May 22, 2012

Trustee Tells U.S. Supreme Court BAPCPA Limits Judicial Discretion

WASHINGTON, D.C. - The trustee who is asking the U.S. Supreme Court to determine whether the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) eliminated judicial discretion by requiring an above-median-income debtor to pay to unsecured creditors the net result reported on Official Form 22C filed her opening merit brief on Dec. 21, contending that Congress intended to curtail judicial discretion when it enacted BAPCPA (Jan Hamilton v. Stephanie Kay Lanning, 08-0998, U.S. Sup.; See 11/04/2009). Full story on lexis.com

Medical Bankruptcy

Consumer Debt Rose $21 Billion Last Month Thanks to Credit Card Use

The total amount of consumer credit circulating in the United States rose by more than $21 billion last month, raising concerns that more people … [Read More...]

ResCap Files For Bankruptcy, Eyes Paying Back Taxpayer Bailout Money

Ally Financial Inc’s mortgage unit, named Residential Capital (ResCap for short), filed for bankruptcy on Monday, according to Reuters. Ally … [Read More...]