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mortar-board-32277_1280_optLook at the big picture.

That was the point Adam Savage of the TV show Mythbusters made as the speaker at my son’s graduation Saturday as a mechanical engineer.

He was talking about using engineering skills after college.

But, it struck me as equally applicable to to my audience of the indebted as t as it was to his audience of newly fledged engineers.

For engineers, Savage hoped that they would look beyond the technical challenges of any task at hand to see where they, and the gadget they were making, fit in the larger world.

Your technical skills don’t exist in a vacuum, he said.  Or shouldn’t.

2 weeks 2 days ago

Congress should abandon the idea of repealing a section of the Dodd-Frank Act that has helped make pricing for payment processing more competitive.

Read More from: BankThink

2 weeks 2 days ago

attorney Heather BanksA common question that arises from clients is whether they can get their driver’s license back if it has been revoked after a car accident.  The topic of whether you can discharge debts related to a car accident bankruptcy has been previously discussed by Grant McNutt in his blog post from December 18, 2014.  He discussed that normally you can discharge debts arising from a car accident.  Some common reasons a driver may lose their driver’s license after a car accident would be because they did not have insurance and/or were unable to pay to repair the other person’s car.  Also, many times those involved have been hurt in the accident and there are medical bills and personal injury claims.

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

2 weeks 2 days ago

Breaking News This Morning ...

Earnings kickoff: JPMorgan Chase surprised investors with fairly strong second-quarter results Thursday morning. The company posted a profit of $6.2 billion and managed revenue of $25.21 billion, beating analyst projections. Trading revenue surged 23% to $5.56 billion. The Financial Times published a rundown of issues to watch – including any executive comments about the Brexit – as banks roll out their earnings this month. Meanwhile, the Journal will be live-blogging details...

Read More from: BankThink

2 weeks 2 days ago

Many people believe that they should not delay when it comes to paying off their debts and getting back on the road to being in a good financial position. However, you could be in for a big – and not so nice – surprise if you send a check to a debt collector seeking payment on an old debt.

Of course, your debts can accumulate over time, particularly as the interest on the unpaid principal balance mounts, and leave you in a very difficult spot. Even if you can only make a small dent in your overall debt balance, you may think, every little bit helps. But the truth is that paying off old debts could actually hurt you.

Harassment by Debt Collectors over Zombie Debt

If you have significant debts, you’ve probably been contacted by a debt collector. Many debt collectors are aggressive and skirt the law when it comes to pressuring a debtor to make good on the balance. Although debtors do have protections against creditors who are overly insistent on phone calls or in letters seeking payment, the problem is that some debtors get so frustrated by the debt collectors’ tactics that they actually end up encouraging the borderline-illegal behavior by giving in to the demands and paying off the debts.

2 weeks 2 days ago

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The Absolute Priority Rule: 11 U.S.C. § 1129(b)(2)(B)

By: Donald L. Swanson

A tragedy of recent Chapter 11 times is this:

–it looks like Congress tried to remove the absolute priority rule from individual Chapter 11 cases (see the “individual” exception in § 1129(b)(2)(B)(ii) photo above); but Congress didn’t quite get the removal words right, according to subsequent court rulings.

We now have an excellent example in the Nebraska Bankruptcy Court of benefits arising from a removal of the absolute priority rule in individual cases.

Read More from: Mediatbankry

2 weeks 2 days ago

Like most of my Student Loan updates, more of the same.

Student Loan News - bad
Student Loan News – bad

More student loan horror stories.

More inadequate government responses.

Why Not Just Forgive All Student Loans?

It works for millennials.

Hey, who does not want a free lunch, let alone free college?

Not all student loan borrowers were created equal.

Some of those with the most student loan debt, say, doctors, are best able to repay.

Those with five figures of student loan debt, and no degree, not so much able to repay.

Tyler O’Neil in Pajamas Media has some student loan tales.

Student Loan Update – Tales From The Front

Nursing?  Good career.  Plenty of demand. Good money.

Worth incurring the student loan debt, right?

I keep harping on how students are not told how much they need to earn to repay the student loan deb they incur.

Read More from: Discharge Student Loan

2 weeks 3 days ago
Stephen W. Sather
Barron & Newburger, P.C.
Austin, TX

Read More from: CLLA Bankruptcy Blog

2 weeks 3 days ago

Read More from: CLLA Bankruptcy Blog

2 weeks 3 days ago

Social media may be the soup de jour of bank marketing, but its value as a business acquisition tool may be greatly exaggerated unless banks fine-tune their strategies.

