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Risk-based premiums should apply to big banks as well as small ones. That's because the assessment would have an immediate impact on big banks' quarterly profits, thereby appropriately charging them for the competitive advantage and privilege afforded by their size.

Read More from: BankThink

1 week 7 hours ago
Authored by Samantha Alves Orender of Rogers TowersFlorida 1st DCA Distinguishes Between Amending a Final Judgment under Florida Rule of Civil Procedure 1.540(a) and 1.540(b) as to Mistakes In Lorant v. Whitney National Bank, decided February 24, 2015, Florida’s First District Court of Appeal considered whether Florida’s Rules of Civil Procedure provide for the ability to correct “clerical mistakes” nearly three years after the entry of a final judgment. The court held that amending the order to clear up the litigation status of the parties was not a “clerical mistake” as anticipated in Rule 1.540(a). Specifically, Rule 1.540(a) allows for any “clerical mistakes” or errors in a judgment to be corrected for—as the First District put it—an “indefinite period of time.” On the other hand, Rule 1.540(b) allows for the correction of “mistakes” or “inadvertence” for a “reasonable time” not to exceed one year after the court enters judgment.

Read More from: Florida Banking Law Blog

1 week 7 hours ago
“Smokey, this is not ‘Nam. This is [bankruptcy]. There are rules.” – Walter Sobchak, The Big Lebowski (as modified) Does technical noncompliance with the Bankruptcy Rules and the official proof of claim form warrant disallowance of a claim, or does that approach simply put form over substance?  Do you think the answer is clear?  Think again.  It turns out that courts are divided on whether noncompliance with the stated requirements of the Bankruptcy Rules and the official proof of claim form can, alone, warrant disallowance of claims.  Or is it all just a tempest in a teapot?  Let’s see, shall we?  In In re Tatro, the chapter 7 debtor was formerly a licensed stock broker and investment advisor (with the emphasis on “formerly”).  After Tatro commenced his chapter 7 case, a group of over one hundred claimants (all represented by a single law firm) filed 102 separate, but substantially identical, proofs of claim.  Each of the proofs of claim attached a one-page rider stating that the documents evidencing the claimant’s investments and losses thereon were too “voluminous” to attach and to “[p]lease advise if something specific is needed.” Enter Bankruptcy Rule 3001, which provides:
1 week 8 hours ago
In its decision in Janvey v. The Golf Channel, 2015 WL 1058022 (5th Cir. 2015), the Fifth Circuit reiterated its requirement that value for purposes of the Uniform Fraudulent Transfer Act requires a showing of value to the transferor’s creditors where the transferor was operating a Ponzi scheme.  The facts in the case were undisputed.  Stanford International Bank operated a Ponzi scheme over the course of many years.  In order to increase its name recognition, Stanford decided to sponsor the St.

Read More from: Creditors' Rights

1 week 9 hours ago
Congress should avoid becoming so focused on the problems with big banks that they overlook the community lenders suffering from a lack of regulatory relief.

Read More from: BankThink

1 week 9 hours ago
Subpoenas Are Rare In Bankruptcy Subpoenas issued in consumer related bankruptcy cases are rare. They are usually issued by the United States Trustee pursuant to an investigation as to dischargeability. Although ordinary creditors do have the right to conduct 2004 examinations with court approval and subpoena documents, they often will not undergo the process because+ Read More The post Responding To A Subpoena To Produce Documents In A Bankruptcy Case appeared first on David M. Siegel.
1 week 9 hours ago
Receiving Wide Coverage ... Save Hamilton: Ben Bernanke has joined the growing chorus of those who say the Treasury should bump Andrew Jackson from his perch on the $20 to make way for the first woman on U.S. currency Â-- and leave Alexander Hamilton be on the $10. The former Fed chief writes on his blog that he's "appalled" by the plan to push aside Hamilton (who Bernanke calls "without doubt the best and most foresightedÂ...

