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Home / Firm Blog / Bankruptcy

Bankruptcy

03
September
2013

Bankruptcy Law Tip from Attorney Pat Gallagher

When applying collateral estoppel principles to a nondischargeability proceeding, a bankruptcy court is directed to apply the law of the forum where the original proceeding took place. Marrese v. American Academy of Orthopedic Surgeons, 470 U.S. 373, 380 (1985).  The Nevada courts have stated four requirements must be met for issue preclusion to apply:  (1) the issue decided in the prior litigation must be identical to the issue presented in the current action; (2) the initial ruling must have been on the merits and have become final; (3) the party against whom the judgment is asserted must have been a party or in privity with a party to the prior litigation; and (4) the issue was actually and necessarily litigated.  Five Star Capital Corp. v. Ruby, 124 Nev. 1048, 1055 (2008). 

Written by: Pat Gallagher Categories: Bankruptcy

22
July
2013

Detroit's Legal Fees Could Top $100M in Chapter 9 Bankruptcy

Check out NALFA's recent article regarding Detroit's Chapter 9 Bankruptcy.

"A recent Detroit Free Press story, “Detroit’s Legal Fees Could Top $100 Million for a Chapter 9 Bankruptcy,” reports that the City of Detroit has been billed nearly $1.4 million in legal fees by Jones Day for the first six weeks on the job.  The restructuring could result in the largest municipal bankruptcy in U.S. history.  The Chapter 9 case could cost more than $100 million, said Douglas Bernstein, partner with Plunkett Cooney in Birmingham.  “It is certainly one of the reasons that you want to get a resolution more quickly, because the longer it goes, the more money gets burned by paying professionals,” Bernstein said."

 

Categories: Bankruptcy

19
October
2011

Bankruptcy Fees to Increase Nov. 1, 2011

On Tuesday, November 1, 2011, the costs of certain miscellaneous bankruptcy filing fees will increase. The increases were voted for on September 13, 2011 by the Judicial Conference of the United States.

Written by: Pat Gallagher Categories: Bankruptcy

24
August
2010

10 Tips to Avoid Foreclosure

If you fail to make your home mortgage payments, your lender may initiate foreclosure proceedings. Foreclosure is the legal means that your lender can use to repossess your home. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued by the lender. If that happens, you not only lose your home, you would also owe your lender an additional amount to make up for the difference between the amount owed on the mortgage and the foreclosure sale price of the house. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. Below are 10 valuable tips provided by the U.S. Department of Housing and Urban Development about avoiding foreclosure:

Written by: Pat Gallagher Categories: Real Estate Law, Bankruptcy

18
August
2010

Reaffirmation Agreements after Chapter 7 Bankruptcy

Filing a Chapter 7 Bankruptcy should be used as a last resort in the event an individual has no other avenue to become solvent again. Under a Chapter 7 Bankruptcy, all of an individual's debt is discharged (with some exceptions such as taxes, student loans, court-ordered support etc.). In exchange for the discharge, all non-exempt assets are liquidated and distributed among creditors.

Written by: Pat Gallagher Categories: Bankruptcy

12
July
2010

The Creditor’s Right to Foreclose a Mortgage after Bankruptcy

Discharge of a debtor's personal liability by way of bankruptcy does not automatically extinguish or satisfy a lien against real property. As recognized by the United State Supreme Court, ordinarily liens on real property and other secured interests survive a Chapter 7 Bankruptcy.

Written by: Pat Gallagher Categories: Real Estate Law, Bankruptcy , Banking/Credit Unions

12
July
2010

33 Things Not to Do When Preparing to File Bankruptcy

One question that often comes up in a pre-bankruptcy filing office conference is what the client needs to provide to the attorney and what they should be doing to prepare themselves for filing. If you are contemplating filing bankruptcy, the following is a list of items you should pay particular attention to:

Written by: Pat Gallagher Categories: Bankruptcy