Last March, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made several changes to the Bankruptcy Code, including those changes discussed in more detail here. As it became clear that we would be dealing with COVID-19 for much longer than previously anticipated, Congress passed the Consolidated
Bradley’s Bankruptcy Basics: Secured vs. Unsecured Claims
Bankruptcy is primarily about “claims.” The debtor seeks to discharge personal liability on claims, while creditors seek payment on their claims. In basic terms, a bankruptcy “claim” is a right to payment. The claim does not need to be fixed, settled, undisputed, or due at the time the debtor files his bankruptcy petition. The official
CFPB Proposes Delay to Implementation of Its Debt Collection Rules
Yesterday, the CFPB issued a proposed rule that would extend implementation of both parts of its debt collection rule by 60 days — from November 30, 2021, to January 29, 2022. The debt collection rule, which we have discussed here in detail, addresses numerous topics related to debt collection, including debt collection call volume,
New Amendments to the WVCCPA to Provide Additional Certainty for Businesses
In a development that provides some measure of relief to businesses operating in West Virginia, particularly within the financial services industry, Gov. Jim Justice signed into law on March 29, 2021, amendments to the West Virginia Consumer Credit and Protection Act (WVCCPA). These amendments appear to provide clarity on certain attorneys’ fees provisions in the
Bradley’s Bankruptcy Basics: How to File a Proof of Claim 101
You just heard that a customer has filed for bankruptcy — what do you do now? One of the first steps is to determine whether you should file a proof of claim.
How will I be alerted about the bankruptcy?
When a bankruptcy case is filed, the debtor is required to list all of his
The Tide Has Turned in TCPA Litigation: The Supreme Court Unanimously Adopts Narrow Definition of “Autodialer” in Landmark Decision
In a landmark decision released this morning, the U.S. Supreme Court finally answered the question that has been at the heart of Telephone Consumer Protection Act (TCPA) litigation for decades – what constitutes an autodialer? – and the decision is a huge win for TCPA defendants. In Facebook v. Duguid, the Supreme Court unanimously
5 Key Takeaways from Bradley’s Bankruptcy Basics, Part 1
We hope that you’re enjoying Bradley’s Bankruptcy Basics. Are there topics you’d like to read more about? Please email Elizabeth or Alex; we’re always interested to hear what content you’d like to see in future months.
Below are five key takeaways from our first month of Bradley’s Bankruptcy Basics:
1. The early bird
Bradley’s Bankruptcy Basics: 5 Significant (if Temporary) Amendments to the Bankruptcy Code Resulting from the COVID-19 Pandemic
As we cross the one-year anniversary of the COVID-19 pandemic, we reflect on the multiple amendments to the Bankruptcy Code that have been implemented to help curb the effects of various economic shutdowns and financial hardships caused by the coronavirus. These Bankruptcy Code amendments are only temporary, but Congress is considering extending them to facilitate
Bradley’s Bankruptcy Basics: Chapter 13 Bankruptcy — Consumer Bankruptcy with a Payment Plan
Chapter 13 bankruptcy provides relief only to individuals with regular income. This Chapter is most frequently used by debtors who have sufficient disposable monthly income to make some payments over time to their creditors. Chapter 13 debtors frequently have enough equity in their residence that, if they were to file for Chapter 7, the residence
Bradley’s Bankruptcy Basics: Chapter 11 Bankruptcy — Reorganization
Chapter 11 bankruptcy cases are most frequently filed by businesses. However, certain high-earning individuals whose debts are above the statutory debt limits to qualify for Chapter 13 can also file for Chapter 11 relief. In Chapter 11 cases, the debtor retains control of its operations as a debtor in possession (DIP) and has the benefits