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Supreme Court Agrees to Hear Chapter 7 "Strip Off" Case from Eleventh Circuit

11/25/2014

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On November 17, 2014, the Supreme Court granted petitions for certiorari in Bank of America, N.A. v. Caulkett and Bank of America, N.A. v. Toledo-Cardona, both from the Eleventh Circuit. The two cases, which the Supreme Court consolidated to hear and decide together, present the following issue: "Whether, under Section 506(d) of the Bankruptcy Code, which provides that “[t]o the extent that a lien secures a claim against the debtor that is not an allowed secured claim, such lien is void,” a Chapter 7 debtor may 'strip off' a junior mortgage lien in its entirety when the outstanding debt owed to a senior lienholder exceeds the current value of the collateral."
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Earlier this year, the Court declined to hear a case presenting the same issue. The parties will submit their briefs on the merits early in 2015, and the Court will hear and decide the cases later this Term
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New and Increased Bankruptcy Fees Effective December 1, 2014

11/17/2014

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The Judicial Conference of the United States recently approved several changes to the United States Courts' Court Miscellaneous Fee Schedule. The new fees will take effect on December 1, 2014.
The new fee schedule is as follows:

  • Direct appeal from the Bankruptcy Court to the Court of Appeals: from $157 to 207
  • Motion to redact information from a previously filed bankruptcy case: $25 (new)

Notably, the increased direct appeal fee brings parity to the fees assessed for other methods of appealing bankruptcy rulings to a Court of Appeals.
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October Bankruptcy Filings down 12% from 2013

11/6/2014

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As reported by the American Bankruptcy Institute, total bankruptcy filings nationwide declined 12% in October 2014 as compared to the previous year. Specifically, consumer filings declined 12%, and commercial filings declined 21%.
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Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute, noted that, in addition to bankruptcy filings, credit card defaults and foreclosures have all continued to decline as individuals and businesses shore up their balance sheets.
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Thaler Law Firm provides the information and materials on its website and blog for informational purposes only. The information is general in nature and does not constitute legal advice.
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