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Governor of New York Limits Power of Merchant Cash Advance Lenders to Use Confessions of Judgment

As a follow-up to our series of articles on the use of Merchant Cash Advances (see here, here, and here), we learned today that New York Governor Andrew Cuomo signed a bill last week aimed at preventing predatory lenders from using the stateR… Read More
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Seventh Circuit holds that a debtor's "contingent future interest" in tenancy by entireties property is not exempt.

In re Jaffe, 18-2726 (7th Cir. August 5, 2019), the Seventh Circuit held that a homeowner’s “contingent future interest” in an otherwise exempt form of home ownership – tenancy by the entireties – was not exempt and was instead… Read More
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Consumer Debt Rising

According to an article appearing today on the website for the American Bankruptcy Institute, the American middle class is falling deeper into debt to maintain a middle-class lifestyle. The ABI article is based upon a Wall Street Journal analys… Read More
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Podcast - Panel for Consumer Commission discusses recommendations on BAPCPA's Credit Counseling requirement

Members of ABI’s Commission on Consumer Bankruptcy discuss the recommendations in the Final Report focused on the Code’s credit counseling and financial management course requirements, and asks the question: do the new provisions mak… Read More
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Chicago Appellate Court directs City of Chicago to release impounded vehicles when owner files Chapter 13 petition.

Seventh Circuit directs City of Chicago to release impounded vehicles and affirms holding in Thompson. Read More
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Court rejects "sufficiently rooted" test and holds bankruptcy estate does not include portion of bonus earned from prepetition employment

In In re Brown, Case No. 18-81242 (Bankr. C.D. Ill. May 9, 2019), Judge Perkins of the Central District of Illinois, concluded that property of the estate did not include that portion of a debtor’s annual bonus payable after the petition d… Read More
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The Small Business Reorganization Act

Last month, the Senate Judiciary Committee reintroduced the Small Business Reorganization Act (SB 1091). SB 1091 is intended to streamline the process for small businesses (those with debts less than $2,566,050) that wish to use Chapter 11 to r… Read More
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Money inherited more than 180 days after petition date belongs to Chapter 13 bankruptcy estate

In Moore, the bankruptcy court for the Eastern District of Tennessee joined a majority of courts and held that money inherited outside of the 180 day window set forth in § 541 was still property of the chapter 13 estate.  In the Moore case, th… Read More
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Beware of Bankruptcy Petition Preparers

Every now and then, a debtor will appear in bankruptcy court on a case that is set to be dismissed. The nervous debtor will stand at the podium, and the judge will ask the debtor why he or she has not filed certain required papers within the tim… Read More
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Article from ABF Journal Explains how Courts have Treated Merchant Cash Advances (MCA)

In the November/December issue of the ABF Journal, attorney Jefferey Wurst explains the different types of MCAs and how Courts have ruled regarding the vehicle. According to Mr. Wurst, first there “are MCAs that advance money and get r… Read More
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