Help Center

ABI Blog Exchange

Private Student Loans and Bankruptcy – an evolving tug of war.

Private student loansJust because a school calls a loan a “private student loan” does not mean it is a student loan for bankruptcy purposes.  There are specifics requirements for a loan to qualify as a student loan under the Bankruptcy Code.  If a loan is not a student loan then it is most likely discharged (forgiven) like medical bills and creditors cards.

So, what are the requirements of the U.S. Bankruptcy Code?

1 day 5 hours ago

Chapter 13 bankruptcy cases are difficult for the debtor as well as the attorney. The debtor has to fulfill a series of requirements prior to filing as well as additional requirements subsequent to filing. The attorney does the bulk of his work upfront and fights to get paid as the case progresses. In recent weeks,+ Read More

The post It’s Getting Harder And Harder To Get Paid In A Chapter 13 Bankruptcy Case appeared first on David M. Siegel.

1 day 6 hours ago

Directors and senior executives have a duty to inculcate risk culture into banks so that everyone works as a team to contain cyber and other risks, including the human vulnerabilities within.

Read More from: BankThink

1 day 7 hours ago

The Consumer Financial Protection Bureau's plan to rein in payday and other lenders has some noticeable benefits for consumers, but much of the proposal should be revised.

Read More from: BankThink

1 day 10 hours ago

Receiving Wide Coverage ... Strategic hiring: What's a few jobs among friends? JPMorgan Chase is expected to settle a probe in coming months over alleged efforts to hire the children of powerful Chinese officials and executives in state-owned firms to drum up new business. The bank is expected to pay as much as $200 million and may admit wrongdoing, though it is unlikely to be criminally charged. Wall Street Journal, Bloomberg Â...

Read More from: BankThink

1 day 10 hours ago

By: Donald L. Swanson


I’m scanning a news article earlier this week.
The term “militant open-mindedness” catches my eye. My immediate reaction is excitement:

–“Oh great!  This will provide a lesson and analogy for mediation!”

–After all, “open-mindedness” is “a receptiveness to new ideas” and a belief that “others should be free to express their views.”

–“Open-mindedness” is, obviously, a good quality in mediation; so “militant open-mindedness” must be an even-better mediation quality.  Right?”

I focus-in on that phrase in the article. And here is what I read:

“people here pride themselves on a kind of militant open-mindedness.  It is the kind of place that will severely punish any deviations from accepted schools of thought.”

So . . .

Read More from: Mediatbankry

1 day 14 hours ago


Consumer Financial Protection BureauWant to know what you mortgage payment will be before looking for a house or signing all the loan documents? Consumer Financial Protection Bureau (CFPB) has online tools as part of its Know Before You Owe initiative aimed at helping consumers navigate the mortgage process and avoid a mortgage payment surprise. The tools provide an interactive, step-by-step overview of the mortgage process, help home buyers decide how much they can afford to spend, and help consumers explore and use the new Know Before You Owe mortgage forms. Creditors will have to begin providing the new forms on Oct. 3, 2015, making it easier for consumers to understand mortgage options and comparison shop between multiple loan offers.

2 days 1 hour ago

Kirsten Erichsen and Andrew J. Wilkinson examine sovereign debt restructuring in an article published in Butterworths Journal of International Banking and Financial Law. This article considers what lessons can be learned from Greece, Argentina and Ukraine’s sovereign restructurings.

2 days 3 hours ago

Santander Bank fined $10 million for illegal overdraft service practices.

Santander BankThe Consumer Financial Protection Bureau (CFPB) ordered Santander Bank, N.A. to pay a $10 million fine for illegal marketing of overdraft services and using a telemarketing firm that signed some bank customers for the overdraft service without their consent.

Consumer Financial Protection BureauAccording to CFPB Director Richard Cordray “Santander tricked consumers into signing up for an overdraft service they didn’t want and charged them fees.  Santander’s telemarketer used deceptive sales pitches to mislead customers into enrolling in overdraft service. We will put a stop to any such unlawful practices that harm consumers.

2 days 5 hours ago

The movie "Equity" about women on Wall Street (backed by Barbara Byrne and other industry women) is coming soon. The internet reacts to the 'Bro Talk' op-ed about Wall Street's objectification of women. The CFSI is pushing for a more holistic financial health metric. Jill Castilla is big on Pokemon Go and tweeting about it to lure people into the branch. Also, Sheryl Sandberg is rethinking parts of her "Lean In" philosophy.

Read More from: BankThink

2 days 6 hours ago

The Office of the Comptroller of the Currency's recent guidance on internal messaging software could impose significant hardships on banks and runs contrary to prevailing guidance on cybersecurity.

Read More from: BankThink

2 days 7 hours ago

Work injuries can cause a lot of stress.  It helps to know the details of worker’s compensation laws in your state.  Here, Jeffrey Scholnick addresses worker’s compensation time limits and details on time limit extensions.

