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White to leave: Securities and Exchange Commission Chairman Mary Jo White said she plans to step down in January at the end of the Obama administration, "opening the door to a new Republican-appointed leader who could move to loosen rules on Wall Street and curb the aggressive enforcement approach Ms. White prosecuted," in the words of the Wall Street Journal. White is the first major Obama appointee to announce a departure after...
You have several options with a debt that you owe has been placed in collections. This blog post will help you determine whether one of these options will work for your situation and explain the consequences that could occur if you are unable to choose either of these options at this time. Usually, when you owe a creditor, it will first bill you multiple times to attempt to get you to pay them directly. Depending on what type of debt that you owe, you may have some options here to get this debt settled before the creditor turns it over to a third party debt collector.
If you are dealing with an original creditor, you can attempt one of the following methods if you are unable to pay the debt in full:
Read More from: Bonds & Botes, P.C.
We all make assumptions — every day — about many things. Our false assumptions are our illusions.
There are many illusions about mediation, most of which place restrictions on the role and effectiveness of the mediation process. We all have them. Fortunately, we now have solid evidence to dispel some of them — courtesy of the U.S. Circuit Courts of Appeals.
The U.S. Circuit Courts of Appeals have been conducting formal mediation programs for decades. The earliest began in the mid-1970s. And the Circuit Courts have been studying the impact and effectiveness of those programs for years.
Read More from: Mediatbankry
On the new reality. Over at Dealb%k.
Much has changed over the past week and, without a doubt, there is more ahead in the coming months. One change that has been widely discussed is a “pause” and potential reversal to all pending regulations, which could include the approved Department of Labor (DOL) Fiduciary Rule, effective June this year with a full implementation … Continue reading
Read More from: The Robins Kaplan Bankruptcy Blog
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Every year I offer just a bit of information about Christmas shopping. We all feel the push to buy nice presents for those whom we love. But, if your budget is tight and you have begun to wonder about whether you might have to file bankruptcy in the coming months, then take care. This is because debt for “luxury items” may not be part of a discharge of debt. Luxury items are defined in statute as being over a certain dollar amount. Also, debt incurred in anticipation of bankruptcy may also fail to be discharged in a bankruptcy. So, enjoy the season. Know that the best present is to be present for your loved ones. And manage debt wisely.
Read More from: John Rogers, Attorney at Law
Credit Slips is delighted to welcome first-time guest blogger, Professor Gary Neustadter. A renowned innovative teacher, Professor Neustadter specializes in debtor-creditor law, contracts, consumer protection, and legal practice. His classic work, When Lawyer and Client Meet: Observations of Interviewing and Counseling Behavior in the Consumer Bankruptcy Law Office, is a must-read, particularly worth revisiting as the nature of legal practice changes in the last decade driven by BAPCPA and the technology.
His new article, Randomly Distributed Trial Court Justice: A Case Study and Siren from the Consumer Bankruptcy World, is one of the most exciting pieces of scholarship that I've had the pleasure of reading. Gary offers all those interested in civil justice and economic rights a rare window directly into the justice system. While the picture that he portrays is far from pretty, his article approaches the effect of great art: it challenges us to question our assumptions and our perspectives.
Welcome, Gary, to Credit Slips. We look forward to your insights.
The same incentives structure that encouraged bad behavior at the bank can be blamed for ethical mishaps in other industries as well as the government.
Once again, Chapter 13 rescued a client.
He’ll get out of debt and pay (effectively) no interest going forward on his credit cards.
He owned a home, had a job, and was solvent on paper, but he couldn’t sleep for worry about his debts.
Despite having lots of equity in a house, there wasn’t not enough income to retire the debt when the mortgage resets in the spring.
Chapter 7 would get rid of the debt, but cost him his house.
Thank goodness for Chapter 13, where you
Read More from: Northern California Bankruptcy Lawyer
American Apparel LLC and five of its subsidiaries have filed petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 16-12551). As many may remember, American Apparel only emerged from bankruptcy earlier this year, on February 5, 2016 (Case No. 15-12055). According to the First Day Declaration, the Debtors have faced unexpectedly difficult market conditions since emerging from the prior Chapter 11 proceedings; they have seen sales drop by 32.7% and EBITDA decline by $40 million, while many of the Debtors’ restructuring initiatives have failed to have the impact expected.
