Bankruptcy

Remedies available in bankruptcy are intended to give debtors a fresh start. Surprisingly, many people who file bankruptcy do not understand their responsibilities when it comes to their non-exempt property. Upon the filing of bankruptcy, all assets belonging to the debtor, not otherwise claimed as exempt, become the property of the debtor’s bankruptcy estate. The [...]

Lenders often feel left without a remedy when a borrower transfers away the collateral for the loan and then runs into Bankruptcy Court – but no longer!  The Bankruptcy Court for the Jacksonville Division of the Middle District of Florida, relying on prior decisions of Bankruptcy Courts throughout the country, recently ruled that by transferring [...]

Gibbons | Neuman bankruptcy and creditors’ rights attorney, Victor Veschio, attended oral arguments before the United States Supreme Court in March, 2015.  The Court has now issued its unanimous ruling in favor of the creditor-bank in the consolidated cases of In Re: Toledo and Caulkett.    In summary, the Court held that any creditor who holds [...]

The Court issued 2 of 3 Opinions related to the bankruptcy issues the Court accepted in the 2014 Term. First, the Court ruled that a Bankruptcy Court’s denial of Plan Confirmation is not a final appealable order as there are other legal alternatives that a Debtor has available precluding a final adjudication. Second, in a separate [...]

I had a front row seat at the U.S. Supreme Court last week in the consolidated bankruptcy case of In Re: Toledo and Caulkett. The issue being argued was whether an individual in a chapter 7 liquidation bankruptcy can strip and void the lien of a second mortgage when the first mortgage balance is more [...]