This article applies specifically to Maryland Workers’ Compensation law.

In order to receive workers’ compensation benefits, you are required to file a claim within a certain time limit.

As noted in a previous post on my website, there are two important deadlines that you need to know about filing a Worker’s Compensation Claim for an accidental injury.

  1. How long after an accident can I file a claim?

Answer- You have to file an Employee’s Claim Form within two years of the accident, but you should really file your claim within 60 days of the accident. Actually, you should file the Employee’s Claim Form as soon as possible.

  1. How long do I have to give notice of injury after an accident?

Answer – You need to give notice of your injury within 10 days of the accident.  I recommend that you tell your boss and and Human Relations Department supervisor on the accident date or as soon as you realize that you were injured in the accident.

Read More from: Scholnick Law

2 days 9 hours ago

In other news, down is up.

White House says Student Loan Debt Good
White House says Student Loan Debt Good

White House Says: Student Loan Debt Good for the Economy

Well, the political class has a dismal record admitting mistakes.  And a history of doubling down on bad ideas.

Their answer for the heroin epidemic of student loan debt is, more and cheaper heroin!

I guess, if you think high habit heroin addicts are good for the economy, that makes sense.

From Josh Mitchell’s Wall Street Journal story:

Read More from: Discharge Student Loan

2 days 10 hours ago

Gail DonaldsonThe majority of our clients file a Chapter 13 to protect something whether it’s their home or car.  Chapter 13 gives you the protection of the automatic stay that prevents creditors from repossessing your car or foreclosing on your home.  But what happens if you filed a Chapter 13 to protect your home and stop a foreclosure and you decide you don’t want the house anymore?  You finally realize that you really cannot afford the required house payment and all of your attempts to modify the mortgage fail.  As long as you have not filed a Chapter 7 within the previous eight years and you make below the means test requirements, you may be able to convert the Chapter 13 bankruptcy to one under Chapter 7.  Chapter 7 allows you to surrender any collateral that you no longer want to keep and get the fresh start the Bankruptcy Code gives you.

Read More from: Bonds & Botes, P.C.

2 days 10 hours ago

How the Consumer Financial Protection Bureau controls the release of new proposals or rules undermines the public debate over consumer regulations.

Read More from: BankThink

2 days 10 hours ago

include debts

One of the petty struggles I have with clients is convincing them that they need to include all of their debts in bankruptcy.

Sometimes, they will tell me they don’t want to include their car loan in the case because they “need the car”.

Sometimes I find the student loan payment in the budget but not on the list of creditors.

Or there’s a creditor they don’t want to know about the bankruptcy.

Part of the issue is confusion between scheduling a debt and discharging the debt.

When you file bankruptcy, you are required to list all of their debts and risk denial of discharge if you don’t.

2 days 10 hours ago

Receiving Wide Coverage ...

Crackdown: A top banker was arrested on criminal charges Wednesday, but those looking for prosecutions resulting from the financial crisis are still going to be disappointed. Mark Johnson, a top foreign-exchange executive at HSBC is accused of "front running" a currency trade for a client in 2011, which was worth about $3.5 billion. The deal won the bank about $8 million at the time, albeit to the detriment of the company involved....

Read More from: BankThink

2 days 10 hours ago

JCRCoverTMA’s Journal for Corporate Renewal July/August 2016 published an article written by Nava Hazan, Mark Salzberg and Susan Kelly, which discusses how the US Bankruptcy Courts have been open to foreign debtors, as well as the limits to such availability, which was the subject of the recent Baha Mar decision in Delaware.

The article further describes how it is increasingly common for foreign companies to use the English scheme of arrangement in cross-border restructuring matters. Several recent cases show the English judiciary, much like its counterpart in the US, has welcomed this type of cross-border restructuring, even where the nexus of the foreign debtor to the UK is minimal.

Read More from: eSQUIRE Global Crossings

2 days 13 hours ago

Chicago — Photo by Grant Swanson

By: Donald L. Swanson

One reason given by the Chicago Bankruptcy Court for the recent revocation of its Local Mediation Rules is this:

–Several Judges in the Chicago Bankruptcy Court have agreed to mediate cases for their colleagues on that Court.

The pickle is this:

–such intra-court mediator appointments create a conflict of interest.

This conflict issue comes into focus for me, one day, when I hear a bankruptcy judge (not from Chicago) describing an “uncomfortable” situation as mediator. The uncomfortable situation is this:

–This judge received the mediation appointment from a judge who serves in the same court.

–One mediating party speaks negatively about the “quality of justice” in the court where both judges serve.

–Because of that comment, “I have to excuse myself” for a moment, the mediator/judge explains, because of being “tempted” to make an “imprudent” retort.

Read More from: Mediatbankry

2 days 14 hours ago

Confusion among bankers on what real-time ACH payments are and how the transactions are processed is a major barrier to adoption in the U.S. Here's what banks need to know.

Read More from: BankThink

3 days 7 hours ago