2nd Circuit

To Impair an Exemption, Judicial Lien Must Attach to Property the Debtor Already Owns

A judicial lien may be avoided under Section 522(f) only if the lien attached after the debtor acquired the property.
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To Avoid U.S. Trustee Fees, Court Liberally Allows Closing a Case After Confirmation

Pending adversary proceedings don’t preclude a finding that the chapter 11 case has been ‘fully administered,’ thus allowing entry of a final decree and cutting off further fees owing to the U.S. Trustee Program.

District Court Strictly Enforces ‘Adequate Assurance’ Standards for Shopping Centers

District court reverses and bars Sears from assigning Mall of America lease.

Second Circuit Plugs Another Hole in the Johns-Manville Asbestos Trust

Reinstating a ruling by Bankruptcy Judge Cecelia Morris, the appeals court held that the Manville asbestos trust covers both in rem and in personam claims by ‘future’ claimants against insurers and brokers.
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Bankruptcy Court Still Has Power to Enter Final Judgments by Default after Wellness

Failure to respond to a well-pleaded complaint implies consent for the bankruptcy court to enter final judgment in an avoidance action, Judge Glenn rules.

May a Chapter 13 Plan Pay a Larger Percentage Toward Student Loans?

Since Congress has made student loans virtually nondischargeable, why can’t a chapter 13 plan discriminate in favor of paying more toward student loans?

Technicalities Insulated a Lawyer from Liability for Misusing an IOLA

A creditor lost a dischargeability suit by failing to call the right witnesses to prove that a lawyer’s trust account was used to hide assets.

A Chapter 11 Filing Can Extend an Inflexible Closing Date by 60 Days

Filing a chapter 11 petition to obtain an automatic 60-day extension of a closing date is not a bad faith filing, Judge Bernstein says.

Courts Interpret Brunner Too Harshly, Bankruptcy Judge Cecelia Morris Says

A debtor with a law degree but only $37,500 in gross annual income was permitted to discharge more than $220,000 in student loans.

Second Circuit Again Applies the ‘Safe Harbor’ to Protect Selling Shareholders in an LBO

The Supreme Court’s Merit Management opinion fails to persuade the Second Circuit to change the result in Tribune.
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