MEMORANDUM OPINION TERRENCE L. MICHAEL , Chief Bankruptcy Judge . Every one of us hides something from time to time. It may be a holiday gift that you don't want your kids to secretly unwrap before the appointed day, or a favorite t-shirt from college that your spouse has been trying to throw away for the last twenty years. Some things are harder to hide than others. Like a multi-million dollar lawsuit, for example, or a fully restored stolen 1967 Camaro. In this case, the debtors are...
MEMORANDUM OPINION TERRENCE L. MICHAEL , CHIEF JUDGE , UNITED STATES BANKRUPTCY COURT "If you don't ask, you don't get." 1 The United States Bankruptcy Code (the "Code") and the Federal Rules of Bankruptcy Procedure (the "Rules") contain a detailed set of priorities and procedures relating to claims in Chapter 7 bankruptcy cases. Among other things, the Rules set deadlines for the filing of claims. Creditors that do not file claims in Chapter 7 cases get no money from the bankruptcy...
MEMORANDUM OPINION TERRENCE L. MICHAEL , CHIEF JUDGE , UNITED STATES BANKRUPTCY COURT. While it is safe to say the average person does not have a working knowledge of the United States Bankruptcy Code, one widely held belief is that someone who files bankruptcy gets to walk away from their debts. 1 Those who work hard to pay what they owe find little comfort in this concept. In order to preserve the integrity of and support for the bankruptcy process, two principles have emerged: (1) a...
