PERFECTING SECURITY INTEREST IN GOODS OR CHATTEL Under the Uniform Commercial Code (“UCC”), is a secured creditor required to file a new UCC-1 financing statement to perfect its security interest in equipment if a debtor moves its “location” to another jurisdiction? The answer may depend on whether the debtor is considered an “organiza...
The Internal Revenue Service (“IRS”) is the 100 pound gorilla in the room when it comes to filing for bankruptcy, because with limited exceptions income tax debts are not dischargeable in bankruptcy. The purpose of this post is to review the limited exceptions that enable individuals to discharge federal and state income taxes in Chapter 7, Cha...
Can assets transferred between soon-to-be ex-spouses as part of a property settlement agreement in their divorce case constitute a fraudulent conveyance? Our firm is presently representing a judgment creditor of a husband who transferred his 50% interest in his marital residence valued at more than $1 million to his wife for $1.00, as well as ot...
In this post I examine the doctrine of judicial estoppel in the context of post-bankruptcy litigation of claims, assets or causes of action omitted from a debtor's bankruptcy filing, examining the doctrine's application under federal law in the Third Circuit Court of Appeals and New Jersey state courts. Under federal law, a debtor is required to ...
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