Month: July 2015

Getting a Dollar out of 50 Cent Bankruptcy

In the early 2000s, 50 Cent rapped, ““I don't know what you heard about me.  But a [person] can't get a dollar out of me.”  (We removed the unnecessary explicative.)  We will soon find out whether this is true. The 50 Cent bankruptcy was recently filed and the national (and international) news was flooded with headlines like this: “50 Cent files for bankruptcy” ...and this: this: “Rapper 50 Cent claims he's broke, laying out $28M of personal debts in federal Bankruptcy Court fili[...]

"Estate" Defined in Bankruptcy Action

Former business partners, multi-million dollar lawsuit settlements, and offshore accounts sounds like a recipe for a complex bankruptcy action, right?  All were involved in the In Re Daniel W. Allen, Sr. bankruptcy action.  Yet, in the words of the deciding judge, the case’s “ultimate resolution involve[d] nothing more exotic than interpretation of the Bankruptcy Code.”  The underpinnings of the case began in 1989 when Daniel Allen, Sr. and Gary Carpenter formed a company, ATN, that res[...]

Updates on Student Loan Debt

Student loan debt remains a huge problem in the United States. It seems like there is a near endless stream of stories coming out about students who are unable to obtain employment at a level that will allow them to make substantial payments towards their student loans.  These students are left with the daunting realization that they will be making student loan debt payments for life.  And many still won’t ultimately pay off all of their debt.  This is more than an anecdote, statistics have[...]

Supreme Court Disappoints Lien Stripping Homeowners

At the beginning of this term, there was hope that the United States Supreme Court would issue an opinion in Bank of America v. Caulkett that would provide homeowners with the opportunity for lien stripping second mortgages  during bankruptcy.  Earlier this month, the Court issued its ruling and opinion and those hopes were crushed.  Lien Stripping Background The Court’s decision addressed two consolidated bankruptcy cases with substantially the same facts.  In each case, the bankruptcy de[...]