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Attorney Mary PoolAs most Alabamians know, on Friday, the Alabama Senate passed Governor Bentley’s lottery bill.  It is now up to the House to decide if the people of Alabama will be able to vote upon Governor Bentley’s lottery.  A vote for Governor Bentley’s proposed lottery will require that the anti-gambling clause of the Alabama Constitution be repealed.  If the anti-gambling verbiage is removed from Alabama’s Constitution then that could and likely would open the door for all gambling.

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

3 days 2 hours ago

Bankruptcy filings by major cities have reinvigorated attention to municipal bankruptcy. As chapter 9 and its application have become more like chapter 11, a wide range of creditors are being swept into the process. As written before, city cases now have classes of general unsecured creditors. Those classes also have been including plaintiffs in civil rights lawsuits alleging unconstitutional police conduct. The proposed payouts vary.  San Bernardino's bankruptcy plan, which seeks to release the liability of non-debtor officers as well as the debtor, has been proposing a 1% payout. The confirmation hearing is currently set for October 2016.  Some cities with systemic police practice problems - Ferguson, Chicago - also are known to have pervasive financial difficulties. I am not suggesting or predicting they will end up in bankruptcy, but it is another reminder that civil rights advocates need to be up to speed on the impact of chapter 9, if only to be able to bargain in its shadow as other types of creditors do.

Read More from: Credit Slips

3 days 5 hours ago

I'm trying something new this year. My consumer bankruptcy policy seminar students will read many great articles by many wonderful academics on this blog, as well as others, but this year, their "reading" will also include a great deal of YouTube.

90% of the videos are John Oliver segments from his excellent show on HBO, Last Week Tonight. They cover particular "products" (student loans, credit reports, debt buying, payday loans, auto loans, retirement plans and financial advisors) and middle class issues (minimum wage, wage gap, wealth gap, paid family leave).

Read More from: Credit Slips

3 days 7 hours ago

Despite headwinds working against the mortgage insurance industry, this business could be the catalyst for bringing private capital back to the mortgage market.

Read More from: BankThink

3 days 7 hours ago

Receiving Wide Coverage ...

Blame it on bitcoin: Bitcoin may be fueling the recent surge in ransomware attacks, which have quadrupled in the past year to about 4,000 a day, according to the U.S. Department of Justice, "Attacks spiked this year amid the growing use of bitcoin and improved encryption software," the Wall Street Journal said. "Bitcoin is now the preferred payment method of most ransomware infections because it allows users to send and receive money...

Read More from: BankThink

3 days 8 hours ago

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There is a lot of chatter going on among Nebraska bankruptcy attorneys about reports of court hearings where debtors are being told they can keep a car even if they choose not to reaffirm the car loan as long as payments are kept current.

That’s news to me and many of my colleagues.  The Bankruptcy Reform Act of 2005 was supposed to end the Ride-Through option.  A “ride-through” is where a lender cannot legally repossess a vehicle even if the debtor does not sign a formal Reaffirmation Agreement as long as the loan was paid current.

A reaffirmation agreement is an agreement to pay a debt (typically a home or auto loan) listed in a bankruptcy case.  Reaffirmations basically pull a debt out of the bankruptcy and makes a debtor liable again for the payment.  Secured debts tend to be reaffirmed in Chapter 7 and unsecured debts almost never.  Clients tend to reaffirm their car loans because if they don’t the banks may repossess a vehicle regardless if the loan is paid current.

6 days 55 min ago

Nobody wants to file for bankruptcy.  However, circumstances can spiral out of control and you can find yourself without any choice.  You were laid off from work or had unexpected medical bills. You had to make a choice between paying the monthly credit card bills or putting food on the table.  The choice is easy. + Read More

The post Taxes Owed To The IRS Could Be Discharged In A Chapter 7 Bankruptcy appeared first on David M. Siegel.

6 days 1 hour ago

Stakeholders must come together to make sure that artificial intelligence disrupts banking in a manner that incorporates constitutional values and provides responsible banking services to everyone.

Read More from: BankThink

6 days 7 hours ago

Bankruptcy Decatur Amy TannerFor many Americans, the answer to this question should be yes! Medical debt is currently one of the leading reasons that people file for bankruptcy. I see that in my day to day practice and, if I am ever asked to pinpoint the main reason people file for bankruptcy, one of my top answers is medical bills.

American’s Have Trouble Paying Medical Bills

A recent publication by Demos, a public policy organization, cites a survey that found 26 percent of Americans between 18 and 64 have problems paying medical bills, with the uninsured more likely to report having difficulty than the insured. Many of the people reporting difficulty with medical debt stated it had a “major impact” on their family.

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

6 days 8 hours ago

Receiving Wide Coverage ... Meet Marcus: Goldman Sachs will name its new U.S. consumer banking arm Marcus. "The familiar first name, reportedly the product of extensive market research and lengthy internal discussions," according to the Financial Times, is the namesake of the company's founder Marcus Goldman. The name also tries to divert attention away from the parent company's various legal and political problems since the financial crisis, according to reports. Wall Street Journal, Financial Times, NewÂ...

