Home > Insights > Blogs > Credit Report > "Chapter-7"

Credit Report

Credit Report

(By accessing, browsing or using the pages below, you agree to the Blog Conditions of Use/Disclaimer available under "Links.")


Court rules subordination agreement bars junior creditor from obtaining discovery from senior creditor

David Warfield January 16, 2019
Chapter 7 bankruptcy form

A recent decision from the U.S. Bankruptcy Court strictly enforced a subordination agreement preventing the junior lienholder from obtaining discovery from the senior creditor. This is good news for creditors who bargain for “silent second” language in subordination agreements. READ MORE

Assignee’s pre- and post-petition attorney fees are compensable in a Chapter 7 bankruptcy

Francis X. Buckley, Jr. June 19, 2018

In a recent Chapter 11 case (and subsequent Chapter 7 case), an Illinois Northern District judge ruled that an assignee in an ABC could collect pre-petition and post-petition attorney fees and expenses. READ MORE

Three key changes for bankruptcy procedures in 2018

January 23, 2018
illustrated collage of bank buildings

The New Year brings with it new changes to the bankruptcy code. These recent rule changes apply to any case filed after December 1, 2017, and may apply retroactively to pending proceedings in those instances where it would be “just and practicable.” READ MORE

Supreme Court’s discharge exception ruling gives creditors more options

Brian Hockett June 3, 2016

In Husky Int'l Elecs., Inc. v. Ritz, the U.S. Supreme Court recently determined that the nondischargeability of debts under 11 U.S.C. § 523(a)(2)(A), which prohibits discharge of debts “obtained by . . . false pretenses, a false representation, or actual fraud,” does not require a false representation. The “actual fraud” exception to a bankruptcy discharge includes other traditional forms of fraud, including fraudulent conveyances that do not necessarily include a representation by the debtor or reliance by the creditor. READ MORE

New value defense preserved for three-party transactions

Brian Hockett April 4, 2014

New value is an important defense to preference liability under the Bankruptcy Code. In a very important decision, the Eighth Circuit recently addressed how the new value defense to preference liability should be applied in three-party payment arrangement. READ MORE