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Lifting The Automatic Stay After Foreclosures In New York, Andrew Vavricka
Lifting The Automatic Stay After Foreclosures In New York, Andrew Vavricka
Bankruptcy Research Library
(Excerpt)
The filing of a bankruptcy petition under title 11 of the United States Code (the “Bankruptcy Code”) results in an automatic stay that bars collection efforts against a debtor’s property. Consequently, a creditor will generally be prevented from foreclosing on property in which a debtor has an interest, including a possessory interest. Section 362(d), however, provides that the automatic stay may be lifted or modified under four alternatives. This article will discuss the implication of the automatic stay on a New York foreclosure action and bankruptcy courts’ rationale for lifting the automatic stay in the foreclosure context.
Part I …
Avoidability Of Foreclosure Sales Under Section 547 Of The Bankruptcy Code, Adam Cohen
Avoidability Of Foreclosure Sales Under Section 547 Of The Bankruptcy Code, Adam Cohen
Bankruptcy Research Library
(Excerpt)
Should foreclosure sales that comply with state law be subject to avoidance under federal bankruptcy law? In BFP v. Trust Resolution Corp., the Supreme Court said no, at least when dealing with alleged section 548 fraudulent conveyances, as doing so would, inter alia, undermine state interests and raise substantial federalism concerns. Some courts have taken this reasoning and applied it to section 547 preferences as well, while others feel that the plain language of section 547 prohibits such an application. One recent case in the latter category is In re Whittle Development, Inc.
In general, transfers are …