Some of our Wynn at Law, LLC bankruptcy filing clients have such tremendous anxiety over the Section 341 meeting of creditors. They’ll imagine intimidation like in the photo. For some, it’s the hang up that keeps them from filing. For others, it’s the cause of more than a few sleepless nights. I put a lot of value in the statement that 90 percent of what you worry about never comes true. The creditor meeting falls into that category.
This meeting isn’t a hearing. It’s not even in a courtroom. You’re under oath of course. However, there isn’t a judge. Here’s the two-step for taking the terror out of the topic:
First, it’s required. There isn’t a way out of it, so you go through it in order to clear the path for your financial future.
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Seacoast Commerce Banc Holdings in San Diego will keep more of its small-business loans on its balance sheet in response to rapidly changing economic and political conditions.
Senate Banking Committee Chairman Mike Crapo said Wednesday that although he plans to begin working on housing finance reform and changes to the Dodd-Frank Act, the poor relationship between Democrats and Republicans will hinder any progress.
Marketplace lenders have set themselves apart from banks by moving faster, but lending fraud might force them to revamp their authentication processes.
Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached.
Bond Street targets small businesses that might be able to qualify for a bank loan but are looking for a faster and easier approval process.
Zeus Mortgage in Houston is positioning its new online crowdfunding platform as an alternative to traditional mortgages for property buyers and others having trouble borrowing to remodel homes or fund construction projects.
Rep. Blaine Luetkemeyer, the chairman of the House financial institutions subcommittee, said Wednesday that he plans to reintroduce a bill that would change the way banks are designated as systemically important.
Banks are woefully unprepared to face potential cybersecurity threats stemming from third-party technology providers, according to a report issued Wednesday by the Federal Deposit Insurance Corp.’s independent watchdog.
The OCC wants California First to implement “prudent concentration limits” on leveraged loans.
The Basel III capital requirements are making it hard for banks to stay in the servicing business, said David Motley, president of Colonial Savings. Their exodus from the market indirectly hurts consumers, he argued.
If Washington lowers taxes as much as banks and the rest of corporate America hope, it will yield a bonanza of earnings per share, new tech investments or investor dividends … right? Not exactly, bank leaders warn.
The Consumer Financial Protection Bureau is seeking feedback on the benefits and risks of using alternative data sources, such as rent or utility payments, that would allow lenders to build a credit history for unbanked consumers.
Folks keep telling me that Bankruptcy Discharge
Of Student Loans does not/can not happen.
Even a lawyer friend I was speaking to last week.
Uh, yes. Not automatically. Not easily. But, yes, you can.
When a bankruptcy case is filed, the computer assigns it to a judge and trustee.
If you want to get your student loans discharged, you have to file a separate lawsuit, against the student loan lenders, in bankruptcy court. You get the same judge.
You better have a lawyer.
Which is another hurdle. Hello? You are already bankruptcy, and now you need more dollars to pay an attorney to try to discharge student loan debt in bankruptcy.
In the 6th Circuit, which includes Michigan, where I practice, you can get a partial discharge of student loan debt.
In some Circuits, it is all or nothing.
Here in the 6th, the court will actually do an income/living expense analysis projected out over your working lifetime, to calculate exactly how much you can afford to pay on your student loan debt.
The burden is on you to show that it would be an undue hardship for you, or your dependents, for you to have to repay your student loans.
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Recoupment is an equitable remedy – not expressly addressed in the Bankruptcy Code – that permits the offset of mutual debts arising out of the same transaction or occurrence. Unlike typical setoff, if recoupment applies, prepetition debts can be set off against postpetition debts. A recent decision from the Delaware bankruptcy court demonstrates that the availability of recoupment often depends on how the court defines the contours of the “same transaction or occurrence” requirement. It also highlights the differences between the Second Circuit and Third Circuit in applying this doctrine.
Before its bankruptcy filing, WL Homes LLC (“WL Homes”), a homebuilder, took out an insurance policy (the Home Builders Protective Insurance Policy) with Zurich American Insurance Company (“Zurich”). The policy covered WL Homes for damages and defense costs relating to, among other things, construction defects. Coverage under the policy only kicked in after WL Homes itself paid a certain portion of these costs, defined under the policy as a self-insured retention (“SIR”). Prior to the petition date, various homeowners filed claims against WL Homes for construction defect flaws, several which were large enough to implicate Zurich’s obligations under the policy.
Read More from: Business Finance & Restructuring News - Weil
Stocks of big banks have now largely recovered from their financial crisis lows; the big Japanese tech and telecom company plans to buy the $70 billion asset manager.
Focusing on the rise of auto financing delinquencies ignores the bigger picture: loan volume has grown on all risk tiers and defaults are a natural part of the process.
CapGen, once a vocal critic of management, will cut its holdings to as little as 3% of shares outstanding.
The bank and cloud accounting platform will offer services to mutual customers via API.
The risk, complexity and psychological biases related to financial products make them ill-suited for push-based selling tactics. Instead, banks should use their digital channels to help customers decide what they want.