Thursday, November 12, 2015

Regaining Possession of Residential Properties in Tenant Bankruptcies

by David L. Bury, Jr., Esq.

In this economy, even if it's no longer at its worst, residential landlords are finding themselves and their property tied-up in bankruptcy and subject to the Bankruptcy Code's special, and often confusing, treatment for leases.

On December 3rd, I'll present the bankruptcy piece of Sterling's Landlord-Tenant Law seminar in Columbus, Georgia.

As a preview, I'll touch on in this blog post two important exceptions to the "automatic stay" that Congress added in 2005 for residential leases under Section 362(b) of the Bankruptcy Code:

1. prepetition judgments for possession and
2. endangerment and drug use.

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Wednesday, April 29, 2015

What You Need to Know About Attorney Fees in Bankruptcy

by Tracy J. Wrisinger, Esq.

One of the consideration points when comparing bankruptcy attorneys is the fee structure. In addition to the amount an attorney charges, you should look at the timing of the collection of fees.

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Monday, April 20, 2015

What You Need to Know About Divorce in Bankruptcy

by Tracy J. Wrisinger, Esq.

A husband and wife file for bankruptcy protection under Chapter 13 in an attempt to reorganize their financial affairs and reduce the stress in their lives . . . only to discover the marriage is irretrievably broken. The Chapter 13 Plan for repayment has been confirmed by the Bankruptcy Court. Now what?

Unfortunately, this is not an uncommon problem. Often the Chapter 13 Plan is based on the household income of both spouses, as well as on a single household of expenses. Moreover, unlike their divorce counsel, the bankruptcy attorney represents both spouses.

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Thursday, August 28, 2014

Clark v. Rameker and the Inherited IRA

by William W. Erhart, Esq.

As you also know, for most Americans, the largest asset we typically have is our house, but the second largest asset we typically have is our qualified retirement plan, such as an IRA.

We do not usually have to worry too much about our own IRAs with regard to asset protection. Qualified retirement plans, for the most part are exempt from the execution process. That means that judgment creditors cannot attach IRAs if we are unfortunate enough to have a car accident or get otherwise sued and have a judgment against us.

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Thursday, September 26, 2013

Still Standing: A North Carolina Bankruptcy Perspective

by Troy Staley, Esq.

Throughout the challenging ambit surrounding the mortgage servicing industry in the past five years many prevalent issues have been resolved, standards have become universal, and awareness and transparency is preached around every corner; however a few issues will not go away.

On top of that list is the issue of standing. Fortunately for North Carolina creditors' attorneys we have finally been awarded some tangible guidance and explanation in what appeared to be a never-ending standing conundrum.

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Tuesday, October 9, 2012

Interplay Between Bankruptcy and Landlord-Tenant Law

by David Hawthorne, Esq.

In these tough economic times, bankruptcies have affected all areas of our economy, and the landlord/tenant relationship is no exception. The following is a primer on the interplay between bankruptcy law and landlord/tenant law.

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Thursday, June 21, 2012

Changes and Developments Affecting Leases in Bankruptcy

by Henry F. Luepke, Esq.

Excerpt from: Free Whitepaper: Tenant or Landlord Bankruptcy

The answer to most questions that arise in bankruptcy with respect to a real property lease will be found, at least in part, in section 365. 11 U.S.C. § 365. This is the provision that deals with lease assumption and rejection. The statute is extensive, but its basic concept is relatively simple. If the lease is assumed, the terms of the lease remain in full effect so that the parties’ obligations are not changed. If the lease is rejected, the non-debtor parties may then pursue their remedies, both under the lease and as creditors in bankruptcy.

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Friday, April 13, 2012

Bankruptcy Basics: What Every Landlord Should Know

by James H. Billlingsley, Esq.

Most landlords will experience a tenant bankruptcy at some point. The Bankruptcy Code provides certain protections to the tenant during the bankruptcy. Landlords need to know some basic concepts to even begin to deal with the issues that arise when the tenant files bankruptcy.

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Monday, August 15, 2011

Real Estate Loan Workouts and Present Value Analysis

by Denise Evans, Esq.

Any attorney who negotiates loan workouts or short sales needs to understand the Net Present Value (NPV) analysis used by virtually all lenders.

Simply put, the lender calculates the value of a foreclosure and compares it to the value of a workout or short sale.  Because a foreclosure and a loan modification will yield future cash, the lender must discount them to today's cash equivalent in order to compare them to the nearly-immediate cash obtained from a short sale. This is called calculating the present value (PV) of each scenario. The PVs are then "netted" against each other to see which is most valuable.

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