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Receiving Wide Coverage ... Settled: JPMorgan Chase agreed to pay $264 million and admit it violated the Foreign Corrupt Practices Act to resolve charges that it hired relatives of Chinese government officials and managers of state-owned companies to win business in China. But it may only be the first of many banks to do so. Several other U.S. and foreign banks are under investigation for similar practices, including Citigroup, Goldman Sachs, Morgan Stanley, Credit Suisse, HSBCÂ...

Read More from: BankThink

2 weeks 1 day ago

     Imagine a conversation with Siri (or other digital assistant), circa 2040, that begins as follows:

        Mariana: Siri. I am wondering whether I should file bankruptcy. What do you think?

Siri: Have you considered meeting with a consumer bankruptcy lawyer to discuss that?

Mariana: I've already contacted a few, but all of them charge more than I can afford.

Siri: I understand. I've talked with many other people who say the same thing, and many people file bankruptcy without consulting a lawyer. So let me see if I can help you. Why are you thinking about bankruptcy?

Mariana: I can't pay my medical bills and I got a notice from a collection agency about garnishing my wages. My credit card debts keep growing because I can't even pay the monthly interest, and my student loan debt is still large.

Siri: I imagine that this is pretty stressful for you and I think it is a good idea to consider ways in which you might be able to deal with these problems.

Mariana: Thanks for understanding. And I am losing sleep over this and also having trouble concentrating at work. What do you suggest?

Read More from: Credit Slips

2 weeks 1 day ago

Upcoming Committee Formation Meeting: Tuesday, November 22, 2016, 10:30 a.m.

Case Name: 16-12551 (BLS)

Location: Office of the US Trustee, 844 King Street, Suite 3209, Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.  The First Day Declaration and petition are available through Prime Clerk.

Contact Norman L. Pernick and  Nicholas J. Brannick for more information.

 

2 weeks 1 day ago

The filing fee is $335.00 for a Chapter 7 bankruptcy filing.  The filing fee for a Chapter 13 bankruptcy case is $310.00.  Some attorneys will allow for the attorney’s fees to be paid over an extended period of time.

The post What Does A Bankruptcy Cost? appeared first on David M. Siegel.

2 weeks 2 days ago

Mary Jo White's exit from the Securities Exchange Commission could make even her critics unhappy (note to Sen. Elizabeth Warren: be careful what you wish for). Former Nasdaq intern Adena Friedman makes her longtime ambition of becoming CEO of the stock exchange a reality, Amy Brady talks about the growing influence of CIOs, and Edith Cooper encourages conversations about race at Goldman Sachs. Also, Annie Leibovitz has taken some new portraits of women that you can check out in a free exhibit.

Read More from: BankThink

2 weeks 2 days ago

The complexity for large banks trying to improve culture is they are made up of different entities with competing missions and therefore competing cultures.

Read More from: BankThink

2 weeks 2 days ago

Anders Christian Digemose, the foreign representative of Abengoa Concessions Investments Limited (“ACIL”) in a proceeding under Part I of the United Kingdom’s Insolvency Act of 1986, has filed a petition for recognition of a foreign proceeding under Chapter 15 of the Bankruptcy Code (Case No. 16-12590).  The case has been assigned to the Honorable Kevin J. Carey.  According to the verified petition for recognition and final relief, ACIL is an investment holding company headquartered in England whose primary asset is the ownership of equity in Atlantica Yield PLC.  The Declaration of Rebecca Lois Jarvis explains that the case was filed to help effectuate a global restructuring of the Abengoa Group, of which ACIL is a member.  The memorandum of law in support of the verified petition can be found here.

2 weeks 2 days ago

Strategies for Getting Debt Free and Avoiding Debt Problems in the Future

It is not always easy to keep up with bills. This is especially true for a lot of Americans in wake of recent economic news, which indicates that the housing market is still struggling in New Jersey and elsewhere in the US and the economy has not rebounded to the extent needed for many people to feel economically secure.

One thing to keep in mind is that an ability to stay current with your bills is something that many people have to deal with. Moreover, it is not your fault if circumstances have put you in a position where you have to make choices between paying one bill and not paying another.

2 weeks 2 days ago

Major Make-Whole Decision from Third Circuit

Reversing the lower courts, the Third Circuit Court of Appeals has today held that, under New York law (which governs 95% of all indentures), the early repayment of indenture notes in Chapter 11 is an optional redemption requiring the payment of make-whole notwithstanding the automatic acceleration of the notes due to the Chapter 11 filing. Delaware Trust Co. v. Energy Future Intermediate Holding Company LLC (In re Energy Future Holdings Corp.), Case No. 16-1251 (5th Cir. Nov. 17, 2016). A copy of the decision can be found HERE.

