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Code Provision There are times when you may need to convert a chapter 13 bankruptcy case to a chapter 7 bankruptcy case. Section 1307 of title 11 USC provides for conversion or dismissal. In essence, under section (a), a debtor may convert a case under Chapter 13 to a case under Chapter 7 at any+ Read More

The post Converting A Bankruptcy Case From Chapter 13 To Chapter 7 appeared first on David M. Siegel.

3 days 1 hour ago

The demographics of our country are changing. If businesses arenÂ't figuring out a way to change, too, they risk being left behind.

Read More from: BankThink

3 days 2 hours ago

As a result of the SEC's latest reforms, today's money-market funds are very different products than their precrisis predecessors. Calls for additional layers of burdensome regulation over this industry are unwarranted.

Read More from: BankThink

3 days 5 hours ago

Breaking News This Morning

B of A beats: Bank of America reported earnings of $4.96 billion, or 41 cents a share, for the third quarter, compared to $4.62 billion, or 38 cents a share, in the same period of 2015. That beat analyst estimates of 34 cents a share. Revenue rose about 3% to $21.6 billion, beating Street forecasts of $20.97 billion. Receiving Wide Coverage ... ...

Read More from: BankThink

3 days 5 hours ago


Attorney Ron SykstusI have written previously about binding mandatory arbitration.

Recently, I have written about the scandal at Wells Fargo, which now seems like it is in the news daily.  This is where Wells Fargo created fake accounts for many of their real customers so that they could bleed them for fees and make money on these made up accounts.

Now, in an absolutely crazy and surreal scenario, the Wells Fargo debacle and affected customers may be bound to binding, mandatory arbitration on their fake, made up accounts that they never even authorized due to an arbitration clause that they agreed to on their real accounts.  Crazy? Nonsensical? Infuriating?  Yes, yes and yes!

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

3 days 6 hours ago

South Jersey Bankruptcy AttorneysAnyone can suffer a financial setback. The reality is that the economy still isn’t in great shape and the costs of buying a home, renting an apartment, and purchasing a car are higher than ever. If you find yourself in a difficult financial position, you may be wondering, “How can I afford to file for bankruptcy right now?” Here’s another question to consider: “How can you afford not to file for bankruptcy right now?” Do not let a fear of filing for bankruptcy stop you from taking the steps necessary to getting a fresh financial start and moving ahead with your life.

The NJ Bankruptcy Process Is Extremely Complicated

3 days 9 hours ago


Beverly Weiss Manne
Tucker Arensberg, P.C.
Pittsburgh, PA

Read More from: CLLA Bankruptcy Blog

5 days 17 hours ago

Community banks need profit and diversification opportunities, while marketplace lenders may find mergers to be the easiest route into the banking system.

Read More from: BankThink

6 days 2 hours ago

The U.S. Supreme Court will hear the case of Czyzewski v. Jevic Holding Corp. during the new term that began last week.  The questions it presents are relatively simple.  First, can a bankruptcy court, in dismissing a case under the U.S. Bankruptcy Code, permit parties to “structure” the dismissal to include substantive provisions regarding the distribution of assets of a debtor’s bankruptcy estate, instead of simply dismissing the case and leaving parties to their remedies under applicable non-bankruptcy law?  If yes, then can such provisions effect a distribution of those assets in a manner that contravenes the Bankruptcy Code’s priority scheme?  Most observers anticipate that the Court will focus on solely on the second question, and issue a fairly narrow ruling.  A ruling on the first question, however, would be far broader and could have as significant an impact on Chapter 11 bankruptcy practice as any case that the Court has decided in decades.

Read More from: Bankruptcy Law Insights

6 days 3 hours ago

hurricane-floodingThe Bankruptcy Court for the Eastern District of North Carolina has issued an order establishing some procedures in the wake of the massive flooding in the district.

Hurricane Matthew has unleashed unprecedented flooding over many parts of the District.  This flooding has caused disruptions in employment; property damage and other issues.

