Case Law and Analysis
How has recent case law affected bankruptcies in the U.S.? Our member attorneys have written dozens of articles analyzing case law, providing lessons learned on everything from student loan debt being dischargeable in bankruptcy to when creditors violate discharge orders. Read on for information from court rulings that have changed bankruptcy laws, for better or worse.
Debt Collectors in the US You Need to Know
The debt collection industry is big — estimated to be a $12 billion industry in fact, and growing. There are literally thousands of debt collectors in the form of collection companies, law firms, and yes, even debt buyers. How does it all work? The origin of debt collectors had humble beginnings. They were often in-house departments of…Read more
4 lessons from 50 Cent’s bankruptcy case
A federal judge recently discharged the bankruptcy case of rapper 50 Cent after he paid more than $22 million of his debt. 50 Cent filed for Chapter 11 reorganization in 2015, with debts of $36 million and assets of less than $20 million. The “Get Rich or Die Tryin’” artist, whose real name is Curtis…Read more
IRS Sanctioned for Willful Violation of Discharge Order
The Bankruptcy Discharge Applies Even To The Federal Government Creditors who attempt to collect on debts that have been discharged in bankruptcy often find themselves in serious hot water with the Bankruptcy Court. Bankruptcy judges take the discharge order very seriously and will dish out punishment to those who ignore its prohibitions against continued collection…Read more
Credit Card Lawsuit Defenses: What to Do When You’ve Been Sued
You’ve fallen behind on your bills and now you’ve received notice that your credit card company is suing you. This usually happens in the form of a letter accompanied by a formal complaint. What do you do now? The first step is to read the complaint carefully. The complaint will have crucial information about what…Read more
Failure To Keep Adequate Records Can Be Grounds For Denying Bankruptcy Discharge
In Chapter 7 bankruptcy, a debtor is entitled to a Discharge of his or her debt unless one or more of twelve exceptions is met. One such exception is the failure to keep adequate records. In order to ensure that you have entered bankruptcy court in good faith, the court and trustee must be able to verify…Read more
Are Arbitration Agreements Enforceable In Bankruptcy?
Arbitration and Bankruptcy Pursuant to Supreme Court decisions broadly applying the enforceability of the Federal Arbitration Act (FAA) mandatory arbitration clauses are becoming more common in consumer contracts of all kinds. Arbitration, with its limited discovery and lack of judicial review, appeals to large corporations weary of the unpredictable jury. However, the case by case…Read more