Issues

Ignoring some minor nuances that will be discussed below, these are the three essential facts:

Read More from: Basis Points

2 weeks 2 days ago

In an address last week to the Insolvency Lawyers Association, Sir Geoffrey Vos, Supreme Court Londonthe new Chancellor of the High Court, looked at the future for Insolvency and Business Litigation in London, especially after Brexit.

Read More from: eSQUIRE Global Crossings

2 weeks 2 days ago

Many assume that a smart contract is something totally new. However, banking has used imperfect implementations of smart contracts for at least three decades.

Read More from: BankThink

2 weeks 2 days ago

Receiving Wide Coverage ...

Targets: House Republicans are looking to scrap rules on how brokers sell retirement investments, as well as interest rate limits and disclosures on payday lenders, once President-elect Donald Trump takes office. The push is being led by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, who is under consideration to become Treasury secretary. He asserts the rules were written by bureaucrats, not Congress. He also called for stripping the Financial Stability Oversight...

Read More from: BankThink

2 weeks 2 days ago

attorney Heather BanksOne of the requirements when filing a bankruptcy is to complete a version of Bankruptcy Form 122 which is known as the “Chapter 7 Means Test Calculation” or the “Chapter 13 Calculation of Your Disposable Income.”  Debtors enter their income and expense information on this form.  The information is partially from the debtor’s records such as pay-stubs and some of the information used is from the Census Bureau and the Internal Revenue Service.

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

2 weeks 2 days ago

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Completing the steps

By: Donald L. Swanson

 

(d) Confidentiality Provisions.— Until such time as rules are adopted under [28 U.S.C. §§ 2071 et seq.] providing for the confidentiality of alternative dispute resolution processes . . . , each district court shall, by local rule adopted under section 2071(a), provide for the confidentiality of . . . dispute resolution communications.”

Read More from: Mediatbankry

2 weeks 2 days ago

Do financial institutions care about bigotry?  I don't ask that facetiously.  I want to be clear that I am not raising the question of whether financial institutions themselves want to discriminate based on race, gender, national origin, religion, sexual orientation, etc. (or "have a taste for discrimination" in Gary Becker's terminology).  Instead, what I am asking is whether they care about bigotry and discrimination in society writ large?  That is, do financial institutions believe they have some sort of social responsibility?  Do they, as corporate entities believe in diversity and inclusion, and human rights?  Or even if they don't, do they believe that bigotry and discrimination in society are bad for their bottom line?  

Read More from: Credit Slips

2 weeks 2 days ago

While President-elect TrumpÂ's influence on the financial industry may ultimately be substantial, any change is going to be slow to develop Â-- sometimes agonizingly so.

Read More from: BankThink

2 weeks 3 days ago

The Bankruptcy Code grants a trustee (or a debtor in possession) certain “avoidance” powers to recover payments to creditors made shortly before a bankruptcy filing where the payment gave the creditor more than other, similarly situated, creditors would receive through the bankruptcy process. 

In a recent case in the United States Bankruptcy Court for the Western District of Michigan (the “Court”), the Court considered whether a payment made by a Chapter 7 debtor to her son in advance of the debtor’s bankruptcy filing was “preferential” and thus subject to recovery by the Chapter 7 trustee. Read More ›

Read More from: Michigan Bankruptcy Blog

2 weeks 3 days ago

“I know I know … it ain’t no secret if you tell // I know I know… if you want the water, then dig the well.” – Howard Pavane As litigators are well aware, a lawsuit frequently begins and ends with discovery.  Complaints must be carefully worded and allegations carefully chosen in order to maximize … Continue reading

The post Seeking Punitive Damages Can Expand Scope of Discovery appeared first on Robins Kaplan Trial Attorneys Blog.

2 weeks 3 days ago

bankruptcy upsets divorce divisionThe divorce was over.

The assets were divided by a final judgment.

The house would go to Him, and he would pay Her $75,000 on stated terms.

It was the end of a miserable stretch in their lives.

Only it wasn’t.

Before anyone recorded the judgment of dissolution (that’s Californian for “divorce”), She filed bankruptcy.

And He found out about Bankruptcy Code  §544.

Powers of a bankruptcy trustee

When a bankruptcy is filed, all of the debtor’s assets become part of the bankruptcy estate.

2 weeks 3 days ago

On November 15, 2016, Texas-based Xtera Communications, Inc. and seven of its affiliates filed voluntary petitions for chapter 11 bankruptcy relief in the United States Bankruptcy Court for the District of Delaware (Case No: 16-12577). XTERA is a leading provider of high-capacity, cost-efficient optical transport solutions that it sells to telecommunications service providers. According to the First Day Declaration, the Debtors have experienced significant liquidity issues during the past nine months caused by, among other things, the expiration of certain key contracts. The petition lists between $50 million and $100 million in both assets and liabilities. The Debtor’s stock was delisted from NASDAQ a few weeks ago.

2 weeks 3 days ago

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