GCK On Law
IRS Provides New Relief Program for Expatriates Renouncing U.S. Citizenship
On September 6, 2019, the IRS published the new “Relief Procedures for Certain Former Citizens” who wish to come into compliance with their U.S. income tax and reporting obligations without being taxed as a “covered expatriate” under section 877A of the U.S. Internal...
Pleading Conversion of Money
Conversion is an unauthorized act which deprives a person of his property permanently or for an indefinite time. In re Thebus, 108 Ill.2d 255, 259 (1985). Accordingly, to prove conversion, the plaintiff must prove the following elements by preponderance of the...
Can a Chapter 7 Trustee seek damages for violations of the Automatic Stay?
Section 362(k) of the Bankruptcy Code allows the award of damages for a stay violation only to “an individual injured by any willful violation of a stay.” This singular reference to “individuals” has given rise to a split among the courts with respect to whether...
Section 546(a)(1)(B) – Appointment of an Interim Trustee
Section 546(a) of the Bankruptcy Code sets a two-year time limit for the commencement of avoidance actions on behalf of the bankruptcy estate. This provision was amended in 1994 to provide an additional year for such actions running from the date of the appointment...
Conflict Regarding Abandonment of Assets Disclosed on Statement of Financial Affairs
Bankruptcy Code Section 554(a) permits the trustee to abandon estate property upon a showing that it is either burdensome, or of an inconsequential value and benefit to the estate. Abandonment can also occur under Section 554(c) if property of the estate is properly...