While bankruptcies, in general, dipped in December, Chapter 11 filings sharply increased. Here's the latest data.
Read More »Bankruptcies Continue Downward Trend From Peak in March ’21
While bankruptcies as a whole declined from August, individual Chapter 13 filings ticked upwards. Here’s the latest.
Read More »Supreme Court Outlaws Chapter 7 ‘Stripping Off’ of Second Mortgages
Bank of America appealed the bankruptcy judge's ruling for the two cases, but the 11th Circuit U.S. Court of Appeals upheld the bankruptcy court's decision in May 2014, going against the Dewsnup ruling by saying that decision did not apply when the collateral on a junior lien (second mortgage) did not have sufficient enough value. The bank subsequently appealed the 11th Circuit Court's ruling.
Read More »U.S. Supreme Court Hears Opening Arguments in ‘Stripping Off’ Mortgage Cases
In the opening arguments on Tuesday morning for two cases in the U.S. Supreme Court to determine the legality of extinguishing, or "stripping off" an underwater second mortgage as unsecured debt for a debtor in bankruptcy, an attorney representing Bank of America contended that the high court should uphold a 1992 decision that outlawed stripping off, while attorneys representing the debtors argued that the decision is irrelevant to these two cases.
Read More »Yale Law School Files Amicus Brief in ‘Stripping Off’ Mortgage Case Headed to U.S. Supreme Court
Yale Law School's Mortgage Foreclosure Litigation Clinic and the Connecticut Fair Housing Center (CFHC) have filed an Amicus Brief with the U.S. Supreme Court in support of the respondents in a case to decide whether underwater homeowners in Chapter 7 bankruptcy can legally eliminate the liability on second mortgages, a process known as "stripping off," according to an announcement on Yale Law School's website.
Read More »U.S. Supreme Court Agrees to Hear Bank’s Appeal in ‘Stripping Off’ Mortgage Cases
Bank of America's case against two underwater Florida homeowners who filed for Chapter 7 bankruptcy in order to eliminate the liability on their second mortgages – a practice known as “stripping off” – has made it to the highest court in the nation.
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