Caselaw Update: Determining the Statute of Limitations in Mortgage Foreclosure Cases
201902.26
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Caselaw Update: Determining the Statute of Limitations in Mortgage Foreclosure Cases

Pursuant to New York’s Civil Practice Law and Rule § 213 (4), a foreclosure lawsuit in New York is governed by six-year statute of limitations. However, determining the starting point for how to compute the statute of limitations can be challenging. Typically, the promissory note underlying a mortgage is payable in installments, and each installment…

Supreme Court Decides Against Stripping Second Mortgage In Chapter 7
201506.14
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Supreme Court Decides Against Stripping Second Mortgage In Chapter 7

This session of the Supreme Court decide a bankruptcy dispute that was widely watched by bankruptcy attorneys: Caulkett v. Bank of America. In Caulkett v. Bank of America, Justice Clarence Thomas and his Supreme Court colleagues unanimously decided that underwater homeowners cannot use the chapter 7 bankruptcy process to remove second mortgages that are entirely…

Supreme Court Holds Inherited IRAs Are Part Of The Bankruptcy Estate
201407.04
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Supreme Court Holds Inherited IRAs Are Part Of The Bankruptcy Estate

With only a few exceptions, the Bankruptcy code exempts Individual Retirement Arrangements, more commonly known as IRAs, allowing debtors to keep their retirement funds. In a recent unanimous decision in the case of Clark v. Rameker, the Supreme Court created another exception to this general rule. The Court held that an inherited IRA has no…

Supreme Court Reviews Exemption of Inherited IRA funds
201405.04
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Supreme Court Reviews Exemption of Inherited IRA funds

The U.S. Supreme Court is presently considering whether an inherited retirement account funds can be protected against bankruptcy claims. The justices will decide the appeal of a Wisconsin couple, Brandon C. Clark and Heidi Heffron-Clark, who filed Chapter 7 bankruptcy in 2010 after their pizza shop business failed in 2009. The bankruptcy court rejected the…