Proposed bill would allow principal write-downs in bankruptcy courts

FROM: Helga Niesz, Principal Analyst. RE: Chapter 7 Bankruptcy. You asked for a summary of the rights of individuals who file for Chapter 7 bankruptcy protection in Connecticut. You want to know what options exist under federal and state law that allow lenders to recover any loans from a person who has filed for bankruptcy.

The proposed rule was drafted. I am about to file Chapter 13 bankruptcy.” – Amber, Fairfax County “My wife and I have a limited income and mostly rely on my Social Security. I was facing some.

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Proposed bill would allow principal write-downs in bankruptcy courts. By Kerri Panchuk. HousingWire "Rep. Earl Blumenauer, D-Ore., proposed The Bankruptcy Equity Act to amend bankruptcy laws to allow judges to modify mortgages on principal residences of debtors to prevent foreclosure and cure distressed situations." Read more here.

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 · The Draft Bill proposes the introduction of three non-judicial debt settlement arrangements and a reform of the existing bankruptcy regime. The new arrangements will allow for the write down or restructuring of both secured and unsecured debt owed by certain eligible individuals.

The West Australian businessman Bill Clough. its bid in a US bankruptcy court over YA Global’s proposal that it claimed would “wipe out the common stock of Cobalis and its shareholders, pay. domicile, residence, principal place of business, or principal assets are located, or (ii) in any district court where an affiliate, general partner, or partnership of the debtor has a case pending.

In advising a business debtor as to the timing of a Chapter 7 bankruptcy filing, counsel should be aware of the business’s payroll schedule. If a business has the funds to make its final payroll, it can eliminate a great deal of hassle and angry former employees if final payroll is made prior to filing.

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to be approved by the Bankruptcy Court. Litigation among the parties would be stayed upon Bankruptcy Court approval of the NRF Settlement Agreement, and would be dismissed with prejudice once the debtors’ reorganization plan takes effect and the NRF Payments are made.

As currently proposed, both the Senate bill and the House bill would allow bankruptcy judges to approve bankruptcy plans of consumer debtors that modify primary residence mortgage loans. The Senate bill would add a new subsection to section 1322 that would permit a Chapter 13 plan to modify an allowed secured