ABI Blog Exchange

The economic hardships of recent years combined with the burst of the “housing bubble” caused many Michigan families to get behind on their mortgage and/or property taxes.  Although things may be improving now for some families and individuals, many homeowners are still trying to dig out the financial mess.  This includes dealing with past due […] The post Property Tax Forfeiture and Foreclosure Timelines for Michigan – Time is Running Out! appeared first on Acclaim Legal Services, PLLC.

Read More from: Acclaim Legal Services

2 weeks 1 day ago
Credit Card Balances Reach Highest Levels Since 2008, TransUnion Reports According to an article in ACC International (an Association of Credit and Collection Professionals) “On the heels of a strong holiday shopping season, our data show that consumers are charging more of their purchases, a positive sign for the credit card industry,” said Nidhi Verma, director of research and consulting in TransUnion’s financial services business unit. “With a stabilized delinquency environment reflected by essentially the same delinquency rate as in Q4 2013, credit card balance growth generally reflects a healthy market with more consumers gaining access to credit—and using that credit to make purchases.” What does this quote above really mean?  It means that more people are charging their purchases rather than paying out right.  This may be a “positive sign for the credit card industry”, but it is troubling sign for the consumer.   Of course new debt is great for the credit card industry, but what does it really mean for the consumer?
2 weeks 1 day ago
When you know what information you need beforehand, Federal and Wisconsin tax return filing becomes a lot easier. Use this handy list to help you prepare for Federal and Wisconsin income tax return filing. 1. If you are filing your income taxes in person with a CPA or another business, such as H&R Block, be sure to bring photo identification, such as your Driver’s License and Social Security cards for all adults. 2. You will need to know the date of birth and social security numbers for everyone in your household. This includes your spouse, children, and any other person living with you for whom you provided care during the tax year. 3. Current address and relationship to you of all individuals you provided care to during the tax year. 4. W-2s from every job held during the tax year for all individuals in your household. 5. Any 1099s received by any person in your household. Common 1099s indicate interest earned, refunds received, social security, loans, reimbursements, last year’s State of Wisconsin refund, winnings, etc. 6. Any 1098s received. 1098s report payments you have made, such as school loans. 7. Any 1095 received showing credit from the healthcare.gov marketplace (health insurance). 8. Statements from your bank accounts showing savings and investments. 9. Your bank’s routing number and the account number which you would like your refund direct deposited in, if you choose the direct deposit option.

Read More from: Wynn at Law, LLC

2 weeks 1 day ago
In this March 8 file photo, a man stands outside the Tardini stadium as a note behind him reads in Italian “Chiuso per rapina” (Closed after robbery) prior to a Serie A soccer match between Parma and Atalanta in Parma, Italy.
Marco Vasini/Associated Press
This week on The Broke and the Beautiful, Parma lost more points for not paying wages, and “Real Housewives of New Jersey” star Joe Giudice is taking care of his kids while wife Teresa is in prison.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
In this March 8 file photo, a man stands outside the Tardini stadium as a note behind him reads in Italian “Chiuso per rapina” (Closed after robbery) prior to a Serie A soccer match between Parma and Atalanta in Parma, Italy.
Marco Vasini/Associated Press
This week on The Broke and the Beautiful, Parma lost more points for not paying wages, and “Real Housewives of New Jersey” star Joe Giudice is taking care of his kids while wife Teresa is in prison.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 1 day ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including the benefits of regulating banks by complexity rather than size and how to make the Fed's stress tests more effective.