Read More from: BankThink

6 days 8 hours ago

 

Bankruptcy Decatur Amy TanneraFor many Americans, the answer to this question should be yes! Medical debt is currently one of the leading reasons that people file for bankruptcy. I see that in my day to day practice and, if I am ever asked to pinpoint the main reason people file for bankruptcy, one of my top answers is medical bills.

American’s Have Trouble Paying Medical Bills

A recent publication by Demos, a public policy organization, cites a survey that found 26 percent of Americans between 18 and 64 have problems paying medical bills, with the uninsured more likely to report having difficulty than the insured. Many of the people reporting difficulty with medical debt stated it had a “major impact” on their family.

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

6 days 9 hours ago

The High Court has recently demonstrated its right to exercise discretion as to whether an administration order should be made in relation to a company. In Rowntree Ventures v Oak Property Partners Limited, even though the companies were unable to pay their debts and where the statutory purpose of administration was likely to be achieved, the Court exercised its commercial judgment in determining that it was premature to make an administration order.

Background

The two sister companies sold rooms in two hotels to purchasers (“the Applicants”) on long leases, on terms that enabled the Applicants upon the occurrence of certain events to serve notice upon the companies to repurchase the leases. The conditions enabling the Applicants to require the companies to repurchase the leases were satisfied and notice was served upon the companies requiring them to repurchase. Upon the failure of the companies to do so, the Applicants applied for administration orders in respect of the companies.

Read More from: eSQUIRE Global Crossings

6 days 12 hours ago

Heather Cox is moving to USAA; female regulators are gaining prominence in the online lending conversation; and asset managers are still fighting sexism at work (but then again, who isnÂ't?).

Read More from: BankThink

1 week 3 hours ago

A recent decision by the United States Bankruptcy Court for the Western District of Texas in In re Sanjel (USA) Inc. is a reminder that in a chapter 15 case, the U.S. bankruptcy court will not always apply the law of the foreign jurisdiction to U.S. creditors and U.S.-based claims.  Specifically, the case adds a wrinkle to caselaw addressing the domestic application of foreign stays through chapter 15, and in particular whether it is appropriate for a bankruptcy court to modify or limit a foreign stay through changes to its recognition order (i.e., the order that gives a foreign stay effect in the United States).  

The decision involves Sanjel (USA) Inc. and its related entities (collectively a multi-national energy services provider), which had originally commenced reorganization proceedings in Canada pursuant to the Companies’ Creditor Arrangement Act, or “CCAA.”  The Canadian court granted the debtors certain protections, which included a broad stay of any actions against their directors and officers (as is permitted under Canadian law).   Soon after, at the debtors’ request, the United States bankruptcy court recognized the CCAA proceedings under chapter 15 of the Bankruptcy Code and entered a recognition order extending the reach of the Canadian stay to the United States.

1 week 5 hours ago
By Ron Lieber
So someone has asked you to co-sign for a student loan.
Chances are, it’s your child or grandchild, or perhaps a niece or nephew. You have unrelenting faith in this teenage freshman, or near certainty that graduate school will lead to a lifetime of gainful employment. And maybe you feel badly that the family has not been able to save enough to pay the bills outright.
Fine. But be very, very careful.

Read More from: Shenwick & Associates

1 week 5 hours ago

Pretty much every merger of insurers and banks since the Citi-Travelers deal has come undone, but today's conditions support new-style marriages that make sense for shareholders and customers.

Read More from: BankThink

1 week 7 hours ago

As the economy continues to struggle, job growth remains stagnant, and the real estate market suffers in New Jersey and elsewhere in the US, the media has been highlighting a lot of the negative consequences faced by individuals who file for bankruptcy. Some media reports have also been noting the positive effects of a bankruptcy filing – and it is extremely important to keep these positive effects in mind because bankruptcy has long had a stigma attached to it.

Do not simply assume that filing for bankruptcy represents some kind of failure on your part. The truth is that just about everyone needs a little boost at some point in their lives. Perhaps you lost your jobs due to circumstances beyond your control and have found that getting back on your feet is almost impossible without a full-time income. Or maybe you had a medical emergency, or some other type of emergency, that drained your bank accounts and seriously depleted your financial resources. Regardless of the reasons for your current financial situation, you need to be aware that there are steps you can take to effectively wipe the slate clean and get the fresh start you deserve.

1 week 8 hours ago

Receiving Wide Coverage ...

Convicted: Sean Stewart, a former investment banker at Perella Weinberg and JPMorgan Chase, was found guilty in federal court on all nine counts of securities fraud for passing tips about pending healthcare mergers to his father. The scheme, in which the father recruited a partner to trade on the information, reaped $1.16 million in profits, according to the U.S. Department of Justice. Wall Street Journal, Financial Times Wall Street Journal ...

Read More from: BankThink

1 week 8 hours ago

B. Grant McNuttAn Adversary Proceeding or “AP” as it is often called is basically a lawsuit filed within a bankruptcy case.  An AP can be filed by the Trustee, the Debtor or Creditor.  To file an Adversary Proceeding, a formal complaint must be filed with the court and served on the Defendant. The complaint will set forth all relevant facts and the relief requested and must be defended or a Default Judgment may be rendered.

Reasons to File an Adversary Proceeding

The reasons a Trustee, Debtor or Creditor will file an AP are usually vastly different.

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

1 week 9 hours ago

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