Read More from: BankThink

2 weeks 3 days ago

In re Metrogate, LLC, No. 15-12593 (KJC), 2016 WL 3150177 (Bankr. D. Del. May 26, 2016), (with note regarding In re Diamondhead Casino Corp., No. 15-11647 (LSS), 2016 WL 3284674 (Bankr. D. Del. June 7, 2016))

In this Opinion, the Delaware Bankruptcy Court dismissed an involuntary chapter 11 case against Metrogate, LLC f/k/a Advance Realty Group, LLC (“Metrogate”) on findings that it failed to meet the standards under section 303 of the Bankruptcy Code and was filed in bad faith.  Judge Kevin J. Carey’s ruling clarified statutory requirements under section 303 and confirmed bad faith as an independent ground for dismissal of involuntary cases under the Third Circuit’s holding in In re Forever Green Ath. Fields, Inc., 804 F.3d 328 (3d Cir. 2015). Read More ›

Read More from: Delaware Bankruptcy Insider

2 weeks 3 days ago

While the majority of the cases covered by the Weil Bankruptcy Blog address issues arising in corporate restructurings, cases concerning individual debtors often offer interesting insights into the history and meaning of various provisions of the Bankruptcy Code.  In In re Rogers, the United States Bankruptcy Court for the Southern District of Georgia provided a useful history of the absolute priority rule and analyzed its applicability to individual debtors’ chapter 11 cases. 

Background

The joint debtors’ principal asset in their chapter 11 case was a 100% ownership interest in a holding company, Wetdog, which in turn owned an historic bed and breakfast in Savannah, Georgia.  Wetdog was the debtor in a separate chapter 11 case.  The debtors had two main creditors, Belle and SBA, both of whom filed unsecured claims.  Under the debtors’ proposed plan of reorganization, all unsecured creditors received pro rata payments for a period of five years, except for Belle and SBA, who the debtors contended were being paid in full in the Wetdog bankruptcy proceeding.

2 weeks 3 days ago

The rules, meant to deter crimes like money laundering, offer banks and others a rare chance to gather valuable information that helps create personalized experiences millennials want.

Read More from: BankThink

2 weeks 3 days ago

Receiving Wide Coverage ...

Future of banking: In fintech, as in life, it all comes full circle. While banks are rushing to disrupt themselves through new offerings and partnerships with Silicon Valley, the startups are beginning to look more like banks. The Wall Street Journal published a lengthy profile Tuesday of online lender Social Finance, which has made $10 billion in loans, including student loans, since 2011. The company has reportedly been in discussions with Utah...

Read More from: BankThink

2 weeks 3 days ago

In re Montalvo, 546 B.R. 880 (Bankr. M.D. Fl. 2016) – A chapter 13 debtor moved for sanctions against a condominium as one for violations of the automatic stay and discharge injunction based on collection of condominium assessments. The court’s … Continue reading

2 weeks 3 days ago
The US real estate market has reportedly seen an influx of international buyers, with many of them focusing on lower-value properties that can subsequently be rented to middle-class families. In the past, sales of US properties to foreign buyers have been largely limited to luxury real estate holdings; however, it seems that foreign buyers are now setting their sights on properties that cost less. Immigrant foreigners are buying cheaper homes in the United States, according to real estate markets observers. Lawrence Yun, the chief economist for the National Association of Realtors (NAR), the country’s largest trade association, said that overall home purchases made by immigrant foreigners rose considerably. Yun explained that this increase in home sales to immigrant foreigners was met by reduced sales of U.S. real estate to nonresident foreigners. According to Yun, this can be explained by “weaker economic growth throughout the world, devalued foreign currencies, and financial market turbulence.” The bottom line is that foreign buyers of real estate now face less competition in the United States market but also have fewer financial resources available to them. As a result, foreign buyers are going after cheaper properties in less-expensive markets.
2 weeks 4 days ago
On June 28, 2016, the U.S. Supreme Court agreed to hear a challenge to a Third Circuit-affirmed settlement and dismissal of the chapter 11 cases of Jevic Transportation, Inc. (“Jevic”) and certain of its affiliates.  See Official Comm. of Unsecured Creditors v. CIT Grp./Bus. Credit Inc. (In re Jevic Holding Corp.), 787 F.3d 173 (3d Cir. 2015), cert. granted Czyzewski v. Jevic Holding Corp., No. 15-649, 2016 WL 3496769 (U.S. 2016).  Specifically, the Supreme Court will determine whether a settlement Jevic made with its secured lenders and the official committee of unsecured creditors (the “Committee”), which included a “structured dismissal” of Jevic’s bankruptcy cases, runs afoul of the payment priority scheme set forth in title 11 of the United States Code (the “Bankruptcy Code”).
2 weeks 4 days ago
Today’s post covers a recent decision by the United States Bankruptcy Court for the Southern District of Texas in the Chiron Equities, LLC case.  In that case, the court ordered a preliminary injunction to stop non-bankruptcy court litigation in a dispute between a majority shareholder, a minority shareholder, and his wife.  The case serves as a colorful reminder to be mindful of the limits of legal “creativity,” particularly when interpreting court orders.  
2 weeks 4 days ago
Upcoming Committee Formation Meeting: Tuesday July 19, 2016, 10:00 AM Case Name:  ESML Holdings Inc. Case Number:  16-11626 (BLS) Location:  J. Caleb Boggs Federal Building, 844 King Street, Suite 2112, Wilmington, DE 19801 Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. More documents are available from Epiq. More information about this filing can be found here. Contact Norman L. Pernick and  Nicholas J. Brannick for more information.
2 weeks 4 days ago

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