The Bankruptcy Court has provided to the trustees the authority to continue any § 341 Creditors’ Meetings without a motion.

Read More from: Bankruptcy Law Network

6 days 3 hours ago

Warren's voice is powerful in criticizing big banks, but she could play a more active role in providing relief to community banks to help boost job creation.

Read More from: BankThink

6 days 5 hours ago

tax deductions bankruptcy

It’s tax time for those on extension  and the hunt goes on for tax deductions to lower your income tax hit.

Tax deductions lurk in the most unlikely places.

If your Chapter 13 plan is catching up home loan arrears, look at your trustee’s annual report for some deductible mortgage interest.

Most likely, the lender’s filed proof of claim in the bankruptcy case is full of interest on the loan which accrued but was not paid before the case was filed.

Lender’s claim loaded with interest

Until late in most 30 year mortgages, a substantial amount of each monthly  payment on your home loan  is interest.  That mortgage interest can be deducted if you itemize deductions.

6 days 5 hours ago

Breaking News This Morning ...

Earnings season opens: Analysts are expecting a "downbeat" third quarter from U.S. banks, which began reporting earnings results on Friday. The combined profits for the big six banks are expected to fall about 9% to $20.1 billion compared to the same period last year, the Financial Times says. One reason is a 0.1% decline in business lending. "Although small, the contraction from the prior quarter is the first such drop in...

Read More from: BankThink

6 days 5 hours ago

I just want to observe the irony that while the anti-consumer echo chamber was jumping up and down in joy over the ruling in PHH v. CFPB (see, e.g., here, and here), Wells Fargo's CEO resigned over a consumer financial abuse scandal.  Hmmm.   But surely if the CFPB had been a multi-member commission or the Director were subject to at-will removal, all would be well. 

(I'd also point out that for all of the self-congratulations in these pieces, they don't seem to have realized how little the PHH ruling actually buys them. Maybe if they actually bothered to understand the agency, rather than just spout rhetoric, they might realize what a manqué victory this was.)

Read More from: Credit Slips

6 days 14 hours ago


Junk debt buyers are the modern version of a post Civil War carpetbagger as they suck money out of every county in the State of Nebraska without contributing anything in return.  I cannot think of a single positive thing these debt collectors contribute to our state.

6 days 15 hours ago

Geena Davis made a rousing speech on unconscious bias at the annual gala for our "Most Powerful" honorees. Sheila Bair writes about the importance of hiring and promoting women, while Ghela Boskovich warns that doesn't necessarily give women a voice in their organizations. Also, Avid Motjtabai, Jamie Dimon, Julie Stackhouse and a real-life Peggy Olsen.

Read More from: BankThink

6 days 23 hours ago

Basis Points Nominated for 2016 Best Legal Blog

Basis Points has been selected to compete in The Expert Institute’s Best Legal Blog Competition.

From a field of hundreds of potential nominees, Bracewell's Basis Points Blog has received enough nominations to join the one of the largest competitions for legal blog writing online today.

Now that the blogs have been nominated and placed into their respective categories, it is up to their readers to select the very best. With an open voting format that allows participants one vote per blog, the competition will be a true test of the dedication of each blog’s existing readers, while also giving up-and-coming players in the legal blogging space exposure to a wider audience.

Each blog will compete for rank within its category, while the three blogs that receive the most votes in any category will be crowned overall winners.

The competition will run from October 3rd until the close of voting at 12:00 AM on November 14th, at which point the votes will be tallied and the winners announced.

The competition can be found here.

Read More from: Basis Points

1 week 43 min ago


I’ve always assumed that California law excluded from income debt forgiven in bankruptcy, just as federal tax law does.

When a client asked me to confirm that the treatment was the same, I realized that this was one of those things I had just assumed.  As a lawyer, I ought to know the danger present in “assume”.

1 week 1 hour ago

Without investigations by the Los Angeles Times and city prosecutors, the Wells Fargo account scandal would never have come to light. Where were federal regulators?

Read More from: BankThink

1 week 2 hours ago