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While bankruptcy relief is available as a tool for individuals to discharge debts, it is not available to everyone, under all circumstances. Before a debtor can, for example, discharge debts in a Chapter 7 bankruptcy, he or she must prove that debts and income are within certain statutory thresholds. When determining whether an individual is eligible for relief, the nature of the debts at issue is also relevant. Read More ›

Read More from: Michigan Bankruptcy Blog

6 days 14 hours ago

James EzzellIn past blog entries, I have talked about the unbearably long time it takes to get a hearing scheduled during the appeals process in Alabama. As it turns out, we have it relatively good compared to some Social Security Administration (SSA) disability claimants in some other states, for example, Wisconsin.

So egregious were the delays in claimants getting a hearing date set at the Milwaukee Office of Disability Adjudication and Review (ODAR) that Ronald Klym, a sixteen-year senior technician in the office, blew the whistle last spring.

Apparently, according to a statistical report produced by WisconsinWatchdog.org, the time it took from requesting a hearing to actually getting one had ballooned to an average of 601 days.
Let me repeat that – 601 days was the average waiting time. Several claims took over 1000 days to schedule according to the group!

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

6 days 16 hours ago

Compensation rules mandated by Dodd-Frank are a potential tool to make executives accountable for misconduct like the Wells Fargo scandal, if regulators are willing to use it.

Read More from: BankThink

6 days 16 hours ago

Receiving Wide Coverage ...

Deeply sorry: Wells Fargo CEO John G. Stumpf will tell the Senate Banking Committee Tuesday that he is "deeply sorry" the bank opened bank accounts and credit cards for customers without permission and that he takes "full responsibility" for scandal, according to his prepared opening remarks that were obtained by the New York Times and Wall Street Journal. Stumpf will strike "a decidedly contrite tone" before the committee, the Times said. "I...

Read More from: BankThink

6 days 17 hours ago

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Pointing the way

By: Donald L. Swanson

The Ninth Circuit Court of Appeals, in a new ruling, helps point-the-way for cities facing the complexities of Chapter 9 bankruptcy.

The Facts

On March 28, 2003, three citizens of Vallejo, California, have a violent encounter with two of Vallejo’s police officers.  A lawsuit ensues.

Then, the City of Vallejo files Chapter 9 bankruptcy and achieves a confirmed bankruptcy plan.

Then, the lawsuit results in a judgement for one of the plaintiffs.

The New Ninth Circuit Ruling

Legal wranglings about the judgment result in a September 8, 2016, ruling by the Ninth Circuit Court of Appeals in a case captioned Deocampo v. Potts (Case No. 14-16192).

The Ninth Circuit’s Deocampo v. Potts ruling addresses a narrow issue.  Yet, practical lessons for cities facing Chapter 9 bankruptcy can be gleaned from it.

10 Practical Lessons

Here are ten of such practical lessons.

Read More from: Mediatbankry

6 days 19 hours ago

Allegory of justiceThe presumption that courts normally validate dispositions by a co

Read More from: eSQUIRE Global Crossings

6 days 20 hours ago

This post is about zombie debt issues in bankruptcy. I have blogged about Zombie Student Loan Debt, and, other zombie debt.  Today, we examine zombie debt in bankruptcy. What Is Zombie Debt? Zombies never die.  Mostly.  And zombie debt never dies. Most state court lawsuits, at least here in Michigan, are filed by debt buyers, [...]

The post Zombie Debt Issues In Bankruptcy appeared first on Detroit Bankruptcy Lawyer Kurt O'Keefe.

Read More from: Stop Creditor

6 days 20 hours ago

The Consumer Financial Protection Bureau can determine nearly anything to be an unfair, deceptive or abusive act or practice, and it's more likely to do so when lenders try to take advantage of regulatory loopholes.

Read More from: BankThink

1 week 10 hours ago

The New Agreement Getting paid as a chapter 13 debtor’s attorney has always proven somewhat difficult. Not the least of which is that the debtor typically must make chapter 13 plan payments from which counsel can be paid. Add on top of that the fee application, the fee order and the presentment been before the+ Read More

The post New Court Approved Retention Agreement For Chapter 13 Cases Arrives Suddenly appeared first on David M. Siegel.

1 week 11 hours ago

Upcoming Committee Formation Meeting:  Friday, September 23, 2016, 10:30AM

Case Name:  Golfsmith International Holdings, Inc. et al.
Case Number: 16-12033 (CSS)

Location: The Double Tree Hotel, 700 King St., Wilmington, DE 19801

The petitions (including the consolidated list of top 30 creditors), the first day declaration and the docket are available through Prime Clerk.

