On February 2, 2015, the New Jersey Law Journal published my article discussing the Bankruptcy Court decision of In re Washington, Case No. 14-14573 (Bankr. D.N.J. Nov. 5, 2014), where the Bankruptcy Court held that under New Jersey law, a mortgage holder is time-barred from foreclosing on a residential mortgage if the complaint is not… Continue Reading
Understanding what can occur during a collection action can be vital in determining which accounts to pursue. One common occurrence is that a debtor files for bankruptcy. There are two (2) types of consumer bankruptcy filings that may likely be encountered during a collection action. The first is a Chapter 7 Liquidation, meaning that the… Continue Reading
In a reported decision issued June 19, 2015, Ewing Oil, Inc. v. John T. Burnett, Inc., the Appellate Division rejected a challenge to enforcement in New Jersey of a judgment entered by confession in Maryland and held that such judgments must be enforced by New Jersey courts pursuant to the Full Faith and Credit clause… Continue Reading
The New Jersey Uniform Commercial Code (the “UCC”) was amended, effective May 11, 2015, imposing new requirements on the filing of a financing statement to perfect a security interest in collateral within the scope of Article 9 of the UCC. The amendment provides that in order to be sufficient, a financing statement must state that… Continue Reading
On Monday, June 1, 2015, the Supreme Court of the United States published its opinion in the matter of Bank of America v. Caulkett. The issue determined was whether or not, in a bankruptcy liquidation (Chapter 7 proceeding), the debtor can void a second mortgage when the property (typically the home) is worth less than… Continue Reading
Recently, several shopping center retail stores have filed for Chapter 11 bankruptcy protection in the District of Delaware. Wet Seal, Inc. (“Wet Seal”) filed on Friday, January 16, 2015 (docket # 15-10081), Cache, Inc. (“Cache”) filed on February, 4, 2015 (docket #15-10172), and most recently, RadioShack Corporation (“RadioShack”) filed on February 5, 2015 (docket #15-1097)…. Continue Reading
The U.S. Supreme Court has agreed to hear two appeals by Bank of America concerning an important and frequently recurring question of bankruptcy law: whether a chapter 7 debtor can “strip off”-that is, void-a junior mortgage lien on a debtor’s house when the debt owed to a senior lienholder exceeds the current value of the… Continue Reading
A recent Bankruptcy Court decision in New Jersey highlights two important issues for community associations: Record your Governing Documents and Timely file an objection to a Chapter 13 Plan if the Association is a creditor and objects to the treatment in the debtor’s Chapter 13 Plan.
The United States Bankruptcy Court for the District of New Jersey recently held that an adversary complaint objecting to the discharge of a debt filed after the objection deadline would relate back to the filing date of a motion objecting to the discharge filed before the deadline.
Stark & Stark Shareholder Timothy P. Duggan, Chair Stark & Stark’s Bankruptcy & Creditor’s Rights, Eminent Domain and Real Estate Tax Appeal Groups, was a Star-Ledger Guest Columnist in the op-ed article “Irvington’s Eminent Domain Plan Not the Answer,” published on January 29, 2014.