Tag Archives: bankruptcy
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Undisclosed Bankruptcy can be fatal to Plaintiff’s Medical Malpractice case
On June 6, 2022, Crystal Deese and Sarah Godfrey appeared in the Circuit Court for Fairfax County, Virginia, for Day 1 of what was supposed to be a 5-day jury trial. Plaintiff had filed a suit against our client, a medical practice, claiming $2.3 million in past and future damages after a routine cataract surgery allegedly rendered her ... Read More
TAGGED: bankruptcy, chapter 7, Standing, Medical Malpractice, nonsuit
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Client Alert for Commercial Landlords: “Control The Space” and Pre-Bankruptcy Contractual Termination of Lease
When the economy weakens, as with the unprecedented effects of the current COVID-19 pandemic, certain office and retail tenants will be unable to satisfy their lease obligations, vacate or file bankruptcy. Landlords should anticipate the consequences of these developments and some may choose to be proactive rather than reactive, and one way is to consider sending notices of default and ... Read More
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SCOTUS Opinion: Trademark Rights Survive Contract Rejection In Bankruptcy
Under bankruptcy law, a debtor may reject any executory contract, being a contract where performance remains due on both sides. In Mission Product Holdings, Inc. v. Tempnology, LLC, Tempnology entered into an executory contract giving Mission a license to use its trademarks. Tempnology then filed for Chapter 11 bankruptcy, and asked the Bankruptcy Court to allow it to reject ... Read More
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Forgiven Debt – Taxable to the Borrower?
Generally, if a borrower is required to pay a sum certain at a specific time, the obligation is considered “debt” under the Internal Revenue Code. If the lender forgives a portion, it has “cancelled” the debt and the borrower must declare and take into income the dollar amount cancelled. A lender may unilaterally decide that a debt is not collectable ... Read More
TAGGED: bankruptcy, irs, taxes, 2016 taxes, 2017 taxes, chapter 11, chapter 7, debt, Federal taxes, tax
District Courts Have Original, But Not Exclusive, Jurisdiction Over Bankruptcy Issues
The decision in Houck v. Substitute Trustee Services, Inc. concerned a foreclosure sale that occurred after a bankruptcy petition had been filed and the automatic stay under 11 USC sec. 362(k) was in effect, but the panel opinion by Judge Niemeyer contains several important rulings that all litigators ... Read More
TAGGED: foreclosures, bankruptcy, Fourth Circuit
Mortgage Company’s Indemnification Claim Against Loan Officer Not Discharged In Bankruptcy
When Fidelity First Home Mortgage Company was found liable by a jury under the doctrine of respondeat superior when one of its loan officers engaged in a fraudulent foreclosure rescue scheme, it sued the loan officer seeking indemnification and contribution. The loan officer claimed that Fidelity’s claims were discharged ... Read More
MD Court of Special Appeals Holds that Actions Filed During Bankruptcy Stay are Void
Case Kochhar v. Bansal, ____A.3d ______; 2015 WL 848166 (Md. Spec. App. February 27, 2015) --In a case of first impression in Maryland, the Court of Special Appeals recently held that an action filed during a bankruptcy stay is void ab initio, not voidable. During ... Read More