ABI Blog Exchange

This is one of the premier consumer bankruptcy programs in the country.  The National Association of Chapter 13 Trustees will be holding it’s 50th annual seminar July 1 – 4, 2015 at the Grand America Hotel in Salt Lake City.   There will be a variety of outstanding presentations and panels.  The program and registration materials may be found at this link.  NACTT Program
8 hours 3 min ago
Yoav Shapira and Lisa Redpenning, both from Boston, display their tickets for Super Bowl XLIX bought at the NFL ticket exchange Jan. 31 in Phoenix.
Charlie Riedel/Associated Press
A Super Bowl ticket seller has filed for bankruptcy to deal with upset customers who showed up to Super Bowl XVIX in Arizona only to find out that their ticket purchases had fallen through, in some cases, just hours before kick-off. The Queens, N.Y.-based SBTickets.com issued refunds, but customers who had journeyed from as far as Brazil, Australia and Papua New Guinea are pushing for travel and lodging money for missing out on the New England Patriots’ win over the Seattle Seahawks via that jaw-dropping interception in the final seconds. Washington state Attorney General Bob Ferguson, whose office has taken 35 complaints against the company, sued SBTickets.com in March, seeking $2,000 per violation of the state’s Consumer Protection Act.

Read More from: WSJ.com: Bankruptcy Beat

11 hours 31 min ago
If you have not done so already, you’ll want to read Part 1 and Part 2 of this series first, before delving into this final Part 3. So, now that we know that this “shale revolution” has at least been a short-term game changer, it’s time to get into some more specifics of how unconventional oil sources should impact our long-term perspective. Read more here.
13 hours 53 sec ago
There will always be a need for small-dollar loans. But loans that trap people in debt and burden borrowers with triple-digit interest rates are simply abusive.

Read More from: BankThink

13 hours 25 min ago
Bankers give too much credence to futurists and financial gurus who warn that technology will render the in-branch experience obsolete.

Read More from: BankThink

15 hours 25 min ago
Authored by Douglas L. Waldorf, Jr. of Rogers TowersWhile there has been much attention given to the wide variety of new rules and regulations imposed on lenders under Dodd-Frank, those of us not in the business of regularly making mortgage loans may not be aware that we could be impacted by certain provisions of that law if we sell real estate and provide purchase money financing by holding a mortgage.  This is a common structure, particularly in today’s environment where many purchasers are not able to qualify for bank financing. The essence of Dodd-Frank in this area is that when a loan is secured by residential property in which the borrower will reside, the person negotiating the loan must be a licensed mortgage originator.  This, in turn, triggers additional compliance by the licensed mortgage originator including making a determination as to the borrower’s ability to repay the loan.

Read More from: Florida Banking Law Blog

15 hours 56 min ago
Joshua Roberts/Reuters
The U.S. Supreme Court Monday ruled that a homeowner who failed to win confirmation of his bankruptcy-exit plan can’t immediately appeal the decision. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”) A judge Monday declined to set a date for confirmation of the chapter 11 plan for Energy Future Holdings Corp., DBR (sub. req.) reports. West Virginia regulators accused Freedom Industries Inc. of trying to get concessions on cleanup obligations at the site of its massive chemical spill last year, the Associated Press reported.

Read More from: WSJ.com: Bankruptcy Beat

16 hours 7 min ago
Receiving Wide Coverage ... Fed Pressed Over Leak: The Justice Department doesn't just go after big banks Â-- it also pursues their regulators. The DOJ has joined the Federal Reserve's inspector general in investigating the Fed over a 2012 leak of its policy meeting minutes to a consulting firm. Fed chair Janet Yellen disclosed the news in a Monday letter to the House Financial Services Committee, which is conducting its own probe into the leak. Yellen...

Read More from: BankThink

16 hours 25 min ago
If you’ve ever been confused by the term UI redress, you aren’t alone. To keep it clear,cheap michael kors uk, imagine it written as UI re dress. It means that you put a new layer of clothes over an interface object as a sneaky way of changing its appearance, not that you right the wrongs that were done to it (the usual sense of “redress” when written as an unhyphenated word)..

Read More from: Kieselstein Law Firm

18 hours 39 min ago
On May 4, 2015, one of the largest for-profit post-secondary education companies in the United States and Canada, Corinthian Colleges, Inc., and 24 of its affiliates, filed voluntary chapter 11 petitions in the Bankruptcy Court for the District of Delaware.  The cases are docketed as case no. 15-10952 and have been assigned to the Honorable Kevin J. Carey.  The petition lists assets of approximately $19.2 million and liabilities of $143.1 million. In support of the petitions, the Debtors filed the Declaration of William J. Nolan, the Chief Restructuring Officer of the Debtors and a Senior Managing Director with FTI Consulting, Inc.  According to the Nolan Declaration, as of March 31, 2015, the Debtors had over 100 campuses, 74,000 students and 10,000 employees.  The Nolan Declaration states that in addition to approximately $105 million of outstanding obligations under their prepetition secured credit agreement, the Debtors have another $100 million of unsecured debt owing to landlords, trade creditors, lessors, employees and students, as well as regulatory refunds, fines and penalties.
1 day 9 hours ago
Fintech startups offer affordable loan rates and fast turnaround times. But banks have the advantage of offering multiple services all under one roof Â-- or website.

Read More from: BankThink

1 day 13 hours ago
REUTERS
In a downtown Manhattan courtroom, assistant district attorney Peirce Moser briefed a crowd of would-be jurors on what to expect over the four to six months it’ll take to try three former leaders of the law firm Dewey & LeBoeuf on criminal fraud charges. “Unlike on TV, no one’s going to run in at the last minute with the crucial piece of evidence that changes the whole case,” Mr. Moser said on Friday. Mr. Moser and attorneys for the three defendants–Dewey’s ex-chair Steven Davis, former executive director Stephen DiCarmine, and ex-chief financial officer Joel Sanders–culled through hundreds of potential jurors over five days last week.

