SCOTUS: Trustee can seek undervalued assets 

By Dolan Media Newswires
POSTED: June 18, 2010
Tags: bankruptcy trustee, Chapter 7, personal property, SCOTUS

A bankruptcy trustee could seek to recover the amount by which a debtor undervalued personal property when she declared it exempt in her Chapter 7 case, the U.S. Supreme Court has ruled in a 6-3 decision.

Chapter 7: In Re Lawrence Frumusa 

By Daily Record Staff
POSTED: April 16, 2010
Tags: Chapter 7, debtor's business assets, membership interest, U.S. Bankruptcy Court, Western District of New York

U.S. Bankruptcy Court, Western District of New York
Chapter 7
Membership Interest — Debtor’s Business Assets
In Re Lawrence Frumusa
09-21527
Judge Ninfo
Background: On June 5, 2009, Lawrence Frumusa, the debtor, filed a voluntary petition initiating a Chapter 11 case. On Aug. 7, 2009, the case was converted to a Chapter 7 case, and Lee E. Woodard was appointed as [...]

Chapter 7: In Re Robert A. Jeziorski 

By Daily Record Staff
POSTED: April 9, 2010
Tags: Chapter 7, U.S. Bankruptcy Court, usury, Western District of New York

U.S. Bankruptcy Court, Western District of New York
Chapter 7
Usury
In Re Robert A. Jeziorski
06-02633
Judge Bucki
Background: In this adversary proceeding, the Chapter 7 trustee seeks to avoid a mortgage that secures an allegedly usurious obligation. The central issue of the dispute involves whether the usury law of New York applies to avoid not only an outstanding note, [...]

Chapter 7: In Re Union City Contractors Inc. 

By Daily Record Staff
POSTED: April 2, 2010
Tags: Chapter 7, creditor relief from stay, promissory note, U.S. Bankruptcy Court, Western District of New York

U.S. Bankruptcy Court, Western District of New York
Chapter 7
Creditor Relief from Stay — Promissory Note
In Re Union City Contractors Inc.
09-20823
Judge Ninfo
Background: On April 2, 2009, Union City Contractors Inc., the debtor, filed a petition initiating a Chapter 7 case. In the initial schedules and statements required to be filed by Section 521 and Rule 1007, [...]

Bankruptcy Appeal — Chapter 7: Ring v. McDonald 

By Daily Record Staff
POSTED: March 25, 2010
Tags: Bankruptcy appeal, Chapter 7, U.S. District Court Western District of New York

U.S. District Court, Western District of New York
Bankruptcy Appeal — Chapter 7
Spouse’s Bankruptcy Estate-Insurance Policies
Ring v. McDonald
09-CV-398
Judge Skretny
Background: The Chapter 7 trustee appeals the bankruptcy court’s decision to grant the debtors’ motion to compel the trustee to return insurance policy proceeds. The bankruptcy court held that certain insurance policy proceeds previously turned over to the [...]

Chapter 7: In Re William Carpitella 

By Daily Record Staff
POSTED: March 19, 2010
Tags: Chapter 7, discharge, false statements, U.S. Bankruptcy Court, Western District of New York

U.S. Bankruptcy Court, Western District of New York
Chapter 7
False Statements — Discharge
In Re William Carpitella
09-20332
Judge Ninfo
Background: On Feb. 13, 2009, William L. Carpitella, filed a petition initiating a Chapter 7 case. The debtor omitted significant property on the schedules and statements. The trustee conducted a Section 341 meeting of creditors, where the debtor revealed that [...]

Chapter 7: In Re Tanya R. Calloway 

By Daily Record Staff
POSTED: February 26, 2010
Tags: Chapter 7, homestead exemption increase, U.S. Bankruptcy Court, Western District of New York

U.S. Bankruptcy Court, Western District of New York

Chapter 7
Homestead Exemption Increase — Prior Liens
In Re Tanya R. Calloway
09-12133
Judge Bucki
Background: Pursuant to 11 U.S.C. § 522(f), the debtor moved to avoid a judgment lien a creditor had perfected prior to Aug. 30, 2005, the effective date of the statutory amendment that increased New York’s homestead exemption [...]

Chapter 7: Grano v. Wells Fargo Bank NA 

By Daily Record Staff
POSTED: February 10, 2010
Tags: Chapter 7, Mortgages, U.S. Bankruptcy Court

U.S. Bankruptcy Court, Western District of New York
Chapter 7
Second Mortgage — Encumbered by Prior Lien
Grano v. Wells Fargo Bank NA
09-11302
Judge Bucki
Background: At issue before the court is whether the rationale of In re Pond, 252 F3d 122 (Second Cir. 2001) will allow a debtor in Chapter 7 to avoid a second mortgage on real property [...]