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here.

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

1 week 12 hours ago

There's no tech solution in the world that can prevent cybersecurity attacks. To mitigate risks, however, banks can apply four controls after they first determine their risk tolerances.

Read More from: BankThink

1 week 13 hours ago

Attorney Cynthia LawsonThe Fair Isaac Corporation (FICO) has changed the way in which they calculate your credit score.  The new credit scoring system, called FICO 9, went into effect in 2014.  However, it wasn’t until banks starting using the new score in mass that Fair Isaac made the new formula available to consumers.

Let’s look at what changed, why it changed and what effect this may have on consumers.

Medical Collection Accounts

The biggest change is how FICO 9 treats unpaid medical bills in calculating your credit score.  Those medical bills sent to collectors are now treated differently than a normal bill sent to a collector.  Under FICO 9, unpaid medical bills sent to collection agencies will not ding your credit score as much as other non-medical collections.  This change follows several reports (here’s one) from the Consumer Financial Protection Bureau (CFPB) regarding credit scores and medical debts.

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

1 week 16 hours ago

The revelations at Wells Fargo are reminder to directors that when a bank's performance is too good to be true, it likely is.

Read More from: BankThink

1 week 16 hours ago

NJOY, Inc., an e-cigarette and vaping company headquartered in Scottsdale, Arizona, has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12076). The petition (including the list of the top 20 creditors), the first day declaration and the docket can be obtained through Upshot Services.

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

1 week 17 hours ago

Receiving Wide Coverage ...

Too much pressure: Wells Fargo's sales culture "rooted itself so deeply … that it eventually spiraled out of control," the Wall Street Journal reports. "Questionable sales tactics … were an open secret in Wells Fargo branches across the country," according to interviews the paper conducted with more than three dozen current and former employees, from area presidents down to tellers. "Many branch managers routinely monitored employees' progress toward meeting sales goals, sometimes...

Read More from: BankThink

1 week 17 hours ago

South Jersey Bankruptcy AttorneysAlthough the economy has improved considerably in the years since the housing collapse, the reality is that many Americans are still struggling financially. It’s not easy to meet the challenges of paying bills, especially with the costs of homeownership (or renting) on the rise. Sometimes, it becomes necessary to seek assistance with financial difficulties and explore the possibility of filing for bankruptcy.

1 week 3 days ago

Mixed messaging on fin tech doesn't just emanate from the halls of Congress. It can also be found at the regulatory level as well.

Read More from: BankThink

1 week 3 days ago

Attorney Ed WoodsI recently read an informative and well written article in The Washington Post by a staff reporter for National Public Radio (NPR). In the article, the reporter, Mr. Bobby Allyn, related a personal experience wherein he encountered difficulties renting an apartment due to information contained in his credit report by credit reporting giant TransUnion.

Mistaken Identity

In the article, Mr. Allyn states that he had located an apartment in Philadelphia that he wished to lease. Before he could sign the lease, he got a phone call from the prospective landlord. The landlord expressed concerns about the criminal offenses, including two felony firearms convictions, contained in Mr. Allyn’s credit report.  Mr. Allyn pointed out that he had never owed or fired a weapon in his life. This was clearly a case of mistaken identity.

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

1 week 3 days ago

Unlike Wells Fargo's unauthorized account openings, concerns in 2003 about banks discounting rates on loans in exchange for customers buying investment-banking products were less about consumer protection than the potential harm to credit quality and competition.

Read More from: BankThink

1 week 3 days ago

Noble Environmental Power, LLC, and several of its affiliates filed for Chapter 11 protection in the Bankruptcy Court for the District of Delaware (Lead Case No. 16-12055).  Noble, a renewable energy company that owns and operates wind generation assets in New York and Texas, has its principal place of business in Centerbrook, Connecticut.  According to the Debtor’s first day affidavit, downward trends in energy prices have made its debt obligations untenable, leading to the commencement of this case.  The Debtor enters bankruptcy having already negotiated a Plan Support Agreement with its secured lender, Paragon Noble, LLC.  The Plan Support Agreement contemplates a Plan that will reduced the Debtor’s secured debt by 10%, extend the maturity of its remaining debt by five years, and reduce the rate of interest on its debt to the applicable federal rate.  The Plan will result in Paragon Noble owning 100% of the equity in the reorganized Debtor.  The Debtor has also filed a motion to retain American Legal Claim Services, LLC as claims agent.  The Debtor’s first day filings are not yet available through American Legal Claim Services.  The Debtor’s Petition may be found here and includes a list of the fifteen largest unsecured claims against the Debtor.

1 week 3 days ago

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