Debtor was co-guarantor on a bank loan. The bank could collect from debtor despite settling with the other guarantor & surrendering the promissory note. When the debt is fully paid, the co-guarantor's right to contribution from the debtor will mature
The District of Nebraska offers a database of opinions for the years 1997 to 2011, listed by year and judge. For a more detailed search, enter the keyword or case number in the search box above.
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District court reversed the bankruptcy court regarding an alleged preference. The district court said debtors’ pay-off of a debt shortly before bankruptcy was indeed a preference because the creditor – essentially unsecured – received an advantage.
District court affirmed the bankruptcy court’s order finding that the debtor’s brokerage commissions were property of the estate because they had been earned pre-petition, even though the debtor did not receive payment until after the petition date
The court ruled for the defendant, finding that a pre-petition contract for the purchase of assets was not executory and could not be assumed by the Chapter 7 trustee. There were no remaining substantial performance obligations due from either party
District court affirmed the confirmation of a creditor’s liquidating plan over the objection of the debtor-farmer, ruling that nothing in section 1123(b)(4) protects farmers from liquidation, particularly when the debtor didn’t file its own plan
District court vacated the bankruptcy court’s order denying an award of attorneys’ fees, ruling that the bankruptcy court read § 327 too narrowly in requiring prior authorization of debtors’ counsel’s employment before compensation could be allowed
The test of whether a proposed plan offers the indubitable equivalent isn’t whether it offers the same rights as would exist in a Chapter 7 but whether it offers the indubitable equivalent of the party’s rights if no bankruptcy proceeding existed at all
District court affirmed the bankruptcy court’s judgment excepting a debt from discharge under 11 U.S.C. sec. 523(a)(2)(A) because the debtor acted with fraudulent intent in selling a house without disclosing existing liens or its uninhabitability
A bankruptcy judge has the authority to impose an order of civil contempt, if due process is followed. In this case, the district court vacated and remanded a contempt order because the bankruptcy court order didn’t state a factual basis for its findings
The court denied confirmation of a Chapter 11 plan because it contained an 18-month “safe harbor” during which secured creditors would have neither their property nor the value of their claims. A proposed amendment could be circulated for votes