Read More from: BankThink

2 weeks 2 days ago
Since the early Nineties, Czech insolvency legislation has undergone a number of positive changes. Creditor position improved, including that of secured creditors, and the protection of both the debtor and the bankrupt has also been strengthened. Moreover, with the new Insolvency Act effective from 2008, reorganization began to be more widely used in addressing bankruptcies. In Czech insolvency procedure, however, certain problematic areas still remain. One of them involves frivolous insolvency petitions filed by both creditors and debtors themselves. Creditor motivation may include efforts to discredit the debtor as competitor or pressure seeking the settlement of a disputable claim. In turn, debtors may try to prevent or delay this way the execution of judgment over their assets. The “anti-frivolous” Amendment to Insolvency Act was designed to legislatively cure the above undesired practice. At present, insolvency courts may oblige insolvency petitioners to provide a deposit to secure a potential damage originating from insolvency petitions filed by them, or reject insolvency petitions due to being evidently unfounded within 7 days of filing. However, even the above legal tools are unable to fully eliminate frivolous petitions.
2 weeks 2 days ago
At its annual meeting on March 10, Apple’s shareholder proposal on proxy access received a little more than 39% of the votes cast in favor of the proposal. The proposal asked the board to provide access rights to shareholders owning 3% for at least 3 years, which is the same threshold others are using this season
2 weeks 2 days ago
Thanks to Ken Anderson for the March issue of the Idaho-Montana Newsletter.  Click the following link.  Idaho Montana newsletter 2015.
2 weeks 2 days ago
Longview Power LLC heads to bankruptcy court Monday to try to win a judge’s approval of its plan to exit chapter 11 bankruptcy protection. Longview, the operator of a 700-megawatt power plant in West Virginia that was the largest privately funded project in the state’s history, sought bankruptcy protection in August 2013 after being plagued with operational issues since its 2011 launch. A key aspect of the plan is a settlement deal negotiated with Norwegian construction firm Kvaerner ASA and Siemens AG, which built portions of the coal-fired power plant and pushed to be paid before some of the power plant’s other debts. The settlement also ends litigation between Longview and insurer First American Title Insurance Co. over the payout of a policy covering the builders’ senior claims. Under the deal, Kvaerner will receive $48 million in cash, with Longview paying $2 million of that amount, Siemens contributing $5 million and First American providing $41 million. Company officials have put a reorganization plan, which explains how all of the plant’s debt will be repaid, before Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 2 days ago
Longview Power LLC heads to bankruptcy court Monday to try to win a judge’s approval of its plan to exit chapter 11 bankruptcy protection. Longview, the operator of a 700-megawatt power plant in West Virginia that was the largest privately funded project in the state’s history, sought bankruptcy protection in August 2013 after being plagued with operational issues since its 2011 launch. A key aspect of the plan is a settlement deal negotiated with Norwegian construction firm Kvaerner ASA and Siemens AG, which built portions of the coal-fired power plant and pushed to be paid before some of the power plant’s other debts. The settlement also ends litigation between Longview and insurer First American Title Insurance Co. over the payout of a policy covering the builders’ senior claims. Under the deal, Kvaerner will receive $48 million in cash, with Longview paying $2 million of that amount, Siemens contributing $5 million and First American providing $41 million. Company officials have put a reorganization plan, which explains how all of the plant’s debt will be repaid, before Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 2 days ago
Informing banks about the details of stress-test requirements in advance would help mitigate financial institutions' unnecessary costs. And conducting the tests on a quarterly basis would ensure that banks are unable to game the system.

Read More from: BankThink

2 weeks 2 days ago
This Oct. 24, 2014, file photo shows the Taj Mahal Casino Resort in Atlantic City, N.J.
Associated Press
Trump Entertainment Resorts on Thursday was cleared to exit bankruptcy proceedings, following a series of deals with former foes, including Donald and Ivanka Trump, who abandoned efforts to reclaim their brand from the downtrodden Atlantic City, N.J., Boardwalk gambling operation. 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.”) Chassix Holdings Inc., a parts supplier to large auto makers, filed for chapter 11 bankruptcy protection on Thursday with a prearranged restructuring plan that has the support of a majority of its bondholders. WSJ has the DBR article here.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 2 days ago
This Oct. 24, 2014, file photo shows the Taj Mahal Casino Resort in Atlantic City, N.J.
Associated Press
Trump Entertainment Resorts on Thursday was cleared to exit bankruptcy proceedings, following a series of deals with former foes, including Donald and Ivanka Trump, who abandoned efforts to reclaim their brand from the downtrodden Atlantic City, N.J., Boardwalk gambling operation. 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.”) Chassix Holdings Inc., a parts supplier to large auto makers, filed for chapter 11 bankruptcy protection on Thursday with a prearranged restructuring plan that has the support of a majority of its bondholders. WSJ has the DBR article here.

