The slowing economy and ever climbing debt load has overtaken Mervyns Department Store. On July 29, 2008 Mervyns has filed for Chapter 11 Bankruptcy Relief in the District of Delaware. In an effort to assist Mervyns with the restructuring of its debt, Wachovia pledged $465 million. Debt is everywhere and no one and no company [...]
July 2008
Almost all foreclosures these days are brought by the first mortgage or deed of trust. That’s because with plummeting house values, only the first mortgage has a chance of getting some of their money back out of the house. Most seconds are usually unsecured. The normal situation is that the first mortgage on the house [...]
Massachusetts Bankruptcy Judge Rosenthal in the recent case in re Zmijewski, 2008 WL 2705508 (Bankr.D.Mass.2008), added a decision to the many dealing with trusts and homesteads in Massachusetts. The Chapter 7 debtors, before their case was filed, conveyed real estate to a self-settled trust. The debtors were sole trustees and beneficiaries. However, they only conveyed [...]
Bankruptcy laws were massively changed effective October 17, 2005. One of the selling points, was that too many people were filing, and this cost the rest of us $400 per year, because our cost of borrowing was higher to cover the losses from all those deadbeats filing Chapter 7. Well, the credit card company losses [...]
Two names all over the news, Fannie Mae and Freddie Mac. We are about to be put on the hook for billions of dollars to keep them afloat. This is necessary to keep the economy from failing, we are told. I am sure it has nothing to do with the tens of millions of dollars [...]
No! Objections to claims do not need to be served in the same manner under Bankruptcy Rule 7004 as Adversary Proceedings. This is because even though an Objection to Claim is a Contested Matter generally covered by Bankruptcy Rule 9014, the claims objection process is further governed by Bankruptcy Rule 3007.
