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Colorado Supreme Court Confirms Bankruptcy Discharge Does Not Trigger Statute of Limitations to Recover Debt
2023-04-28

Colorado just became the latest state to recognize that a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.

Filed under:
USA, Colorado, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Colorado Supreme Court
Location:
USA
Firm:
Troutman Pepper
View Original Article
Supreme Court to Hear Bankruptcy Case Focusing on Tribal Immunity
2023-03-07

The Lac du Flambeau Band of Lake Superior Chippewa Indians (Lac du Flambeau Band) found support from law professors specializing in federal Indian law as well as an assemblage of tribes and Native American groups in its bid before the U.S. Supreme Court to assert sovereign immunity from suit regarding alleged violations of the automatic stay. While they acknowledge that tribal immunity may be abrogated, they insist Congress must do so expressly and unequivocally.

Filed under:
USA, Insolvency & Restructuring, Litigation, Troutman Pepper, US Congress, Supreme Court of the United States
Authors:
Jared D. Bissell , Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
Supreme Court Holds Debtor Who is Liable for Fraud Cannot Discharge That Debt in Bankruptcy
2023-02-22

In a unanimous decision, the Supreme Court held that § 523(a)(2)(A) of the Bankruptcy Code precludes a debtor from discharging a debt obtained by fraud, regardless of the debtor’s own culpability. In Bartenwerfer v. Buckley, issued February 22, the Court concluded that “§ 523(a)(2)(A) turns on how the money was obtained, not who committed fraud to obtain it.”

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, US Congress, Supreme Court of the United States
Authors:
Andrew B. Buxbaum , Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
Bankruptcy Court Sanctions Collections Firm for Attempting to Collect Discharged Debt
2023-02-16

On January 19, the United States Bankruptcy Court for the Western District of Virginia entered an order sanctioning a collections law firm for violating the bankruptcy discharge injunction. The court in Skaggs v. Gooch (In re Skaggs) awarded the debtor $25,000 in attorneys’ fees based on a letter he received concerning a discharged debt.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, United States bankruptcy court
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
Seventh Circuit Overturns Bankruptcy Precedent, Finds Transfer Occurs When Money is Paid
2023-02-07

On January 9, the Seventh Circuit overturned its own 39-year-old precedent to find that: (1) the definition of “transfer” for purposes of section 547 of the Bankruptcy Code depends on federal, not state, law; and (2) the date of “transfer” is the time at which the money passes to the creditor’s control.

Filed under:
USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Supreme Court of the United States
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
NY Court of Appeals’ Ruling Results in Account Debtor Owing Its Counterparty’s Debts Under UCC Article 9
2023-02-02

In Worthy Lending LLC v. New Style Contractors. Inc., the New York Court of Appeals held that a security interest includes a lender’s right to force the borrower’s account debtors to remit payments directly to the lender, regardless of whether an event of default exists. Further, the court clarified that the Uniform Commercial Code (UCC) does not provide a distinction between a security interest and an assignment.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Uniform Commercial Code (USA)
Authors:
Deborah J. Enea
Location:
USA
Firm:
Troutman Pepper
View Original Article
Ninth Circuit Bankruptcy Appellate Panel Disallows Claim Finding Supporting Documentation Insufficient Under State Law
2023-01-27

On July 19, 2022, the Ninth Circuit Bankruptcy Appellate Panel ruled that a creditor’s proof of claim — while meeting the standard of the Bankruptcy Code — was insufficient to enforce the debt under state law and was therefore subject to disallowance.

Filed under:
USA, Insolvency & Restructuring, Litigation, Troutman Pepper
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
DOJ Releases Guidance for Discharging Federal Student Loan Debt in Bankruptcy
2023-01-23

The U.S. Department of Justice (DOJ) has released guidance to its attorneys regarding requests to discharge student loans in bankruptcy cases.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, US Department of Justice, Supreme Court of the United States
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
Lack of Notice of Bankruptcy Filing Proves Fatal to FDCPA Claim
2023-01-20

Creditors and debt collectors may rest assured that they are not violating the Fair Debt Collection Practices Act (FDCPA) when sending debt-collection communications prior to any knowledge of a debtor’s bankruptcy filing. In Carrasquillo v.

Filed under:
USA, Company & Commercial, Insolvency & Restructuring, Litigation, Troutman Pepper, Fair Debt Collection Practices Act 1977 (USA)
Location:
USA
Firm:
Troutman Pepper
View Original Article
Ninth Circuit Affirms Bankruptcy Court’s Decision that Applicable Homestead Exemption is the One in Effect at the Time of the Bankruptcy Filing
2023-01-19

When deciding the amount of homestead exemption to which a debtor is entitled, should a bankruptcy court apply the state exemption in effect on the creation date of the lien or on the bankruptcy filing date? According to the Ninth Circuit in a recent decision, the court should apply the state exemption law in effect on the filing date of the bankruptcy petition.

Filed under:
USA, Insolvency & Restructuring, Litigation, Troutman Pepper
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article

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