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Category: Bankruptcy

Debtor Rights

At Adam Law Group, we work with a lot of clients that are currently having trouble making payments on debts owed or have had such troubles in the past.  The reasons for these difficulties are varied – from market changes to job loss to a bad deal to excessive medical expenses to simply taking on to many debts.  Whatever the cause, such financial difficulties often lead to dreaded, persistent efforts from creditors to collect.   We’ve found that many consumers don’t know the debtor rig[...]

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[...]

Bankruptcy Discrimination in Florida

It is axiomatic that the purpose of permitting Bankruptcy of all kinds is to allow the debtor a fresh start.  The United States Supreme Court has recognized that this goal benefits the public as well as the debtor because the debtor receives “a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.”  Bankruptcy Discrimination Protection It is this overarching goal that Congress was undoubtedly pursuing when it drafted[...]

Executory Contracts in Business Bankruptcy

Business Bankruptcy Business bankruptcy, typically filed under Chapter 11 of the bankruptcy code, present a host of unique issues.   One of those issues is what happens to executory contracts.  What is an executory contract? Even though it has a large statutory section dedicated to them, the Bankruptcy Code does not explicitly define what an executory contract is.  However, courts routinely define such contracts in the same way.  Essentially, an executory contract is one where both parties [...]

Social Media Property Rights in Bankruptcy

Modern technology, particularly the internet and smartphones, has brought with it many new types of property, property that is largely intangible.  Intangible property does not have a physical existence and cannot be touched or moved like a car, painting, or other type of tangible property.  Much of the law has evolved to deal with tangible property so courts are still adapting to how to deal with intangible property in all areas of the law. Earlier this month, one bankruptcy court began to ta[...]

Debtors Win Against Creditor Harassment

Though bankruptcy is often thought of as a negative, it is better thought of as an opportunity to stop creditor harassment.  An opportunity provided by the law because of a belief that sometimes debt can reach a point where it is nearly debilitating and that individuals and businesses can benefit from a fresh start. Perhaps the most stress relieving privilege that bankruptcy grants is the automatic stay.  As discussed in earlier blogs, the automatic stay is an automatic court order preventi[...]

Florida’s Bankruptcy Wildcard Exemption

Most bankruptcy laws are federal and thus, bankruptcy proceedings are relatively uniform throughout the country.  However, one area where states vary is bankruptcy exemptions, property that is excluded or put differently, safe from forced sale during bankruptcy.  Florida’s exemptions include an exemption for “homestead” properties, which was discussed in earlier bankruptcy blogs. Those who do not “claim or receive the benefits of” a homestead exemption, have one unique advantage in [...]

In Florida Bankruptcy Cases, Raise Claims or Lose Them

Florida Bankruptcy Cases In February, the 2nd Circuit handed down an interesting, unpublished Bankruptcy case, In re Residential Capital, LLC that demonstrates just how complicated the intersection between bankruptcy law, foreclosure law, and general civil litigation can get.  Like many Floridians, Stephanie Harris, an individual residing in Miami, Florida had some difficulty paying her mortgage around 2008. Eventually a mortgage foreclosure action was instituted against her by GMAC Mortgage ([...]

Chapter 11 Bankruptcy for Churches: Minneapolis Archdiocese Joins the List

We’ve said it before and we’re likely to say it again: bankruptcy is designed to provide individuals and businesses (whether for profit or non-profit) with a financial fresh start.  And when it comes to occasionally needing a fresh start, no one is immune.  Some of the countries largest companies have at one time or another filed for bankruptcy and even the Catholic Church has found itself in need of the protections offered by bankruptcy. Over the past eleven years, twelve dioceses have f[...]