If you find that your Bankruptcy case is being reviewed by the United States Trustee it is not necessarily a bad sign but it is something you will want to discuss with your lawyer.
It costs a lot of money to go broke, literally. Chapter 7 fees vary from case to case, but the average case filed in Nebraska ranges from $1,200 to $1,500 depending on the complexity of the case and the attorney hired.
If you have gone through the foreclosure process, maybe because you have decided to leave an expensive house and debt behind, and you are still living in the house, you are probably wondering how long you can stay in the house before you have to move.
A recent decision in the Momentive cases explores the limitations of changing a vote pursuant to Bankruptcy Rule 3018. In that case, the first and 1.5 lien noteholders initially voted to reject the debtors’ proposed plan of reorganization in order to pursue their claim for recovery of a “make-whole” payment they argued they were entitled to under the relevant indentures.
Buyers of assets out of bankruptcy are typically a savvy and sophisticated group, and with their fresh capital, the darlings of debtors and creditors. These buyers typically require that they be nominated as “stalking horses” and that they receive protection for their pre-sale due diligence efforts with expense reimbursements and topping fees.
Just as soon as you think you have things figured out, they change. Only a few years ago, a corporation could not change its jurisdiction of incorporation.
The Bankruptcy Code gives broad avoidance powers to debtors, allowing them to “unwind” transactions occurring relatively shortly before the bankruptcy filing in order to recover funds for the benefit of the debtor’s creditors.
We have written quite a bit about student loans in this blog (which you can access with the student loan tag), and we will continue to do so.
Occasionally we see loan agreement or other contracts that have a provision in them that says the borrower will not file for Bankruptcy or that the Borrower has waived their right to file for Bankruptcy.