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Law Offices of David W. Langley

Bankruptcy and Business Law

We can strip off underwater second mortgages in Chapter 13. Call us for more information.
Mortgage modifications can now be requested in Chapter 13 in the MMM program. Call us for information.

WhatsNew

The US Supreme Court Rulings

In 2017 the Supreme Court decided Czyzewski v. Jevic Holding Corporation. The Supreme Court held that when a bankruptcy court orders a Chapter 11 case dismissed, it can’t also order the distribution of the debtor’s assets in a way that contradicts the order of payment in a bankruptcy liquidation. This was a creative way to avoid the “absolute priority rule,” which has caused problems for many individual Chapter 11s.

The Supreme Court issued some other significant rulings in 2017.

Lamar, Archer & Cofrin, LLP v. Appling, decided October, 2017
The Supreme Court resolved a split of circuits by holding that a false statement about one asset must be in writing to provide grounds for rendering a debt nondischargeable under Section 523(a)(2). This ruling should limit many challenges by creditors to deny debtors’ a discharge.

Midland Funding, LLC v. Johnson, decided May 15, 2017
Holding: The filing of a proof of claim that is obviously time barred is not a false, deceptive, misleading, unfair or unconscionable debt-collection practice within the meaning of the Fair Debt Collection Practices Act.

Read more on our Blog. Let us know if we can help you with your financial issues.

CurrentNews

More retailers than ever are filing bankruptcy

According to the Wall Street Journal, bankruptcies in the retail sector were at a record high during the first quarter of 2018. The trend has continued into 2019.

There were nine defaults in the sector — including Sears and Claire’s — during the three months ended March 31. Tops Friendly Markets, a supermarket chain, and the Bon-Ton department store chain also filed for bankruptcy during the period.

Sears Holdings, which owns Sears department stores and Kmart, filed for bankruptcy on Oct. 15, 2018. In previous court filings, it has said it was in talks with ESL Investments about a “going concern bid” that could help the company emerge from bankruptcy.

The reasons are familiar. Consumer behavior is changing, mall traffic is down and competition from e-commerce continues to challenge brick-and-mortar store operators. Rising interest rates are also putting pressure on the more highly leveraged retailers and merchants.

RecentEvents

The Local Bankruptcy Scene

In the Southern District of Florida, our firm has seen an increase in the efforts of the local Trustees to recover money from Chapter 7 debtors. An individual is entitled to certain exemptions of personal and real property in a bankruptcy action. Property that is not exempt can be taken by the Trustee. Historically, if an individual was over their exemption limit by a small amount the Trustee would take no action. However, our firm has observed an increase in the willingness of the trustees to pursue non-exempt assets. We have seen greater scrutiny of values placed on furniture. Most trustees now use NADA retail value for an automobile and will no longer accept a trade-in value. If you are considering filing for bankruptcy protection, it is imperative to consult with a bankruptcy attorney who can explain your options and offer pre-bankruptcy planning to avoid these common pitfalls..

Many Doctors Must Now Seek Bankruptcy Protection

flalawyer, May 24, 2013

See the informative article on CNN Money on Doctors filing for bankruptcy. http://money.cnn.com/2013/04/08/smallbusiness/doctors-bankruptcy/index.html.