Schedule G to a bankruptcy petition requires the listing of executory contracts (and unexpired leases) to which the debtor is a party. An executory contract is a contract under which performance is due by both parties. The remaining duties to be performed under the contract must be material and substantial in the context [...]

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New Local Bankruptcy Rules went into effect on May 1, 2008 in Massachusetts. The new rules include changes to the local forms and can be viewed here.
If you liked that post, then try these…How Do I Value My Home For Bankruptcy? by Rachel Lynn Foley - Kansas City, MO BankruptcyHas Your Mortgage [...]

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The U.S. Bankruptcy Appellate Panel for the First Circuit in the recent case of In re Hill, 2008 WL 1960478 (1st Cir.BAP 2008) addressed the vexing issue of “reversals” of a fraudulent transfers and objections to discharge. The case presented an alternative basis to deny the debtor his discharge, so the Panel discussed, but [...]

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The U.S. Court of Appeals for the First Circuit recently issued an important opinion concerning the claiming of exemptions in bankruptcy cases. In re Barroso-Herrans, 2008 WL 1960365 (1st. Cir 2008) the Court heard the appeal of a Chapter 7 debtor who had attempted to exempt proceeds from two collection lawsuits by listing their value [...]

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In re Szwyd, 2008 WL 1766591 (Bkrtcy.D.Mass. 2008), the Massachusetts Bankruptcy Court rejected the position of the IRS that it could not be required to marshal assets to satisfy tax liens for the benefit of the bankruptcy estate. Marshaling is a rarely invoked doctrine that, as the Court noted, “rests
upon the principle that a [...]

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Massachusetts Bankruptcy Judge Rosenthal recently imposed $650,000 in sanctions under Bankruptcy Rule 9011 on various parties for misrepresenting the ownership of a mortgage loan in a bankruptcy case.
Ameriquest Mortgage Company, which was sanctioned $250,000, represented to the Court on various occasions that it was the holder of of the debtor’s mortgage/note. In reality, Ameriquest [...]

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Massachusetts Bankruptcy Judge Hillman decided sua sponte to deny confirmation of a Chapter 13 plan with a balloon payment. See In re Melillo, 2008 WL 987095 (Bkrtcy.D.Mass. 2008). The debtor in the case had proposed a plan to cure arrears by making small periodic payments followed by a larger balloon payment. The [...]

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The United States Court of Appeals for the First Circuit recently held In re Cunningham, 513 F.3d 318 (1st Cir. 2008) that the proceeds of a sale of exempt property retained exempt status.
A creditor in the bankruptcy case had obtained a ruling that its debt was nondischargeable under 11 U.S.C. § 523(a)(4) (fraud [...]

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Massachusetts Bankruptcy Judge Feeney recently held in the case of In re Guerriero, 2008 WL 321303 (Bkrtcy.D.Mass. 2008) that a debtor could deduct payments for secured property on their means test form even if they planned to surrender the property.
The Court agreed with a previous decision by Chief Judge Boroff reaching the same [...]

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The Bankruptcy Appellate Panel for the First Circuit in the case of In re Aroesty, 2008 WL 976842 (1st Cir.BAP 2008) recently considered whether the transfer of real estate from a trust in which the debtor was the sole beneficiary to himself constituted a transfer of an interest within 1215 days resulting in a limitation [...]

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