). A recent decision from the Ninth Circuit Court of...
Bankruptcy Court Grants Trustee’s Motion to Deny Discharge in Chapter 7 Case
A bankruptcy court ruled in favor of the Chapter 7 trustee in an adversary proceeding to deny a discharge. In re Clark, No. 12-00649, Adv. No. 13-06042, mem. dec. (PDF file) (Bankr. D. Id., Feb. 12, 2015). The trustee alleged multiple grounds under 11 U.S.C. § 727(a),...
Transfer of Real Estate by Debtor More than One Year Before Filing Chapter 7 Bankruptcy Petition Does Not Bar Discharge of Debt, According to California Appellate Court
The Bankruptcy Code prohibits the discharge of debt in Chapter 7 cases if the debtor transferred property out of his or her own name, with fraudulent intent, less than one year before filing a petition. 11 U.S.C. § 727(a)(2)(A). This is known as a “lookback period.”...
Ninth Circuit Rules that Bankruptcy Trustee Has Authority to Recover Debtor’s Property at Any Time While the Case Is Pending
The trustee in a Chapter 7 proceeding has authority to recover property belonging to the bankruptcy estate from the debtor or another person or entity, even if they did not have “possession, custody, or control” of the property at the time the trustee sought recovery,...
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