Supreme Court Allows Creditors to Retain Assets Lawfully Seized Prior to Bankruptcy
The Bankruptcy Code (title 11 of the United States Code) provides numerous protections for debtors when they file a bankruptcy petition. Those protections include an automatic stay of “any act to obtain possession of . . . or to exercise control over property of the estate.” §362(a)(3). Section 542(a) of the Code states that a…
Read My Lips: No New Fees | Recognizing and Recovering “Tax” Claims in Bankruptcy Cases
While the U.S. Supreme Court and various circuit courts have tried to provide guidance on how best to determine whether a particular obligation owed to a government entity is a "tax," "fee," "penalty," or a simple contract debt, clarity on the subject remains lacking. This article aims to offer more clarity and ensure governments that find themselves in bankruptcy cases can avoid state losses.
