Supreme Court Stops Bad Faith Chapter 7 Debtor’s Conversion to Chapter 13
After the 2005 Bankruptcy Abuse Prevention and Consumer Protect Act (BAPCA), the U.S. Supreme Court’s recent decision in Marrama v. Citizens Bank of Mass., et. al., 549 U.S. (2007) will add a chilling effect to an already frigid court. On February 21, 2007, the Court ended the long-standing practice of debtors invoking an “automatic right” […]
Can Unsecured Creditors File Claims for Legal Fees Incurred Post-Petition, Based Upon a Pre-Petition Agreement?
On March 20, 2007, the Supreme Court, in Travelers Casualty and Surety Co. of America v. PG&E Co., 549 U.S. (2006), found that Bankruptcy law does not prevent unsecured creditors from claiming post-petition legal fees otherwise reimbursable pursuant to terms of a pre-petition contract. In Travelers, PG&E filed a Chapter 11 Bankruptcy in April of […]
Third Circuit Supports “Gavel Rule” Holding that a Foreclosed Property is “Sold” at the Sheriff’s Sale and Not after Delivery of the Deed
For more than ten years, New Jersey Federal Bankruptcy and District Courts have been divided over whether Chapter 13 debtors have the right to cure a default on a mortgage secured by the debtor’s principal residence between the time the residence is sold at the foreclosure sale and the time the Sheriff delivers the deed. […]
Developers: Are You a Single Asset Real Estate Entity?
On March 12, 2007, the Hon. Michael B. Kaplan, U.S.B.J. ruled that the affiliates of real estate developer Kara Homes, Inc. are each a Single Asset Real Estate entity as defined in §101(51B) of the United States Bankruptcy Code, requiring each entity to file a plan of reorganization or make monthly payments to their secured […]
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