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ABI Blog Exchange

  1. Jeffrey Scholnick was recently part of a panel discussion for a seminar on Student Loans in bankruptcy.
  2. Jeff recently had an exclusive interview with Fonseca, a Latino singer, who performed at the Fillmore in Silver Spring, MD.  You can find the English and Spanish versions of Jeff’s article here, on page 25/48. (Mundo Latino – Mayo 2016)
  3. Additionally, Jeff Scholnick has been appointed the Legal Advisor to the Mundo Latino Baltimore Newspaper!  You can find past editions of the newspaper here!

Read More from: Scholnick Law

4 days 9 hours ago
The company behind brands like Fab laundry detergent and Rit dye, Phoenix Brands LLC, filed for chapter 11 protection to sell its business. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”) DBR reports in WSJ on the bankruptcy of shale company Intervention Energy Holdings LLC. SunEdison Inc.’s junior creditors will conduct a bankruptcy probe, DBR reports in WSJ. Carl Icahn, the new owner of the Trump Taj Mahal in Atlantic City, wants to make the casino great again, the Associated Press reports.

Read More from: WSJ.com: Bankruptcy Beat

4 days 9 hours ago
After extensive briefing and hearings, the U.S. District Court presiding over the appeal (foreign readers: general trial judges in the U.S. federal court system sit in an appellate capacity over the specialized bankruptcy courts) from the U.S. Nortel proceedings punted this week.  More precisely, the judge, almost resignedly, acknowledged that the appellate appetite of the parties showed little sign of abatement and so has recommended that the appeal go straight to the U.S. Court of Appeals for the Third Circuit (which would hear any appeal from the District Court).  If the appellate court takes this direct appeal, which it almost certainly will, this could very well be the final stage.  Stay tuned!

Read More from: Credit Slips

5 days 2 hours ago
It has become something like conventional wisdom that the pending SCOTUS case involving the Recovery Act is no longer relevant. After all, the giant interest payment due July 1 is largely attributable to GO bonds, and the Commonwealth itself is not even subject to the Recovery Act. And the pending PROMESA bill would expressly override the Recovery Act. Taking the last point first, we should not assume that PROMESA will be enacted before the Supreme Court rules. Indeed, there are many political reasons why Congress – the Senate in particular – might want to wait until the Supreme Court acts before advancing PROMESA.  Moreover, what the Supreme Court says with regard to the Recovery Act matters. For example, what if they rule that the 1984 addition of section 101's definition of "State" was impermissible, in the way that it treated the Commonwealth? That might render the Recovery Act subject to section 903 preemption, while at the same time allowing Puerto Rico the ability to authorize its municipal entities to file under chapter 9. That could possibly force some rethinking of PROMESA, although I think we will still see some legislation. The details might change, however, if SCOTUS effectively amends the current Bankruptcy Code.

Read More from: Credit Slips

5 days 4 hours ago
Dear Experian, A judgment was filed against me. If a judgment is discharged in your Chapter 7 bankruptcy, can it be removed from your report? – JLB From The “Ask Experian” team – Dear JLB, The court judgment will appear as a public record in your credit report and will remain for seven years from the filing date. Any public record item in a credit report would likely be considered very negative and could affect your ability to qualify for a new rental agreement. If included in bankruptcy, the judgment will be removed when the bankruptcy is discharged. You may want to submit documentation of the bankruptcy filing, discharge, and schedule of debts showing the judgment was included. A Chapter 7 bankruptcy will continue to be reported for 10 years from the filing date, regardless of the discharge date. Any collection accounts discharged through bankruptcy are updated to show that they were included in the bankruptcy, but will still show the account history for seven years. Thanks for asking. The post Will Bankruptcy Remove Judgments From Credit Report? appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
5 days 21 hours ago
The Consumer Financial Protection Bureau (CFPB) issued a report finding that one-in-five borrowers who take out a single-payment auto title loan have their car or truck seized by their lender for failing to repay their debt. According to the CFPB’s research, more than four-in-five of these loans are renewed the day they are due because borrowers cannot afford to repay them with a single payment. More than two-thirds of auto title loan business comes from borrowers who wind up taking out seven or more consecutive loans and are stuck in debt for most of the year. “Our study delivers clear evidence of the dangers auto title loans pose for consumers,” said CFPB Director Richard Cordray. “Instead of repaying their loan with a single payment when it is due, most borrowers wind up mired in debt for most of the year. The collateral damage can be especially severe for borrowers who have their car or truck seized, costing them ready access to their job or the doctor’s office.”  Read more..
5 days 22 hours ago
The Reaffirmation Agreement Over 90% of the Chapter 7 debtors that I assist with auto loans choose to keep that auto while filing a Chapter 7 bankruptcy. This is done through the signing of a reaffirmation agreement which is prepared and provided by the auto lender. The agreement is rather lengthy and filled with unnecessary+ Read More The post Reaffirming On Your Auto Loan Through Chapter 7 appeared first on David M. Siegel.
6 days 7 hours ago
I bear no hard feelings for the JPMorgan Chase CEO, but our disagreement underscores a rift between how Wall Street firms and community banks view the post-crisis landscape.

