This article by C. Edward Dobbs provides a detailed outline for party advocates and mediators.
Sites Committee
Committees
On Dec. 1, 2015, the new bankruptcy forms went into effect. For creditors’ attorneys, the most notable of these forms is the proof-of-claim form. For debtors’ attorneys, the documents filed to commence the bankruptcy case are the ones that have most drastically changed.
In recent times, proofs of claim, especially those filed by consumer lenders and debt purchasers, have come under increased scrutiny. Rule 3001 of the Federal Rules of Bankruptcy Procedure (FRBP) has been amended twice since 2010 to define more specifically what information is required to be included with claims.
In a no-asset chapter 7 case, an unlisted debt is generally discharged.
It is not uncommon for debtors in a chapter 7 case to express their intent to surrender collateral in their statement of intention. In chapter 13 cases, debtors may propose in their plan that they will surrender collateral. In either case, there are instances when a debtor actively defends a state foreclosure action after either receiving a discharge or surrendering the property.
Recently, in Zachary v. Cal. Bank & Trust,[1] the U.S. Court of Appeals for the Ninth Circuit agreed with the Fourth, Fifth, Sixth and Tenth Circuits in holding that the absolute priority rule continues to apply to individual chapter 11 reorganizations, notwithstanding the 2005 BAPCPA amendments to the Bankruptcy Code.
In its January 2016 decision in Boomerang Tube Inc.,[1] Judge Mary F. Walrath of the Delaware Bankruptcy Court considered the U.S.
In June 2015, Bankruptcy Judge John T. Gregg ruled in In re Family Christian[1] that all administrative priority claims, including those arising under § 503(b)(9), must be paid as part of the price of a § 363 sale of the debtor’s assets.
Factual Background
One of the most significant benefits of acquiring assets out of a bankruptcy estate is the ability to obtain those assets free and clear of liens, claims, interests and encumbrances, pursuant to § 363 of the Bankruptcy Code and the terms of a bankruptcy court sale order.
