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.
Read More from: Discharge Student Loan
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.
Stanziale v. Versa Capital Mgmt., LLC (In re Simplexity, LLC), Case No. 14-10569 (KG), 2017 WL 65069 (Bankr. D. Del. Jan. 5, 2017)
According to the Chapter 7 Trustee of Simplexity, LLC (“Simplexity” and together with its affiliated debtors, the “Debtors”), numerous insiders of Simplexity (the “Defendants”) breached their fiduciary duties by refusing to seek bankruptcy protection for Simplexity when faced with actions by Simplexity’s lender, including the threat to sweep all available funds, thereby failing to preserve the value of the Debtors and exposing Simplexity to employment related claims. In this Memorandum Opinion, the Delaware Bankruptcy Court resisted the Defendants’ arguments to dismiss the Trustee’s claims. Read More ›
Read More from: Delaware Bankruptcy Insider
One important effect of a debtor’s bankruptcy filing is the impact the bankruptcy filing has on unexpired leases, particularly for lessors. The rights and obligations of the lessors under the unexpired leases depend on a multitude of factors. These factors include, but are not limited to, the chapter under which the debtor filed and the type of property subject to the unexpired lease. Our expertise in litigating and resolving any issues that may arise has led Bernstein-Burkley’s bankruptcy and restructuring team to the forefront of other bankruptcy firms. For decades, our attorneys have successfully counseled lessors of equipment, residential property and non-residential real property under unexpired leases upon the filing of a bankruptcy petition. Our knowledge and understanding of the nuances between chapter 7 and chapter 11 filings, and between the types of property subject to the unexpired lease, has facilitated many favorable results. Assumption of an Unexpired Lease Our attorneys understand the importance of ensuring that our clients’ unexpired leases are assumed, as this preserves an ongoing business relationship and offers other benefits. If the debtor intends to assume an unexpired lease, the debtor must address any existing defaults and provide adequate assurance that, following assumption of the unexpired lease, the debtor will continue to perform.
Read More from: Bernstein-Burkley, P.C.
When you file for a Chapter 7 bankruptcy, the court designates a bankruptcy trustee who is given the power to sell your assets, and use the proceeds to pay your creditors. Fortunately, filing for bankruptcy does not require you to relinquish all of your assets. There are certain exemptions that allow you to retain some of your personal property. The amount that you are allowed to keep is dependent on the value of the assets, and the exemptions provided by your state or the bankruptcy code.
While some states provide that you must use their exemptions, other states allow you to make a choice between your state system and the federal system. Thus, the amount of assets you can safeguard hinges on the state in which you live. Both New Jersey and Pennsylvania allow you to choose between the list of exemptions for your state and the federal bankruptcy exemptions.
Read More from: The Law Office of Joel R. Spivack
In Re Vista Marketing Group LTD., 557 B.R. 630 (Bankr. N.D. Ill. 2016) – The purchaser of property from a chapter 11 debtor was surcharged by a sanitary district for a connection fee that arose because the initial connection fee … Continue reading
Read More from: Bankruptcy-RealEstate-Insights
The California company will target nonprofits and the government sector on a national scale after hiring a pair of lenders.
The bank has shifted Chief Operating Officer Finn Caspersen Jr. to chief strategic officer and hired Robert Plante to succeed him as COO.
Progress will pay $42 million to expand in Birmingham, Ala., adding branches in a market where it hired a lending team last year.
Federal Reserve Chair Janet Yellen appeared Tuesday before an uncommonly collegial hearing of the Senate Banking Committee, but the lack of outward drama masked the fact that lawmakers from both parties were using her testimony to lay the groundwork for a broader battle over the future of regulatory reform.
Jan Owen, California's commissioner of business oversight, on Tuesday invited representatives of 13 fintech companies to a "frank, constructive dialogue" on the obstacles they face with state licenses.
The Online Lending Policy Institute says it aims to fill a gap in fintech research.
The cards could prove to be popular with Americans who travel frequently to Asia.