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A federal judge on Friday rejected a bid by a group of cancer victims to block Johnson & Johnson from pursuing a proposed bankruptcy settlement of tens of thousands of lawsuits alleging the ...
The settlement could resolve years-long litigation filed against Lampert and other defendants in 2019 over ... If approved by a federal bankruptcy judge, $125.6 million of the agreed upon ...
A federal bankruptcy judge has approved the terms of a $20 million settlement that will benefit former Bitwise Industries employees who abruptly lost their jobs when the Fresno-based technology ...
Most bankruptcy attorneys predicted that this will result in increased attorneys fees and will make attorneys less likely to take on some cases. In addition, bankruptcy filings are now subject to audit in a manner similar to tax returns. Increased compliance requirements for small businesses. The new law increases the bureaucratic compliance ...
The dispute arose between bankruptcy trustee Simon Rodriguez and the FDIC over who would receive the $4 million refund issued by the IRS. [ 1 ] [ 5 ] In 2015, the IRS paid the income tax return filed by United Western Bancorp in 2011 to the bankruptcy court, handing the court the mandate to figure out to whom the refund is due.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Purdue estimates that its bankruptcy settlement, approved by a U.S. bankruptcy judge in 2021, would provide $10 billion in value to its creditors, including state and local governments, individual ...
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]