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Tag Archives: Bankruptcy

Bankruptcy: Class-Action Settlement-Cy Pres Distribution-Disgorgement of Attorneys’ Fees

Petitioner filed a claim against debtor, which acted as class counsel in petitioner’s securities class action. Debtor’s chosen claims administrator fraudulently asserted claims of more than $5.8 million. After distributions to the class, debtor successfully obtained a cy pres distribution ...

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Bankruptcy: Finality Of Order-Discharge

Where debtors challenged the denial of their motion for a determination of whether a confirmation order barred a state court action relating to an underlying contract, the bankruptcy court did not reach the merits of the request for declaratory judgment ...

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Bankruptcy: Proof of Claim-Judgment

The bankruptcy court allowed Lariat’s claim against debtor and rejected debtor’s argument the claim had been paid in full by debtor’s spouse. Where Lariat’s claim against the debtor flowed from a guaranty judgment it previously obtained, which was extinguished by ...

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Bankruptcy: Student Loans-‘Educational Loan’-Funding Of Program

Where a debtor challenged the denial of her motion seeking a discharge of student-loan debt, the bankruptcy court did not err in categorizing the debtor’s loan as an educational loan, but the court’s inference in favor of the bank that ...

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Bankruptcy: Ponzi Scheme-Adversarial Proceeding-Avoidance of Fraudulent Transfers

Following the collapse of a Ponzi scheme that purchased stock in debtors, the bankruptcy trustee filed an adversarial suit against defendants to avoid as fraudulent transfers loan payments made to defendants by entities in the Ponzi scheme. The bankruptcy court ...

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Bankruptcy:Chapter 7- Denial of Discharge- Failure to Keep Records

Debtors filed a Chapter 7 petition; among their debts, debtors confessed judgment of approximately $400,000 in favor of a jeweler from whom debtors took possession of watches, earrings and ring collections. Although debtors returned multiple watches and a ring collection, ...

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Bankruptcy: Chapter 7- Denial of Discharge- Failure to Keep Records

Where debtors’ failure to maintain adequate records to allow the bankruptcy court to determine the value of the transactions between debtors and creditor jeweler, bankruptcy court was justified in denying charge. Judgment is affirmed. In re: Dykes (MLW No. 72253/Case ...

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Bankruptcy: Claimed Exceptions- Interests in Former Spouse’s Accounts- Retirement Funds

In his divorce proceeding, debtor was awarded one-half the value of his ex-wife’s retirement accounts. Debtor took no action to obtain title or possession to the accounts. However, debtor claimed an exemption for the accounts as retirement funds; the bankruptcy ...

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Bankruptcy: Claimed Exceptions- Interests in Former Spouse’s Accounts- Retirement Funds

Where debtor’s interest in retirement accounts merely resulted from a property settlement, funds in the accounts were not retirement funds exempt under federal law from bankruptcy proceeding as the exemption was limited to the individual who created and contributed funds ...

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Bankruptcy: Restitution Agreement- Injunctive and Declaratory Relief- Bankruptcy Court Jurisdiction

Debtor was fired or resigned from his employment with plaintiff-appellant after he used his position to misappropriate funds. Debtor and appellant executed a restitution agreement empowering an attorney-in-fact to collect debtor’s distributions and turn over to appellant. After debtor filed ...

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