Read More from: BankThink

1 week 10 hours ago
Rifles sit on display in the Colt’s Manufacturing Co. booth on the exhibition floor of the 144th National Rifle Association (NRA) Annual Meetings and Exhibits at the Music City Center in Nashville, Tennessee, on Saturday, April 11.
Daniel Acker/Bloomberg News
Gun maker Colt Defense LLC has pushed back until Wednesday a planned showdown with bondholders that are offering what they say is a superior financing package to get the company through bankruptcy. 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.”) The federal government may try to assess damages against Altegrity Inc., the bankrupt parent of a government security investigations contracting business that is been accused of fraud in a whistleblower lawsuit, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 week 11 hours ago
Rifles sit on display in the Colt’s Manufacturing Co. booth on the exhibition floor of the 144th National Rifle Association (NRA) Annual Meetings and Exhibits at the Music City Center in Nashville, Tennessee, on Saturday, April 11.
Daniel Acker/Bloomberg News
Gun maker Colt Defense LLC has pushed back until Wednesday a planned showdown with bondholders that are offering what they say is a superior financing package to get the company through bankruptcy. 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.”) The federal government may try to assess damages against Altegrity Inc., the bankrupt parent of a government security investigations contracting business that is been accused of fraud in a whistleblower lawsuit, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 week 11 hours ago
Rifles sit on display in the Colt’s Manufacturing Co. booth on the exhibition floor of the 144th National Rifle Association (NRA) Annual Meetings and Exhibits at the Music City Center in Nashville, Tennessee, on Saturday, April 11.
Daniel Acker/Bloomberg News
Gun maker Colt Defense LLC has pushed back until Wednesday a planned showdown with bondholders that are offering what they say is a superior financing package to get the company through bankruptcy. 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.”) The federal government may try to assess damages against Altegrity Inc., the bankrupt parent of a government security investigations contracting business that is been accused of fraud in a whistleblower lawsuit, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 week 11 hours ago
  ASSET EXEMPTION DESCRIPTION LAW IMPORTANT CASES & NOTES Homestead $60,000 of home equity. No more than 2 lots in City or Village, 160 acres farmland. Sales proceeds protected for 6 months. §40-101, 40-111, 40-113 Must reside in the home on the date the bankruptcy is filed to claim exemption. Life Insurance & Annuity Contracts Life insurance or annuity contract proceeds to $100,000 §44-371 Exemption only applies to cash values accrued more than 3 years prior to filing bankruptcy. Fraternal benefit society benefits of up to $100,000 44-1089 Retirement/Pension Stock, Pension, or Similar Plan or Contract. §25-1563.01 Limited to an amount “reasonably necessary” for the support of the debtor. Tax Exempt Retirement Accounts 11 U.S.C. §522 In re Euse (2011) Nebraska debtors qualify for the federal exemption of tax deferred retirement accounts in addition to §25-1563.01. County Employees §23-2322 Military Disability Benefits to $2,000 §25-1559 School Employees §79-1060, 79-1552 State Employees §84-1324 State Patrolmen §60-459, §81-2031 Legislators §24-710.02 Judges §50-916 Burial Plot §12-517 Crypts, lots, tombs, niches & vaults §12-605 Perpetual Care Funds §12-511 Clothing §25-1556 Food & Fuel to last 6 months §25-1556 Household Goods & Furniture $1,500 per debtor §1556
1 week 20 hours ago
Acclaim Legal Services is proud to announce that long-time firm colleague, Attorney Kevin Carr, has joined our practice.  Attorney Carr is a seasoned veteran of debt resolution law.  He has over 35 years of experience and previously ran his own bankruptcy practice, Carr & Associates.  Attorney Carr will primarily manage Acclaim Legal Service’s (ALS) Dearborn […] The post Detroit Bankruptcy Attorney Kevin Carr Joins Acclaim Legal Services appeared first on Acclaim Legal Services, PLLC.

