Posts by On Behalf of Giddens & Gatton Law, P.C.
Genome Sequencer Files for Chapter 7 Bankruptcy
PathoGenetix, a company working to identify pathogenic bacteria in food samples using its own patented genetic scanner, recently filed for Chapter 7 bankruptcy in the District of Massachusetts bankruptcy court. According to the company’s bankruptcy filings, PathoGenetix owes nearly $1.4 million to creditors and owns approximately $3.5 million in assets. On June 26, PathoGenetix’s board…
Read MoreBattle of Appraisers May Shape Key Decision in Bankruptcy Case
In a variety of bankruptcy settings, the value of certain property, particularly real estate, may dominate the outcome of the case. These valuation disputes occur in Chapter 7 liquidations, Chapter 13 bankruptcies and Chapter 11 corporate reorganizations. Frequently, the question of the value of a secured or unsecured claim involving real property will affect the…
Read MoreOld Domestic Dispute Resumes in Bankruptcy Case
Approximately ten years after these New Mexico residents concluded their divorce, and years of intervening enforcement battles in a New Mexico District Court, two former spouses continued their fight in federal bankruptcy court after the ex-wife filed for bankruptcy protection. When the two parties got their divorce in September 2004, the final order adjudged that…
Read MoreGoldman Sachs Settles with Fannie Mae and Freddie Mac over Mortgages
In the wake of the Justice Department’s record-breaking settlement with Bank of America requiring the mammoth institution to pay a settlement of approximately $17 billion for fraud related to mortgage practices, now investment banking firm Goldman Sachs is entering in to a civil settlement as well. It agreed to pay $3.15 billion to resolve claims…
Read MoreThe Reaffirmation of Debts in Bankruptcy Cases
When individuals decide to file a Chapter 7 bankruptcy action, they are generally commencing a process in which they will be liquidating most of their assets so that they can use the proceeds derived from that liquidation to achieve two goals; (1) pay off creditors to the extent required by the bankruptcy court and (2)…
Read MoreImputing Fraud to a Spouse in a Bankruptcy Case
A dispute which began over the manner in which a Tennessee horse farm owner charged his clients who kept their horses at his farm eventually became an argument over whether that owner’s wife should bear some of the financial consequences of what appeared to be fraudulent behavior on his part. A group of creditors of…
Read MoreStatute of Limitations Bars Suit Against Home Lender Which Foreclosed
In a recent case against their former real estate lender, two New Mexico residents failed in District Court to successfully bring claims against that lender because they waited too long to file their case. These homeowners alleged that, in March 2007 when they signed their loan documents with Countryside Home Loans (“Countrywide”) securing funds to…
Read MoreConsidering whether Chapter 7 or Chapter 13 Bankruptcy Fits One’s Goals
Before commencing any discussion of the relative merits of Chapter 7 bankruptcy versus Chapter 13 bankruptcy, it is necessary to underscore how important it is to discuss whether one should file bankruptcy to address financial issues with an experienced bankruptcy attorney and to listen to his or her advice on the best filing option for…
Read MoreAbandonment of Debtor’s Property in Chapter 7 Cases
In Chapter 7 bankruptcy cases debtors enjoy certain protections – such as the automatic stay which protects the debtor’s property from creditors and lawsuits and other actions – but also gives up certain control over the estate’s assets. Upon filing the Chapter 7 bankruptcy action, all of a debtor’s property becomes part of the estate.…
Read MoreAutomatic Stay Key Feature of Chapter 7 Bankruptcy
One of the key protections afforded to debtors who file Chapter 7 bankruptcy actions is the automatic stay. Upon filing a Chapter 7 bankruptcy case, the court, without prompting from interested parties, issues an automatic stay under § 362(a) of the bankruptcy code. The automatic stay immediately prohibits any creditors, litigants or other claimants from…
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