CHAPTER 3 EMERGING ISSUES IN LAW AND PRACTICE

• Jurisdiction: United States

CHAPTER 3 - EMERGING ISSUES IN LAW AND PRACTICE

Chapter 3 considers emerging issues in law and practice, including using pets as collateral, how a debtor preserves his appellate standing, discharging post-petition condominium fees and assessments, the HAVEN Act, and abolishing the requirement of a "wet signature."

Did you hear the story about the debt collectors who auctioned off the family dog to pay off the dog owner's debts? It seems unlikely that lenders would accept pets as collateral for secured loans, but it is not unheard of if the pet is actually valuable. No matter how much we love our pets, the law still sees them as personal property and, therefore, potentially as collateral.

Another harsh outcome for debtors occurs if they fail to appear and object at a hearing. If a debtor fails to appear, he may lose his appellate standing and ability to appeal an adverse decision. Most courts agree that a debtor must appear and object to preserve his appellate standing, but one court recently muddied the waters and determined that an objection is not always required.

Despite a debtor's desire to surrender his interest in a condominium, nondischargeable, post-petition condominium fees and assessments may continue to accrue when a lender refuses to accept the surrender of the...