BANKRUPTCY LAW
JURIST legal news archive...




Supreme Court adds 4 cases to docket
December 12, 2014
The US Supreme Court granted certiorari Friday in four cases. In Bullard v. Hyde Park Savings Bank the court will decide whether an order denying confirmation of a bankruptcy plan is appealable. The US Court of Appeals for the First Circuit dismissed the appeal for lack of jurisdiction. In Kimble v....... [more]

Supreme court agrees to hear two cases involving mortgage liens
November 17, 2014
The US Supreme Court on Monday granted certiorari in two bankruptcy cases on appeal from the US Court of Appeals for the Eleventh Circuit, consolidating them for one hour of oral argument. The two cases, Bank of America, NA v. Caulkett and Bank of America, NA v. Toledo-Cardona, both involve mortga....... [more]

Judge urges immediate implementation of Detroit bankruptcy plan
November 12, 2014
A judge for the US Bankruptcy Court for the Eastern District of Michigan on Wednesday urged that the newly approved plan to resolve Detroit's bankruptcy be implemented as soon as possible. The plan, which was approved on Friday by US Bankruptcy Judge Steven Rhodes, will cut seven of the city's 18 bi....... [more]

US bankruptcy judge approves Detroit debt plan
November 8, 2014
The US Bankruptcy Court for the Eastern District of Michigan approved a plan on Friday to resolve Detroit's seven billion dollars of debt and return the city to solvency. The plan includes settlements regarding post-employment benefits claims, tax obligations, insurance, and "the Grand Bargain" whic....... [more]

Detroit city council approves bankruptcy related water authority deal
September 20, 2014
The Detroit City Council on Friday approved a deal to lease the city's water and sewage department to a new regional authority as part of the city's continuing effort to exit bankruptcy. After a 7-2 vote, the council approved creation of the Great Lakes Water Authority, which will allow the city to....... [more]

Supreme Court rules on retirement funds in bankruptcy case
June 12, 2014
The US Supreme Court ruled unanimously Thursday in Clark v. Rameker that funds held in inherited individual retirement accounts (IRAs) are not "retirement funds" for bankruptcy purposes. Section 522 of the Bankruptcy Code exempts tax-exempt retirement funds from the bankruptcy estate. In October 201....... [more]

Supreme Court rules on bankrtupcy court jurisdiction
June 9, 2014
The US Supreme Court ruled unanimously Monday in Executive Benefits Ins. Agency v. Arkison that when a bankruptcy court lacks jurisdiction to enter a final judgment, the bankruptcy court can still issue proposed findings of fact and conclusions of law to be reviewed de novo by the district court. In....... [more]

Detroit bankruptcy mediators reach deal on over $388 million in bonds
April 10, 2014
Mediators involved in the city of Detroit bankruptcy proceedings announced Wednesday that they have reached a deal on over $388 million in bonds. The city will pay 74 cents for each dollar. The deal would eliminate only a small fraction of the $18 billion owed by Detroit and still requires the appro....... [more]

Supreme Court holds tax refunds unavailable for severance packages
March 25, 2014
The US Supreme Court ruled unanimously on Tuesday in US v. Quality Stores, Inc. that involuntarily terminated severance packages given to employees are subject to wage taxation under the Federal Insurance Contributions Act (FICA). The case stems from the bankruptcy of Quality Stores, a former agri....... [more]

Supreme Court hears oral arguments on IRA status in bankruptcy proceedings
March 24, 2014
The US Supreme Court heard oral arguments Monday on individual retirement accounts (IRAs) and their interaction with bankruptcy. In Clark v. Rameker the court will decide whether an inherited individual retirement account is exempt from a debtor's bankruptcy estate under Section 522 of the Bankrupt....... [more]

Supreme Court rules bankruptcy court exceeded authority
March 4, 2014
The US Supreme Court ruled unanimously Tuesday in Law v. Siegel that a bankruptcy court improperly exceeded its authority by ordering legally exempt funds to be used to pay attorney's costs. The case revolved around a Chapter 7 bankruptcy claim filed by California resident Stephen Law, in which his....... [more]




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