Read More from: Acclaim Legal Services

1 week 1 day ago
Often, when folks are in Chapter 13 Bankruptcy, their income will change and they find themselves unable to make the trustee payment. What do they do then ? You would immediately contact your attorney who would sit down with you in the office and consider the options. You would possibly have the option of lowering the percentage you are paying to unsecured creditors, thereby lowering your plan payment.  A motion would need to be filed by your attorney and approved by the Bankruptcy Judge. There could also be the option of converting your Chapter 13 Bankruptcy to a Chapter 7 Bankruptcy or dismissing your Chapter 13 Bankruptcy and filing a new Chapter 7 Bankruptcy. Your attorney will guide you in which option is best for you. The most important thing of all is to contact your attorney immediately as soon as your income changes !
1 week 1 day ago
Original Plan When a chapter 13 bankruptcy case is filed, an original plan is also filed with the court. The original plan is put forward to notify creditors, the trustee, and the court as to how the debtor proposes to repay creditors over a three to five-year period. The original plan is not likely to+ Read More The post Amending The Chapter 13 Plan For Confirmation appeared first on David M. Siegel.
1 week 1 day ago
While it’s unlikely that you will get approved for a $400,000 mortgage with a 500 credit score, you may have options if you’re looking to purchase a new home with less than perfect credit. More and more private lenders are focusing on things other than FICO score to determine eligibility for a home loan. Claiming that fewer millennials are actually using credit cards and pointing to the widespread medical and student loan debt that is negatively impacting scores, many lenders say that your “number” may not tell the whole story about your suitability to borrow and manage money. Some of the things they’re examining include: Liquidity and Income It’s more important that you’re able to demonstrate a cumulative pattern of savings and financial responsibility than anything else. If you can produce bank statements that illustrate that you’ve been saving and are fully committed to the responsibility of homeownership, an outstanding medical bill may not be so much of an issue. Rent Payment History
1 week 1 day ago
More than a decade after his Chicago hospital collapsed into bankruptcy, Peter Rogan faces a reckoning. Mr. Rogan last week pleaded not guilty to criminal charges accusing him of trying to evade creditors from collecting nearly $200 million in legal judgments against him in connection with the fraud that brought down Edgewater Hospital and Medical Center. According to the Chicago Tribune, Mr. Rogan faced a $64 million civil judgment in a lawsuit accusing him of submitting false Medicare and Medicaid claims on the hospital’s behalf and another $124 million judgment from a hospital creditor. Prosecutors now say that Mr. Rogan worked with his lawyer to avoid paying up, taking such steps as hiding a trust account. Court records show that after entering his not guilty plea in Chicago, Mr. Rogan was taken into custody. He will return to federal court Wednesday for a detention hearing.

Read More from: WSJ.com: Bankruptcy Beat

1 week 1 day ago
More than a decade after his Chicago hospital collapsed into bankruptcy, Peter Rogan faces a reckoning. Mr. Rogan last week pleaded not guilty to criminal charges accusing him of trying to evade creditors from collecting nearly $200 million in legal judgments against him in connection with the fraud that brought down Edgewater Hospital and Medical Center. According to the Chicago Tribune, Mr. Rogan faced a $64 million civil judgment in a lawsuit accusing him of submitting false Medicare and Medicaid claims on the hospital’s behalf and another $124 million judgment from a hospital creditor. Prosecutors now say that Mr. Rogan worked with his lawyer to avoid paying up, taking such steps as hiding a trust account. Court records show that after entering his not guilty plea in Chicago, Mr. Rogan was taken into custody. He will return to federal court Wednesday for a detention hearing.

Read More from: WSJ.com: Bankruptcy Beat

1 week 1 day ago
More than a decade after his Chicago hospital collapsed into bankruptcy, Peter Rogan faces a reckoning. Mr. Rogan last week pleaded not guilty to criminal charges accusing him of trying to evade creditors from collecting nearly $200 million in legal judgments against him in connection with the fraud that brought down Edgewater Hospital and Medical Center. According to the Chicago Tribune, Mr. Rogan faced a $64 million civil judgment in a lawsuit accusing him of submitting false Medicare and Medicaid claims on the hospital’s behalf and another $124 million judgment from a hospital creditor. Prosecutors now say that Mr. Rogan worked with his lawyer to avoid paying up, taking such steps as hiding a trust account. Court records show that after entering his not guilty plea in Chicago, Mr. Rogan was taken into custody. He will return to federal court Wednesday for a detention hearing.

Read More from: WSJ.com: Bankruptcy Beat

1 week 1 day ago
Apple realizes that retailers are uniquely well-positioned to encourage mobile payments adoption. That's why the company's decision to start accepting retailer loyalty cards on Apple Pay before launching a loyalty program of its own makes good sense.

Read More from: BankThink

1 week 1 day ago
In a decision that has already prompted much discussion and debate amongst the bankruptcy bar, the Supreme Court held in Baker Botts LLP v. ASARCO that under section 330(a)(1) of the Bankruptcy Code, estate professionals are not entitled to fees for defending fee applications.  The Court found that in drafting the Bankruptcy Code, Congress had not expressly departed from the American Rule, which provides that each side must pay its own attorney’s fees, unless a statute or contract provides otherwise.  Background:
1 week 1 day ago

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