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Relevant Bankruptcy Cases
Stern v. Marshall
Bank of America, N.A. v. Caulkett
At The Associates, we stay up to date on developments in bankruptcy law so that you always receive the best possible advice.
You can always learn more by contacting our West Palm Beach law firm or calling 561-877-1111 to schedule a free consultation with an experienced bankruptcy attorney. In the meantime, we invite you to read a little more about the following bankruptcy cases that have been in the news.
While the case name may not mean much, it is hard to forget the lengthy battle over the late Playboy model Anna Nicole Smith's battle for control of her 90-year-old husband's oil fortune. After it appeared she had been cut out of her husband's will and before the will was probated in a Texas court, Smith filed for bankruptcy in California, setting off a string of adversary proceedings, which led to Smith being awarded nearly $500 million by a federal bankruptcy court.
In Stern v. Marshall, the Supreme Court ruled that a bankruptcy court did not have jurisdiction to enter a judgment on a state issue. Essentially, the court ruled that bankruptcy judges do not have the same authority as other federal judges who are appointed by the president.
In this case, decided in June 2015, the court ruled that "junior" liens, such as second mortgages that are underwater, cannot be discharged in a Chapter 7 filing. Banks have hailed the move as a victory, stating that it will allow them to take more risks and make more credit available to borrowers.
For you, this means it is important that you talk to an experienced lawyer about your options if you are struggling with mortgage payments and have a second mortgage on your home. Other options are available for stripping a lien from your home, and we can help you find a solution that works best for your situation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.