Read More from: WSJ.com: Bankruptcy Beat

1 day 14 hours ago
REUTERS
In a downtown Manhattan courtroom, assistant district attorney Peirce Moser briefed a crowd of would-be jurors on what to expect over the four to six months it’ll take to try three former leaders of the law firm Dewey & LeBoeuf on criminal fraud charges. “Unlike on TV, no one’s going to run in at the last minute with the crucial piece of evidence that changes the whole case,” Mr. Moser said on Friday. Mr. Moser and attorneys for the three defendants–Dewey’s ex-chair Steven Davis, former executive director Stephen DiCarmine, and ex-chief financial officer Joel Sanders–culled through hundreds of potential jurors over five days last week.

Read More from: WSJ.com: Bankruptcy Beat

1 day 14 hours ago
Created under the guise of a program to root out fraud and illegal activity, this initiative has been used by Obama administration bureaucrats to pressure banks to end relationships with businesses they consider objectionable or "high risk."

Read More from: BankThink

1 day 15 hours ago
There’s nothing like a lawsuit to bring on consideration of bankruptcy. If the thought of retreating into bankruptcy doesn’t occur when suit is filed, it often blossoms as the trial date nears. That’s because beleagered defendants dream of the automatic stay. the injunction that is automatically entered when a bankruptcy case is filed, protecting the debtor and his property. What does that mean, really, when the stay is imposed while litigation is underway? Stay halts suit against debtor The stay stops all parties from continuing the lawsuit in any way against the person who has filed bankruptcy.  The stay is in force, whether or not other parties have received notice. Debtor’s counsel usually wants to notify all parties of the filing, long ahead of any notice of the bankruptcy case that may go out from the bankruptcy court clerk.  Some courts have a form used to provide notice to the court of the stay. Any advantages a creditor obtains against the debtor in violation of the stay are void or voidable.  Willful violations of the stay expose the actor to damages, including punies, and attorneys fees. Stay in Chapter 13 protects co debtors 
1 day 15 hours ago
The hard work has been done – the plan has been negotiated and confirmed, the confirmation order has been entered, and holders of allowed claims (and maybe even interest holders) await their distribution under the plan. A plan, however, may require that creditors or equity holders take certain acts prior to participation in the plan distribution, or forfeit their right to participate. Practitioners, therefore, should take note of section 1143 of the Bankruptcy Code, which sets an outside time limit for surrender or presentment of a security or the taking of an act as a condition to participation in distribution under the chapter 11 plan. Today’s installment of our “Breaking the Code” series delves into this provision.  The Basics Section 1143 of the Bankruptcy Code provides as follows: If a plan requires presentment or surrender of a security or the performance of any other act as a condition to participation in distribution under the plan, such action shall be taken not later than five years after the date of the entry of the order of confirmation. Any entity that has not within such time presented or surrendered such entity’s security or taken any such other action that the plan requires may not participate in distribution under the plan.
1 day 15 hours ago
Receiving Wide Coverage ... Buffett Pooh-Poohs SIFI Talk: Banking was one of many topics discussed at Berkshire Hathaway's annual meeting in Omaha, Neb., on Saturday. Warren Buffett said it would be a "terrible thing to weaken" Dodd-Frank, and the Federal Reserve and Treasury Department's wide-ranging powers are necessary in order to respond to another large crisis. Buffett also scoffed at the notion that Berkshire Hathaway's insurance operationsÂ--GEICO, National Indemnity, Gen ReÂ--should be deemed systemically important, as...

Read More from: BankThink

1 day 16 hours ago
A person walks past the Everett Institute in 2014. Corinthian Colleges Inc. on Monday filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del.
JOSE LUIS MAGANA/ASSOCIATED PRESS
Corinthian Colleges Inc . on Monday filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del., closing the book on the embattled for-profit school operator whose business had been embroiled in controversy since last summer. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Read More from: WSJ.com: Bankruptcy Beat

1 day 16 hours ago
A person walks past the Everett Institute in 2014. Corinthian Colleges Inc. on Monday filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del.
JOSE LUIS MAGANA/ASSOCIATED PRESS
Corinthian Colleges Inc . on Monday filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del., closing the book on the embattled for-profit school operator whose business had been embroiled in controversy since last summer. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Read More from: WSJ.com: Bankruptcy Beat

1 day 16 hours ago
In a statistic that proves that bankruptcy can happen to everyone, the National Bureau of Economic Research reports that a startling number of retired football players have filed for bankruptcy protection in recent years. Poor money management, over-extended debts and legal issues have forced 15.7 percent of all retired players into bankruptcy after 12 years. The number is startling for many reasons, perhaps the biggest one is that we think of pro football players as making ridiculous sums of money for keeping fans entertained. Interestingly enough, when you hear the most common cause for NFL player bankruptcy filings, you’ll see that the size of one’s paycheck doesn’t make much difference when it comes to fiscal responsibility. Players have reported that they had to file for bankruptcy protection because they failed to properly save for the future. Recruited many times right out of high school, players have no experienced in money management. They also tend to have “handlers” who may not always make best-interest decisions on their behalf. One of the most egregious examples is the unfortunate case of professional hockey player Jack Johnson who gave power of attorney to his mother prior to signing a $30 million contract. Apparently, she spent most of his money without him knowing and he was forced to file Chapter 11. He was keeping his eye on the ball, so to speak, not his checkbook.
1 day 16 hours ago

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