Read More from: BankThink

6 days 23 hours ago
  On Tuesday, we blogged about the Supreme Court’s decision in Husky International Electronics Inc. v. Daniel Lee Ritz. The decision focused on the phrase “actual fraud” in 11 U.S.C. § 523(a)(2)(A), which excepts from discharge any debts arising from money, property, services, or credit “to the extent obtained by . . . false pretenses, a false representation, or actual fraud.” Regardless of what we think of the merits of the case, the Supreme Court held in a precise, narrow Part A of the opinion that “actual fraud” doesn’t require, as urged by the Fifth Circuit and Justice Thomas (in his dissent) a false representation. As promised, we’ll now cover Part B of the opinion, arguably the more interesting but almost more confusing part of the opinion. Decoding Part B of Husky v. Ritz

Read More from: Plan Proponent

1 week 12 min ago
If your wages are being garnished, or you know they will be, filing an Elkhorn Chapter 7 Bankruptcy will most likely stop the wage garnishment. An Elkhorn Chapter 7 Bankruptcy stops most wage garnishments because the moment you file a bankruptcy petition, an automatic stay immediately goes into effect. The bankruptcy laws are designed to protect you, and an automatic stay does just that.   What Is An Automatic Stay? An automatic stay protects you from creditors. The bankruptcy law requires most creditors to stop all collection activities against you during the automatic stay because your monies, assets, and property are now part of the bankruptcy estate and some portions may be exempt under bankruptcy law. Creditors are not allowed to garnish your wages, attach liens to your property, repossess assets, foreclose on your property, call you, or send you collection letters during the automatic stay.

Read More from: Wynn at Law, LLC

1 week 1 hour ago
This is the first in a blog series on student loan debt and other money matters faced by college graduates. Check out the second blog article in this series, “Recent College Graduates Need to Avoid Racking up Credit Card Debt.” It’s college graduation season, a time when many young people are celebrating their hard work by attending commencement ceremonies and formally receiving their diplomas. One of the things that graduates typically hear at these ceremonies is that they should be excited about what the future holds for them as they leave school and enter the “real world,” get jobs and start to earn a living. What graduates are not always told is just how difficult it can be to make this transition from the insulated college campus to the real world – especially when graduates haven’t yet learned what it’s like to deal with serious financial responsibilities. One thing that college graduates may want to consider as they leave school and begin to personally manage their own finances for the first time in their lives is that interest on loans can lead to a mountain of crippling debt.
1 week 3 hours ago
Banks and nonbanks should accept that more fintech regulation is inevitable, but how far regulators go will depend in part on how well companies demonstrate they are managing risk.

