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Debt Buyers Pay A Lot Post-Taggart

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice

You know it won’t go well for the creditor in a discharge violation case when the opinion opens by characterizing the debtor as a single mother and registered nurse who discovers her $20K bank balance is now negative. And sure enough, the debt buyer trying to collect a two-decade-old credit card debt ended up $64,000 […]

Filed Under: Bankruptcy Practice

Sua Sponte Monetary Sanctions Against Counsel

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice

high bar for sua sponte sanctions

The 9th CIr. BAP erected a high bar for the imposition of monetary sanctions against counsel in its recent decision in Franz. Despite some ugly facts and imperfect lawyering, the BAP overturned $5000 in sanctions against a Chapter 13 debtor’s lawyer, finding counsel’s conduct did not rise to a level akin to contempt of court. […]

Filed Under: Bankruptcy Practice

What Goes Into The Liquidation Analysis

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice, Start Here

bankruptcy liquidation analysis

The liquidation analysis is central to every form of consumer bankruptcy. Yet too many attorneys think the formula is Assets minus Secured Debts minus Exemptions = Distributable estate Not by a long shot. So let’s walk through the elements of a comprehensive liquidation analysis. You need it if you’re assessing the vulnerability of assets to […]

Filed Under: Bankruptcy Practice, Start Here

Getting Started In Bankruptcy Law

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice

Summary of Bankruptcy Law

Everyone new to bankruptcy needs a guide to this specialized legal realm. Just as you can’t tell the players without a scorecard, it’s hard to make heads or tails of bankruptcy law when it’s new to you. Jon Hayes has what you need to tell priorities from the absolute priority rule.  Exemptions from exclusions. Denial […]

Filed Under: Bankruptcy Practice Tagged With: 2017

All Bankruptcy Roads Pass Through Chapter 5

By Cathy Moran, Esq. Filed Under: Before filing, Start Here

bankruptcy options

Regardless of the ultimate destination, all bankruptcy roads run through Chapter 5. A few bankruptcy cases are derailed there. Because Chapter 5 provisions tell you what comes into the bankruptcy estate, what can be exempted, and what can be changed using Chapter 5. Sometimes the results tell you that bankruptcy is not the right choice […]

Filed Under: Before filing, Start Here

What Bankruptcy Counsel Forgot

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice

How do you forget capital gains taxes? More easily than you would think, apparently. When I see the same  blunder twice in two months and the price tag to the client approaches $100,000, it’s time to write about it. It surfaced in two Chapter 11 cases for individuals where I have subbed upon conversion to […]

Filed Under: Bankruptcy Practice

Crushing Tax Change For Injured Consumers

By William Purdy Filed Under: Bankruptcy Practice, Opinionated, Tax

tax change damages

The “Tax Cut Act” actually increased the tax on consumer recoveries.  Under the new tax law,  most damage awards a consumer recovers stand to go, in large part, to the IRS. So even if you are successful in vindicating your legal rights, the expenses of getting the award aren’t deductible from the gross award. The […]

Filed Under: Bankruptcy Practice, Opinionated, Tax Tagged With: 2018

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