The trustee in a New York bankruptcy case will probably be a nice person. My practice represents them, even. For consumers, though, the trustee’s congeniality might be confused with his or her responsibilities. The trustee’s responsibility is to the bankruptcy system, specifically the estate that’s created by the bankruptcy filing. Thus, the trustee does not …
Bankruptcy Questions? Contact Your Lawyer, Not the Trustee Read More »
When it comes to matters of the heart, bankruptcy usually coincides with divorce. Sometimes, though, it affects couples who are about to get married. Given that it lasts longer, a chapter 13 bankruptcy is more likely to have greater ramifications with a new marriage. Chapter 7, however, can create obstacles too. One notable way is …
Engagement Rings and Other Conditional Gifts in New York Bankruptcy Read More »
I while back, I wrote an article outlining the various defenses the Bankruptcy Code affords a party when a trustee in a bankruptcy case seeks to avoid a transfer made to that party. “Avoid,” here, means the trustee can recover the payment to the party for the bankruptcy estate. The goal is to prevent debtors …
Filing Bankruptcy When a Trustee Seeks to Avoid a Preference Read More »
It might be farcical, but sometimes bankruptcy trustees will file lawsuits against universities in consumer bankruptcy cases. If parents pay for their children’s college tuition with money that could go to creditors, then the trustees might have a case. To combat this possibility, New York’s own Representative Chris Collins offered a bill in Congress that …
When the Trustee Thinks College Tuition Is a Fraudulent Transfer Read More »
For creditors who need help on the New York bankruptcy defense side or those who have filed a bankruptcy themselves but need to initiate an adversary proceeding against creditors or the trustee, it is in fact possible to effect “service of process” via the U.S. postal system. Usually service of process, the system of giving …
It’s Possible to Receive Notice of an Adversary Proceeding in the Mail Read More »
It may come as a surprise but while a discharge is usually the goal of a New York bankruptcy, it’s not the end of the case. Fortunately, most of what happens between discharge and closure are actions performed by the trustee, but it’s still worth knowing what those steps are if you’re considering bankruptcy or …
Although some people file New York bankruptcy to halt a foreclosure with the automatic stay or strip a lien, in nearly all cases debtors seek a discharge. However, there are six situations in which a bankruptcy court can revoke a discharge order that’s already been entered. They’re listed in Section 727(d) of the Bankruptcy Code: …
Six Situations in Which a Discharge Order Can Be Revoked Read More »
For New Yorkers involved with the bankruptcy process, whether debtors or creditors, the concepts of “preferences” and “fraudulent conveyances” often cause confusion. (Actually, it’s not just laypeople. They cause for confusion for many law students and even some lawyers as well.) They cause confusion because they both often relate to attempts by debtors to keep …
Preferences vs fraudulent conveyances in New York: What’s the difference? Read More »
There’s a new study out titled “Risky Business: Financial Firms Face Wave of Fraudulent Transfer Claims“ by Navigant Consulting and The Economist Intelligence Unit. The gist of it is that debtors, trustees and creditors committees are increasingly pursuing “fraudulent transfer” (aka “fraudulent conveyance“) claims (i.e., attempts to recover improper payments) in the wake of the …
My friend and fellow bankruptcy lawyer David Leibowitz who practices in Illinois and Wisconsin has a very helpful post titled “Who is the United States Trustee?” where he really does a nice job of explaining it all. The main point is that the trustee is not a judge, but he or she makes decisions that …
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