Read More from: WSJ.com: Bankruptcy Beat

2 weeks 2 days ago
Receiving Wide Coverage ... Practice Makes Perfect: Have U.S. banks finally cracked the code on stress tests? Whatever your opinion, there's an article that will reaffirm it. The Wall Street Journal suggests the Fed's annual capital review still keeps banks guessing, pointing out that Goldman Sachs, JPMorgan Chase and Morgan Stanley all overshot their proposed shareholder payouts by a significant margin. They collectively shaved off at least $11 billion in payouts in order to meet theÂ...

Read More from: BankThink

2 weeks 2 days ago
Big day in sovereign debt. After months of kicking the can down the road and a couple of anticlimactic decisions from English courts that made no practical difference in the pari passu injunction, a giant big shoe has just dropped in the Southern District of New York. Judge Griesa ruled that Argentina's dollar-denominated local law bonds were covered by his injunction just the same as New York and English law bonds. In the process, he defined (or redefined?) the injunction super-broadly, effectively blocked Argentina from issuing new foreign currency debt under its own law, potentially expanded the reach of the pari passu clause for other sovereigns, told Argentina that it was all out of comity, and told Citi to choose between New York and Cristina Fernandez de Kirchner.

Read More from: Credit Slips

2 weeks 2 days ago
Authored by Scott J. Kennelly and Janet C. Owensand Scott J. Kennelly and Janet C. Owens of Rogers TowersWe have previously posted about some of the protections available under FIRREA to the FDIC as Receiver of a failed bank, including the FDIC’s power to enforce contracts of the failed bank under 12 U.S.C. § 1821.  A recent decision out of the 9th Circuit, however, suggests that FIRREA may not protect the FDIC and its assignees from all liability stemming from contractual obligations acquired from the failed institution.

Read More from: Florida Banking Law Blog

2 weeks 2 days ago
The IMF has approved a new 4-year $17.5 billion program for Ukraine, with an immediate disbursement of $5 billion. This is a big economic, institutional, and geopolitical deal. I will comment on one small piece of one small piece: the treatment of Russia's $3 billion loan to the last Ukrainian government, about which I have written at various levels of weediness herehere, and here.

Read More from: Credit Slips

2 weeks 3 days ago
Per Part 1 of this post, the word “executory” under section 365 of the Bankruptcy Code should be defined by its original, common law meaning per Williston: a contract in which some obligations remain. That common law definition was the one on the table when Congress originally adopted this ancient provision and there is no longer any justification for imposing the labyrinthine elements of executoriness on top of it. These additional executoriness requirements were developed by the courts in the olden days when court approval of AorR was not required and executoriness was a way to protect estates from trustee foolishness or carelessness. (See my old article for details at A Functional Analysis of Executory Contracts, 74 Minn. L. Rev. 227 (1989).)  During that time, the Countryman test did a brilliant job in greatly improving the policing of those failures. However, the Countryman test is not needed for that purpose now that court approval is required for AorR. It also does not solve the underlying problem, which is manipulation of the label “executory” in lieu of applying the statute as written to cover modern problems like options and licenses. The result is confusion and unpredictable injustice to estate and counterparty alike.

Read More from: Credit Slips

2 weeks 3 days ago
Mobile wallets will undoubtedly become more popular with time, but plastic cards won't be easily killed off. We add to payment options to increase security, options and convenience.

Read More from: BankThink

2 weeks 3 days ago

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