One of the major concerns people have when they consider filing for bankruptcy is the damage it will do to their credit. Understandably, they worry that their credit score will plummet and that it will be difficult to restore once they’re on the other side of the bankruptcy.
It is true that having a good credit score can be financially beneficial, while having bad credit can cause some serious inconveniences. It also goes without saying that a bankruptcy will negatively impact your credit score. However, for some people it may still be the best option to begin to pave the way to managing their debt and reorganizing their financial stability.
Read More from: Bankruptcy Law Network
The Court of Appeal in Harvey v Dunbar Assets plc  EWCA Civ 60 has confirmed that parties cannot re-litigate failed arguments that have previously been presented in bankruptcy proceedings.
This will be welcome news for creditors in situations where debtors rehearse the same arguments at several stages of the bankruptcy process in an attempt to deter enforcement by driving up legal costs and drawing out proceedings.
Read More from: eSQUIRE Global Crossings
How much in punitive damages is enough to punish unlawful conduct and deter its repetition? $45 million was one bankruptcy court's opinion, in the case of a wrongful home foreclosure and eviction in knowing violation of the automatic stay.
The court described the plaintiff-debtors’ treatment by defendant Bank of America as Kafkaesque, and found their deeply emotional testimony (one of them attempted suicide during the ordeal) completely credible, awarding more than $1 million in actual damages for the loss of housing and emotional distress. The court also noted that Bank of America had repeatedly settled cases with federal and state regulators for hundreds of millions, and even billions, of dollars, in recognition of serious and repeated compliance failures, including some related directly to servicing home mortgages.
Read More from: Credit Slips
This past Wednesday former Social Security Administration (SSA) Administrative Law Judge (ALJ) Paul Stribling Conger Jr. was sentenced to 12 months and one day in federal prison for trading sex for disability benefits. In legal terms, he had pled guilty last October to theft of government property, obstructing justice and accepting a gratuity.
ALJ Conger had operated out of the Birmingham Office of Adjudication and Review (ODAR) for a number of years up until 2014, and had occupied a bench in family court for an even longer period. He was also disbarred last week for good measure.
Read More from: Bonds & Botes, P.C.
Aerospace Holdings, d/b/a GroupAero, along with four of its affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-10635). The Debtors’ petition reports $10-50 million in assets and $50-100 million in liabilities. Through its operating subsidiaries, Aerospace Holdings provides engineering, design and manufacturing services to the space, commercial aerospace and defense markets. According to the First Day Declaration of Matthew D. Sedigh, the Debtors’ CRO, the Debtors intend to sell substantially all of their assets. The stalking horse bidder is Harlow Aerostructures LLC. BMCGroup is the proposed claims agent. The case has been assigned to the Honorable Kevin Gross.
Read More from: Cole Schotz P.C. Bankruptcy & Restructuring Law Blog
Read More from: Mediatbankry
Google Play and CSFI aim to improve use of financial health apps through a storefront organized by consumers' needs and by publishing a guide for app developers.
House Republicans’ failure to repeal the Affordable Care Act — an issue that has animated the party caucus since its passage in 2010 — has thrown into question their ability to enact regulatory relief.
As banks work to integrate their mobile apps with their physical channels, the march toward universal cardless ATM technology continues.
Community banks, big commercial banks and Wall Street investment houses are finding common ground in small-business loan funds that help Main Street, minimize potential losses on credit extended to young companies and sometimes lead to new business prospects.
The deal is Home BancShares’ second in Florida in less than five months and would let the Arkansas company further solidify its presence in the Sunshine State.
Banks are undergoing a digital transformation at the same time that hacker culture has taken off, escalating the security risks. Here is one strategy for protecting data where many banks need to improve.
The number of deals in early 2017 was similar to the same period last year, though the pricing has increased. Also see which M&A advisers were the most active for each region during 2016 in our annual ranking.
From SoFi to Venmo, fintech competitors are creating a customer experience that is so fast and easy community bankers like Julieann Thurlow cannot help but worry.
Financial institutions of all sizes are overhauling benefits policies and promoting work-life balance to better compete for millennial recruits with the hipper tech sector. The big changes include longer periods of paid time off for new parents.
Creative growth strategies are helping banks with $10B to $50B of assets — including Webster and TCF — improve profitability. These ‘tweeners’ deal with tougher regulations than smaller competitors without the scale larger ones have to absorb the expense.
Large banks may collaborate to reduce back-office expenses; survey says banks give in to customers who ask for reduced fees.
We need to continue the dialogue between state regulators and fintech firms on a broad range of important issues impacting this growing industry.
By bending over backward when borrowers trade in an older car for a new one, lenders are said to have embarked down an unsustainable path. The warning, by Moody’s, adds to concerns about credit quality in auto lending.
The U.S. Supreme Court refused to revive a $5.7 billion settlement of retailer claims that Visa and Mastercard improperly fixed credit card swipe fees, in a rebuff that could mean years of additional litigation.