Read More from: eSQUIRE Global Crossings
Recent moves by the Consumer Financial Protection Bureau, including a plan to regulate payday lending, take away what limited credit options consumers have.
Navy Federal Credit Union is a Virginia based credit union that limits its membership to people who have been or are currently serving in the U.S. military, Department of Defense employees and contractors, and their immediate family members. It is currently the largest credit union in the United States. Navy Federal has recently been penalized for using improper debt collection practices.
On October 11, the Consumer Financial Protection Bureau (CFPB) ordered Navy Federal Credit Union to pay approximately $23 million to victims of its practices, as well as a civil penalty of $5.5 million to the CFPB Civil Penalty Fund. In addition, Navy Federal will make a comprehensive plan to correct is debt collection practices.
Read More from: Bonds & Botes, P.C.
not so much about HOW MUCH,
when you file bankruptcy.
WHO, WHO, WHO.
If your debt is subject to discharge, your bankruptcy wipes out all of your debt, in whatever amount, to a listed creditor.
It’s all about due process. Remember from civics class?
Notice of your bankruptcy case is the due process that a creditor must get.
Notice gives the creditor a chance to share in any distribution in a bankruptcy case; the creditor gets a chance to contest your right to get a bankruptcy discharge. A creditor can challenge the discharge of your debt to the creditor if there are legal grounds.
Read More from: Northern California Bankruptcy Lawyer
Many have linked the gender gap in financial services to the difficulties in balancing work pressures with family demands. To help address this, paid family leave should be compulsory in the industry.
Breaking News This Morning ...
Goldman's earnings soar: Goldman Sachs's third quarter earnings jumped 47% versus the year-ago period as trading revenue rose 17%. The bank earned $2.09 billion, or $4.88 a share, easily beating analysts' estimates of $3.82 a share. A year earlier it earned $1.43 billion, or $2.90 a share. Revenue rose 19% to $8.17 billion from $6.86 billion, well above Street forecasts of $7.42 billion. Return on equity climbed to 11.2%, up from...
“You don’t need my permission. Just click your heels together three times and say, ‘There is no place like mediation.’”
–U.S. Bankruptcy Judge Benjamin Goldgar, In re Caesars Entertainment hearing on 2/18/2016.
Despite such a statement, the Bankruptcy Court in Chicago had already, prior to February 2016, revoked its local rules on mediation.
Fast-forward to mid-September of 2016. This same Bankruptcy Court in the same In re Caesars case bemoans a mediator’s failure to provide evidence on usually-confidential mediation details.
–In response, the mediator resigns.
Read More from: Mediatbankry
Well, let’s start with another measure about how bad
the Student Loan situation is.
Credit Sesame, a credit and loan management company, took a look at the places where the median annual income for those with a bachelor’s degree or higher is less than the average student loan balance. In short, places where graduates owe more than they’re earning.
Read More from: Discharge Student Loan
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.
Read More from: David M. Siegel | Chicago Bankruptcy Law
The demographics of our country are changing. If businesses arenÂ't figuring out a way to change, too, they risk being left behind.
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.
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 ... ...
I 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.
Anyone 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
Read More from: The Law Office of Joel R. Spivack
Read More from: CLLA Bankruptcy Blog
Community banks need profit and diversification opportunities, while marketplace lenders may find mergers to be the easiest route into the banking system.
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
Read More from: Credit Slips
The 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
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.