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Bankruptcy

Bullock v. BankChampaign, N.A.

Tuesday, May 14, 2013

The term "defalcation" in the bankruptcy code includes a culpable state-of-mind requirement involving knowledge of, or gross recklessness in respect to, the improper nature of the fiduciary behavior.

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In re Stoner

Wednesday, March 20, 2013

The debtor's occupancy of the property at the time of filing, even coupled with his expectancy under his father's will, does not entitle him to claim a homestead exemption.

In re Boyajian

Thursday, February 7, 2013

Discharge is denied to the debtor where, without justification, he failed to keep or preserve adequate recorded information required by the Bankruptcy Code.

Administrative Priority for Postpetition, Prerejection Lease Indemnification Obligations

Thursday, January 31, 2013

Because administrative claims must be paid in full as part of any plan of reorganization, precedent recognizing an additional category of administrative claims is always notable. The U.S. Bankruptcy Court for the District of Delaware recently held that a claim arising from an indemnification obligation, contained within a rejected nonresidential commercial lease, is entitled to such administrative status.

Third Circuit Protects Post-Confirmation Appeal Rights

Thursday, January 31, 2013

The Third Circuit has addressed the tension that may exist between the needs of a bankrupt debtor attempting to reorganize and the rights of nondebtor litigants. The court held that the doctrine of "equitable mootness," regarding an appeal, may not be applied merely when a Chapter 11 plan for reorganization has been substantially consummated, but instead requires that the appeal at issue would actually undermine that plan.

Absolute Uncertainty About the Absolute Priority Rule

Thursday, January 31, 2013

Since passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), the number of individuals, as opposed to businesses, filing for Chapter 11 has rapidly increased. Does the absolute priority rule apply to such individuals?