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New York Courts Target Rules on ‘Zombie Debts’

By Richard E. Weltman

New York Courts Target Rules on ‘Zombie Debts’ By Richard E. WeltmanResponding to what he termed a “continuing stream of complaints,” New York’s Chief Judge Jonathan Lippman on May 1 announced that New York courts are proposing new rules to crack down on the filing of so-called “zombie debts,” insufficiently documented claims for default judgments against consumer debtors.

Judge Lippman wants creditors seeking to collect the debts—some of which may have been sold and resold by third-party credit buyers—to prove the obligations are actually outstanding and owed by those named in collection actions before New York courts will enforce them on behalf of creditors.

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Update: Supreme Court Rules That Inherited IRAs Are Not Protected In Bankruptcy

By: Michael L. Moskowitz

Supreme Court Rules That Inherited IRAs Are Not Protected In Bankruptcy By Michael L. MoskowitzLess than three months ago, we reported on a case in which the Supreme Court heard oral argument concerning whether or not inherited IRA accounts constitute retirement funds. See previous article (Supreme Court to Decide Dispute Regarding Inherited IRAs in Bankruptcy) here. On June 12, 2014, in a unanimous decision, the Supreme Court, in Clark v. Rameker, 13-299, ruled that inherited IRAs are not retirement funds within the meaning of the Bankruptcy Code.

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