Justices Remind Creditors To Get Debt Agreements In Writing
By Alex Wolf (June 4, 2018, 9:58 PM EDT) -- Creditors who rely on the good faith of debtors for repayment were firmly reminded Monday that any agreement to extend credit should be in writing, according to experts weighing in on the U.S. Supreme Court's decision concerning the dischargeability of consumer debts procured by fraudulent statements.
In a debtor-friendly interpretation of a U.S. Bankruptcy Code provision dealing with the dischargeability of a common type of obligation, the court unanimously ruled Monday that debts obtained using false statements "respecting the debtors' ... financial condition" can be terminated in a consumer bankruptcy case even if the statement is about just a single asset,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!