Read More from: BankThink

1 week 5 hours ago
Co-authored by Miranda Schiller and Agustina Berro. Last week, the Second Circuit heard oral arguments in the widely followed Marblegate Asset Management LLC v. Education Management Corp. case. When the appeal is resolved, it is expected to provide a useful guidepost for financially distressed companies that wish to engage in consensual, out-of-court restructurings of their bond debt. At issue is whether Section 316(b) of the Trust Indenture Act provides an independent cause of action for noteholders where there has been no breach of any indenture covenant but the practical effect of a restructuring transaction supported by the majority of the noteholders is to insure that the holdout noteholders will not recover principal or interest. In this alert, we report on the parties’ arguments to the Second Circuit and the questions which the panel appeared to be focused on. View this alert.
1 week 5 hours ago
On Thursday in Richmond, Va., a bankruptcy judge will hold a preliminary hearing on Alpha Natural Resources Inc.’s multibillion-dollar debt-repayment plan. Alpha, which sought chapter 11 protection in August, will ask Judge Kevin R. Huennekens to approve a plain-language version of the plan intended to help creditors decide whether to vote for or against the proposal. The plan outlines how much those creditors can expect to recover and is funded by the sale of some of the company’s coal mines and other assets. Alpha’s natural-gas business is now slated to be sold off to Vantage Energy, which beat out Rice Energy to win the bidding at an auction Monday. Bankruptcy filings show Vantage bid $339.5 million for the unit, which explores for gas in the Marcellus Shale, driving up Rice’s initial offer of $200 million to $335 million but ultimately prevailing.

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 hours ago
Madison, Mississippi based All American Check Cashing is under fire again after the U.S. Consumer Financial Protection Bureau (CFPB) filed suit against the company for allegedly engaging in deceptive practices. All American is also the subject of an enforcement action by the Mississippi Department of Banking and Consumer Finance. Deceiving Customers The CFPB lawsuit alleges that All American and its employees deceived customers in regard to the extent of their fees. In fact, the company is accused of having a policy to conceal the amount of their fees. In training, new employees were allegedly instructed to never tell the customer the fee charged to cash the check and instead to say they did not know what the fee would be. If a customer tried to back out of the transaction, CFPB alleges that employees would falsely state that it was too late to reverse the transaction or intentionally make it impossible to do so by stamping “For Deposit Only: All American Check Cashing Inc” on the back of the check. All American is also facing shutdown by the Mississippi Department of Banking and Consumer Finance due to its alleged violation of the state’s law against “rollover” loans. This law is supposed to prevent “collecting fees on loans while issuing a new loan to pay off the old one.”

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

1 week 7 hours ago
Regulators have abused their role of implementing law to actually make financial policy, usurping the role of Congress in a tripartite system.

Read More from: BankThink

1 week 7 hours ago
Wall Street Journal As Columbia Law School professor Robert Jackson noted in an op-ed on Thursday, there needs to be a source of real competition for the credit-card pushers, namely online marketplace lenders, so consumers with below-average credit scores can have access to credit at somewhat reasonable rates. Because there's clearly demand. Credit card balances in the U.S. could hit $1 trillion this year. That would be near the $1.02 trillion peak posted in July 2008. The...

Read More from: BankThink

1 week 7 hours ago
A female executive sues Bank of America, accusing the company of being a "bros club" and paying her less than male colleagues; Democrats call on the overwhelmingly "white and male" Fed to prioritize diversity; Goldman, which lags when it comes to female leadership, names a new CEO for its bank unit, coincidentally swapping in a man for a woman. Also, Ruth Porat, chief culture officers, and the stubborn gender pay gap.

Read More from: BankThink

1 week 8 hours ago
[wsj-responsive-image P="//art.wsj.net/api/photos/36433807/smartcrop?height=499&width=749" J="//art.wsj.net/api/photos/36433807/smartcrop?height=639&width=959" M="//art.wsj.net/api/photos/36433807/smartcrop?height=853&width=1280" credit="Agence France-Presse/Getty Images" placement="Inline" suppressEnlarge="false" ] Breitburn Energy Partners LP, which filed for bankruptcy Sunday, won approval to spend $75 million of up to $150 million to stay in business while it restructures in bankruptcy. Read the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”) The Port Authority of New York and New  Jersey reached a deal to pay to end a dispute with bankrupt construction company Collavino Construction Co., which worked on the One World Trade Center tower in Manhattan, DBR reports in The Wall Street Journal.

Read More from: WSJ.com: Bankruptcy Beat

1 week 9 hours ago
Here at Kentucky Bankruptcy Attorney John Rogers we offer this opportunity. The physical and mental stress you are suffering is not necessary. Give us one hour, at not cost to you, and we can show you how you can end the constant stress. A bright future lies ahead for you and many others. Click here to hear the relief in the voices of those we have helped.  
1 week 1 day ago

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