Read More from: Cole Schotz P.C. Bankruptcy & Restructuring Law Blog
The president-elect faces major questions about credit access, affordable housing, the future of Dodd-Frank and the structure of the Consumer Financial Protection Bureau and the extent to which he will act upon them remains unclear.
Wall Street Journal Dismantling Dodd-Frank: Rather than fully repealing the Dodd-Frank Act, Donald Trump's transition team is instead looking at dismembering the parts of it that "Republicans find most objectionable," according to The Wall Street Journal. One part they want to jettison is the Financial Stability Oversight Council's authority to designate large nonbanks as "systemically important." Another priority is overhauling Title II, which gives regulators the authority to take over a failing bank and liquidate itÂ...
Read More from: eSQUIRE Global Crossings
a written correspondence, other than notice on a payment coupon or other payment medium supplied by the servicer, that––
Read More from: Tampa Bankruptcy
Our Union Grove bankruptcy lawyer, Shannon Wynn, noticed a trend this month. Quite a few people landed on our bankruptcy website from searching for the terms “Does Chapter 13 Stop WE Energies”, “Will Alliant Energy Disconnect in the Winter”, and other various search terms under this topic. In this post, Attorney Shannon Wynn wants to address this topic and offer some advice.
First, Attorney Shannon Wynn will address the main question at hand. Does a bankruptcy stop WE Energies or Alliant Energy? The answer is yes.
If you qualify and file a Chapter 7 bankruptcy, you are required to produce all debts to the trustee for discharge. This includes utility bills. If your bankruptcy gets discharged, you will no longer be responsible for the utility debts. However, Attorney Shannon Wynn wants you to keep in mind that to continue service after bankruptcy you many need to submit a lump sum deposit to WE Energies or Alliant Energy.
Read More from: Wynn at Law, LLC
Banking is not an industry; banking is not the real economy. The big banks especially are economic and political behemoths that remain unpopular and poorly understood in the popular imagination. Opinion polls show voters favor breaking them up, and some shareholders do too. While Wall Streeters may bemoan the fact that banks are no longer hot growth stocks, I suspect most voters who chose either candidate would not be saddened to see banks become public utilities. The Republican agenda to roll back Dodd-Frank, if this means unshackling the megabanks from speculating with public and taxpayer funds, will be the first betrayal by the incoming administration of its voter base.
The Deal’s latest Q3 2016 bankruptcy and out-of-court restructuring league tables again rank Orrick as a top bankruptcy and restructuring law firm. In the Out-of-Court Restructuring League Tables, Orrick earned a #6 ranking for creditor’s counsel in out-of-court restructurings. Additionally, the firm ranked #7 by billings in The Deal’s Bankruptcy League Tables for the third consecutive quarter in 2016. These are not the first league table distinctions Orrick’s Restructuring Group has garnered in 2016. In Q1, we were also ranked #5 for restructuring counsel to distressed companies. In 2015, we were earned an inclusion in the top ten bankruptcy legal advisor rankings in each quarter.
Over the past few months, Orrick’s Restructuring group has advised clients on several key restructuring matters, particularly in the areas of distressed energy and equipment finance. We have counseled a majority lender in the restructuring of Chesapeake Energy Corporation and the administrative agent in the restructuring of loans to Stonegate Production Company.
Read More from: Orrick, Herrington & Sutcliffe LLP
Overview In this bankruptcy case study, we are going to analyze the financial situation for Ms. L., who resides in Chicago. She resides on Woodland Park Avenue of the East side of the city. She filed a chapter 13 bankruptcy back in 2006. Thus, she is eligible for either a chapter 7 bankruptcy case or+ Read More
The post This Is The Bankruptcy Case Study For Miss L., Living In Chicago appeared first on David M. Siegel.
Read More from: David M. Siegel | Chicago Bankruptcy Law
Regulatory costs may be warranted, but neither Congress nor the executive branch assessed the cost of the Dodd-Frank Act before its enactment.