Colorado Bankruptcy Options - Credit Counseling
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Recent Notable Opinions from Colorado Bankruptcy Courts
Weinman v. Miscio & Stroud, et al., Adversary Proceeding No. 03-1109-SBB decided January 30, 2004 by the
Colorado Bankruptcy Court. The trustee in this Chapter 11 case filed an adversary complaint under 11 USC.547 &
550 to avoid preferential transfers against a corporation and two individuals. The trustee contended the debtor
tendered 2 prohibited payments totaling $29,000 to the corporation within 90 ninety days before the petition was
filed. The complaint further alleged that the corporation subsequently transferred these payments to the
individual defendants in separate installments. While the adversary complaint was pending before the Colorado
Bankruptcy Court, the corporation agreed to accept a default judgment. The trustee's complaint asserted two
claims for relief: 1) the transfers to the corporation were voidable as preferences according to 11 USC
547(b), and 2) "In the alternative, the [corporation] upon receipt of the funds was obligated to immediately
disburse the funds to the [two individuals]. Therefore, the corporation was merely a conduit, and [the two
individuals] are initial transferees." The corporation failed to answer the complaint yet indicated to the
trustee's office it did not object to a default judgment entered by the Colorado Bankruptcy Court. After entry
of the default judgment, the 2 individuals sought dismissal of the complaint upon the pleadings based upon the
doctrine of election of remedies. The Colorado Bankruptcy Court held: Because the corporation was insolvent,
controlled by the individuals, and retained questionable authority to accept a default judgment, the Colorado
Bankruptcy Court was not prohibited to allow the trustee to seek reimbursement from the individuals.
Recent Notable Opinions of the Supreme Court of The United States:
Household Credit Services, Inc. v. Pfennig, No. 02-857 (2004), Argued February 23, 2004, Decided April 21,
2004, CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SIXTH CIRCUIT. The Truth in Lending Act (TILA)
regulates disclosures credit card issuers must provide consumers and authorizes a personal cause of action for
consumers based on noncompliance. 15 U.S.C. 1637(a). These disclosures must include the amount of any finance
charge. 1637(b)(4). A finance charge is defined as an amount "payable directly or indirectly by the consumer,
and imposed directly or indirectly by the creditor as an incident to the extension of credit." 15 U.S.C.
1605(a). Nevertheless, the Federal Reserve Board definition under Regulation Z is inconsistent by "defining
a finance" charge as excluding "charges for exceeding a credit limit" (over-limit fees). Held:
Regulation Z is not an unreasonable interpretation of 15 U.S.C. 1605 because respondent does not challenge the
Board's authority under 15 U.S.C. 1604(a) to issue binding regulations. The Court "must give effect to the
unambiguously expressed intent of Congress". Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc.,
467 U.S. 837, 842. However, if Congress "left a gap for the implementing agency to fill," the agency's
regulation is "given controlling weight unless it is arbitrary, capricious, or manifestly contrary to the
statute." even though contrary to an act of Congress. Id. at 843—844.
The websites included on this page relate in some way to filing Colorado Bankruptcy cases, whether laws,
rules, discharge, reorganization or other topics . Vast bodies of law pertain to Colorado Bankruptcy proceedings
and are incorporated by the courts. As new Colorado Bankruptcy laws are created each year, the coverage of this
site will continue to grow.
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