A new interim federal rule, 31 C.F.R. Part 212 promulgated by the U. S. Treasury Fiscal Service [FN1] goes into effect May 1, 2011 protecting federal benefits automatically deposited into bank accounts from restraint or execution by judgment creditors. The interim...
A judge form the Bankruptcy Court for the Northern District of New York has ruled that the recent Supreme Court decisions in Hamilton v. Lannin, 130 S. Ct. 2464, 2468-69 (2010), and Ransom v. FIA CardServices, 131 S. Ct. 716 (2011), do not permit a bankruptcy court to...
A bill has been introduced in the New York State Assembly and Senate that would allow lenders to pay off property taxes in exchange for the tax lien, with the consent of the property owner. Assembly Bill A6348 was introduced March 15 by Democratic Buffalo Assembly...
I wrote on March 9 about the Agard bankruptcy decision by the Easterd District of New York Bankruptcy Court, issued February 10, finding that MERS (Mortgage Electronic Registration Systems. Inc.) did not have thge authority, under New York law, to assign a mortgage....
Elizabeth Warren, a Harvard Law School bankruptcy professor tapped by President Obama to chair the committee organizing the new Consumer Financial Protection Bureau (see, Dana Milbank article Sept. 16, 2010, by Bradly Dennis), has come under fire from Republicans in...
The Bankruptcy Committee of the Monroe County Bar Association is sponsoring a Continuing Legal Education seminar on Chapter 7 basics, to be held at the Bar Center, One West Main Street (5th Floor) Rochester, on Friday April 8 from 12:15 to 3:00 PM. This CLE is...
In Chapter 13, a debtor's plan payment must, at a minimum, reflect the difference between the debtor's income and expenses, so a debtor with monthly income of $3,000 and expenses of $2,500 must, at a minimum, pay $500 to the plan. A plan which fails to pay this...
The Second Circuit Court of Appeals has formally posted the opening for the Rochester Bankruptcy Judge. The deadline for applications is Noon on Friday, April 15, 2011. The posting states the position as follows: "The Second Circuit Judicial Council invites...
The private system for registering mortgages around the country is coming under increased attach by foreclosure and bankruptcy courts, according to the New York Times. And now a bankruptcy judge on Long Island has questioned the whole concept of the system. In an...
Occasionally we have to deal in bankruptcy with debtors who own a "remainder interest" in real estate. This can happen when the debtor's parents have engaged in Medicare planning and deed their home to their kids (typically), retaining a "life estate." This means the...