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Fear Of Failure To List Creditors There is a fear that many chapter 7 debtors have with regard to failing to properly list creditors. The bankruptcy code provides that creditors be given due process with regard to the bankruptcy filing. This means that creditors must be given notice of the bankruptcy so that they have+ Read More

The post Chapter 7 Debtor Brings Motion To Reopen In Aurora appeared first on David M. Siegel.

1 week 7 hours ago

The Clearing House asks Fincen to do more to fight AML; two federal courts side with consumer agency in separate cases, including question about its constitutionality

Read More from: BankThink

1 week 8 hours ago

The deal comes months after First Merchants bought a minority stake in Independent Alliance.

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1 week 8 hours ago

West Town will pay $24.6 million in cash and stock for Sound Banking. The deal will close later this year.

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1 week 8 hours ago

If policymakers put empirical evidence ahead of ideology, the executive order is an opportunity to build on post-crisis improvements and address unintended consequences of reforms.

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1 week 8 hours ago

Chatter about bank-nonbank combinations pops up frequently, as it did in a low-profile way this week, but there are reasons you should be skeptical even in these anything-could-happen times.

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1 week 8 hours ago

The Federal Trade Commission is looking at whether auto finance companies that use sophisticated technology like ignition kill switches are illegally harassing subprime borrowers that have fallen behind on their payments.

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1 week 8 hours ago

The EMV migration has caused fraud to migrate to other channels. Issuers can make consumers aware of this threat and give them a handful of steps to spot trouble.

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1 week 8 hours ago

Many bank overdraft-related practices favor profits over customer financial health, but those practices are driven in part by lost revenue from an ill-advised Dodd-Frank Act provision.

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1 week 8 hours ago

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

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1 week 8 hours ago

jaceThat old adage that “things are never as they seem” aptly describes the current situation with student loan servicers. As reported by the New York Post, servicers like Navient—the largest student-loan servicer in the U.S.— are only making the student debt crises even worse.

Here’s how the process goes for many borrowers:

  1. Get an undergraduate and/or professional degree with the aid of student loans;
  2. Get a job (but fail to make the salary you had hoped);
  3. Realize that repaying those loans may prove difficult; and
  4. Apply for a repayment program that lessens your monthly obligation.

The problem? Your student-loan servicer may not be looking out for you. Servicers know they are set to make far more money with certain types of income-driven repayment programs, which cost the borrower far more in the long term.

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

1 week 8 hours ago

protect assets

Can a trust protect your assets from loss?

According to the lawyer advertising and the self-help books, everyone needs a revocable trust.

The asset protection industry loves irrevocable trusts to get assets out of your name so your creditors can’t reach your wealth.

So, do trusts work in bankruptcy to change the rights of debtors and their creditors?

Not so much.

What’s a revocable trust

A revocable trust is also called a living trust.  It’s created during the lifetime of the person putting their assets in trust.

The settlor, the person creating the trust, can unwind the trust altogether.  Or, the settlor can extract one or more assets from the trust.  It’s revocable.

The appeal of a revocable trust is that assets owned by a trust don’t need to be probated at the settlor’s death.  The terms of the trust determine who gets the trust assets.

1 week 9 hours ago

Last week in Macy v. GC Services, the United States District Court for the Western District of Kentucky certified a class action involving the Fair Debt Collection Practices Act (“FDCPA”).  According to the plaintiffs, GC Services Limited Partnership violated the FDCPA by sending them debt collection notices which failed to specify that debt validation is only required if the customer disputes the debt in writing.

The Court rejected GC Services’s argument that a class is unascertainable. GC Services contended that the plaintiffs had not shown that every class member had “suffered an injury sufficient to confer standing.”  The Court noted that the “majority of courts” (not addressed in the Sixth Circuit) do not require the named plaintiffs in a class action to demonstrate that “each and every class member could satisfy an individualized standing inquiry” at the class certification stage.

Read More from: Creditors' Sidebar

1 week 11 hours ago

    I’d like to take some time to layout my unique youth basketball coaching strategy, and demonstrate how it has guided my personal brand of commercial litigation: Precision Litigation. Less is more. — Take a moment, close your eyes, and picture a basketball coach. What did you see? If you’re like me, you saw someone sweating on the sidelines of the court shouting incomprehensible phrases at the players. Calmness is not a trait typically associated with basketball coaches, professional or recreational – and that’s what makes the games that I coach stand out. Moreover, it’s what makes me stand out. You won’t hear me screaming from the bench, nor will I give long-winded speeches during practices, before games, or even after them. Under my coaching philosophy, these forms of communication are unnecessary. I communicate with my team by condensing my strategies into buzzwords and soundbites that only take a moment for me to say and a moment for my players to understand: “Crash,” “Hide Your Numbers,” “Reach,” and “Cut” are just a few. I focus on essential tactics and let the others go. Less is more. Precision is key. Without question, I attribute this philosophy to my team’s success. Litigation is no different. State and Federal Judges are being asked to do more with less. Juries have limited attention spans. Mediators and arbitrators have busier caseloads, too. As a result, I find myself competing for their attention all too often.

Read More from: Bernstein-Burkley, P.C.

1 week 11 hours ago

A federal appeals court agreed Thursday to hear an appeal by the Consumer Financial Protection Bureau challenging a ruling last year that its single-director structure is unconstitutional, a victory for the embattled agency.

Read More from: BankThink

1 week 20 hours ago

JPMorgan Chase has partnered with the fintech firm Roostify to build a digital self-service mortgage platform.

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1 week 20 hours ago

After recording a $35.9 million quarterly loss, the online small-business lender said that it plans to reduce its annual expenses by $20 million, cut 11% of its staff and more than double its loan-loss provision from a year earlier.

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1 week 20 hours ago

U.S. District Judge Gladys Kessler is set to rule next week on whether to halt the Justice Department's quest to force banks to cut ties to industries it considers to be at high risk for criminal activity.

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1 week 20 hours ago

The financial industry has been bracing for the Trump administration’s planned revisions to Dodd-Frank, but banks are taking aim at another, potentially even more consequential regulatory framework: the rules and procedures around curbing money laundering and financial support of terrorism.

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1 week 20 hours ago

Alex Acosta played an instrumental role helping the bank raise capital and emerge from a 2011 regulatory order.

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1 week 20 hours ago

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