Modified Chapter 11 Plan Required Re-Solicitation and Re-Voting
Posted on Jan 30, 2023 in Bankruptcy | Comments Off on Modified Chapter 11 Plan Required Re-Solicitation and Re-Voting
A modification of a Chapter 11 bankruptcy plan on the eve of the hearing on confirmation of that plan requires re-solicitation of votes and re-voting if the modification materially and adversely affects a class of claims or interests, i.e., equity holders, according to the Eleventh Circuit’s opinion in In re America-CV Station Group, Inc., 56 F.4th 1302 (11th Cir. Jan. 5, 2023). The...
Post-Petition Payment of Section 503(b)(9) Claims Does Not Reduce a Creditor’s New Value Preference Defense
Posted on Jul 21, 2022 in Bankruptcy | Comments Off on Post-Petition Payment of Section 503(b)(9) Claims Does Not Reduce a Creditor’s New Value Preference Defense
The Eleventh Circuit has held that amounts paid post-petition for an administrative expense claim under Section 503(b)(9) of the Bankruptcy Code do not reduce the “new value” otherwise available to the creditor as a defense to a preference claim. Auriga Polymers Inc. v. PMCM2, LLC, 2022 U.S. App. LEXIS 19761 (11th Cir. July 18, 2022). Carpet manufacturer Beaulieu Group, LLC filed for...
Roth IRAs, Like Traditional IRAs, Are Excluded from a Georgia Debtor’s Bankruptcy Estate
Posted on Jan 27, 2022 in Bankruptcy | Comments Off on Roth IRAs, Like Traditional IRAs, Are Excluded from a Georgia Debtor’s Bankruptcy Estate
In a case of first impression, the Eleventh Circuit held that Roth IRAs are excluded from Georgia debtors’ bankruptcy estates under the Bankruptcy Code and Georgia’s garnishment statute. In Hoffman v. Signature Bank of Georgia (In re Hoffman), 2022 U.S. App. LEXIS 2119 (11th Cir. Jan. 24, 2022), the court reversed the district court’s affirmance of the bankruptcy court’s order...
Court Rejects Creditors’ Due Process Challenge to Release of Bankrupt Debtor’s Affiliates
Posted on Jan 3, 2022 in Bankruptcy | Comments Off on Court Rejects Creditors’ Due Process Challenge to Release of Bankrupt Debtor’s Affiliates
In Jackson v. Le Centre on Fourth, LLC (In re Le Centre on Fourth, LLC), 2021 U.S. App. LEXIS 33845 (11th Cir. Nov. 15, 2021), the Eleventh Circuit rejected creditors’ due process challenge to the release afforded to the debtor’s affiliates in a confirmed Chapter 11 plan. The creditors were plaintiffs in a tort suit filed after Willie Jackson was struck and injured by a vehicle driven...
Credit Reporting Agency’s Procedures and Investigation to Ensure FCRA Accurate Reporting Not Reasonable Enough for Summary Judgment
Posted on May 6, 2021 in Bankruptcy, Consumer Protection | Comments Off on Credit Reporting Agency’s Procedures and Investigation to Ensure FCRA Accurate Reporting Not Reasonable Enough for Summary Judgment
In Losch v. Nationstar Mortgage LLC, 2021 WL 1653016 (11th Cir. Apr. 28, 2021), the Eleventh Circuit considered whether the defendant Experian violated the Fair Credit Reporting Act’s requirements that a credit-reporting agency employ “reasonable procedures to assure maximum possible accuracy of the information concerning the individual” when preparing credit reports, 15 U.S.C. §...
Bankruptcy Preemption/Preclusion Defense Does Not Preclude Class Certification in FDCPA/FCCPA Case
Posted on Nov 5, 2019 in Bankruptcy | Comments Off on Bankruptcy Preemption/Preclusion Defense Does Not Preclude Class Certification in FDCPA/FCCPA Case
In an opinion vacating a district court order denying class certification, the Eleventh Circuit held that whether the Bankruptcy Code precludes and/or preempts the Fair Debt Collection Practices Act (“FDCPA”), 15 U.S.C. § 1962 et seq., and the Florida Consumer Collection Practices Act (“FCCPA”), Fla. Stat. § 559.55 et seq., raised issues common to all class members. Sellers v....