June 12, 2014
by Jaclyn Belczyk
The US Supreme Court ruled unanimously Thursday in Clark v. Rameker that funds held in inherited individual retirement accounts (IRAs) are not "retirement funds" for bankruptcy purposes. Section 522 of the Bankruptcy Code exempts tax-exempt retirement funds from the bankruptcy estate. In October ...[read more]
June 9, 2014
by Jaclyn Belczyk
The US Supreme Court ruled unanimously Monday in Executive Benefits Ins. Agency v. Arkison that when a bankruptcy court lacks jurisdiction to enter a final judgment, the bankruptcy court can still issue proposed findings of fact and conclusions of law to be reviewed de novo by the district court. ...[read more]
April 10, 2014
by Peter Snyder
Mediators involved in the city of Detroit bankruptcy proceedings announced Wednesday that they have reached a deal on over $388 million in bonds. The city will pay 74 cents for each dollar. The deal would eliminate only a small fraction of the $18 billion owed by Detroit and still requires the ...[read more]
March 25, 2014
by Bradley McAllister
The US Supreme Court ruled unanimously on Tuesday in US v. Quality Stores, Inc. that involuntarily terminated severance packages given to employees are subject to wage taxation under the Federal Insurance Contributions Act (FICA). The case stems from the bankruptcy of Quality Stores, a former ...[read more]
March 24, 2014
by Cynthia Miley
The US Supreme Court heard oral arguments Monday on individual retirement accounts (IRAs) and their interaction with bankruptcy. In Clark v. Rameker the court will decide whether an inherited individual retirement account is exempt from a debtor's bankruptcy estate under Section 522 of the ...[read more]
March 4, 2014
by Stephen Adelgren
The US Supreme Court ruled unanimously Tuesday in Law v. Siegel that a bankruptcy court improperly exceeded its authority by ordering legally exempt funds to be used to pay attorney's costs. The case revolved around a Chapter 7 bankruptcy claim filed by California resident Stephen Law, in which ...[read more]
February 10, 2014
by Zachariah Rivenbark
On July 18, 2013, the city of Detroit, Michigan filed a petition declaring Chapter 9 bankruptcy in the United States Bankruptcy Court for the Eastern District of Michigan, Southern Division. Detroit's attempt to declare bankruptcy briefly came to a halt on July 22, 2013, when Michigan Circuit ...[read more]
February 10, 2014
by G. Redd
Bankruptcy is a process through which a person who is unable to pay his or her debts is granted relief from the courts by undergoing a supervised step-by-step repayment plan; many debts are partially paid as fairly as possible with the assets that the debtor has. Many small US cities are ...[read more]
February 10, 2014
by Michael Roberts
Detroit, Michigan, the historic epicenter of US automotive manufacturing, was once a beacon of industrial prosperity. The "Motor City" was synonymous with automative giants, such as GM, Ford and Chrysler. In recent decades, however, Detroit has seen significant decreases in both population and ...[read more]
February 9, 2014
by Addison Morris
US Attorney General Eric Holder announced on Saturday that the federal government plans to give married same-sex couples the same benefits as heterosexual couples when filing for bankruptcy, testifying in court or visiting family members in prison. These benefits would allow same-sex couples to be ...[read more]

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