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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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How Does an Attorney Help with Mortgage Modification?

Homeowners not familiar with loan modification may wonder what can lawyers do or why they would need legal assistance. There are multiple reasons a lawyer may be sought; not just after the process when a homeowner could be losing their home due to

How Lien Stripping Differs From Lien Avoidance

The draft of a lien avoidance motion my paralegal presented me was garbled. Lien stripping concepts sat next to a cite to §522. I doubt my staff is alone in missing the critical differences between lien stripping under (or despite) §1322 and lien

Eminent Domain Is No Solution to Negative Equity Problem

Finally, senior policymakers are focusing on negative equity. But the answer to the problem is to change borrowers' incentives, not to abrogate contract and property rights.

Six Years and Counting

Today is the sixth anniversary of Credit Slips, which is hard to believe. We have been through a lot of changes since then -- new authors and new formats. What has not changed is the mission. We continue to try to serve as a platform for policy-level

When to Push Back on your Debt Collector

One of the worst parts of dealing with debt collectors is the feeling of being pushed around. Your life is somehow molded by those phone calls, and it can be a major hit to your day-to-day happiness. But there’s a difference between annoying and

Bankruptcy and the Unknown Asset

If you are filing for bankruptcy but you have an asset that you don’t have information about, can you just put down “ unknown” and leave it at that? That depends. The short answer is that you can file your bankruptcy case without all your information

Pari Passu U on July 23 at 3 (unless they change it again)

The NML [Elliott] v. Argentina pari passu argument was rescheduled yet again, to July 23. While we wait, FT Alphaville gets my semi-annual pari passu usage prize for slipping " the boy who cried pari passu" in its nice piece on Spanish bank bailout

Arcapita Bank: Attending the Meeting of Creditors in New York City on August 10, 2012

Per a recent notice posted to the case administration website for Arcapita Bank's chapter 11 proceedings, deadlines and procedures have been established for filing proofs of claim, and the deadlines are coming up soon: http://www.gcginc.com/cases

SEC funding, SRO debates rekindle Madoff blame game

Over three and half years after Bernard Madoff confessed . . . Per www.investmentnews.com: By Mark Schoeff Jr. July 15, 2012 6:01 am ET When the House of Representatives takes up an appropriations bill this summer that includes funding for the SEC

Brazil Central Bank Mulls Aid To Mid-Size Banks

Per www.globalinsolvency.com: Tue., July 17, 2012 The Brazilian central bank, concerned by a deepening scarcity of funding for small- and mid-sized lenders, is considering creating a fund to invest in sales of loan-backed receivables, O Estado de S

San Bernardino Postpones Fiscal Emergency Decision

Per Reuters: Tue Jul 17, 2012 12:29am EDT (Reuters) - The city council of San Bernardino, California, voted on Monday to postpone until Wednesday a decision on whether to declare a fiscal emergency as a step toward a bankruptcy filing. The council

Daffy’s to liquidate its 19 stores

What a pity. Would love to see Daffy's rescued.Per the Wall Street Journal's MarketWatch: Daffy’s to liquidate its 19 stores July 16, 2012 | Andria Cheng, MarketWatch Share Email Print NEW YORK (MarketWatch) — Daffy’s, which sells discounted designer

Today in Bankruptcy – 7-17-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 17, 2012 Judge Says She Will Approve LightSquared Bankruptcy Loan Citi: Calif. Bankruptcies Still Outliers, but Fresno Troubled Too

We Have Plenty of Tools to Fix Housing Mess. Let's Use Them

Much more can be done with proven strategies like short sales, home leaseback programs and refinancing for underwater borrowers.

What is the “Good Faith” Requirement for Chapter 13 Bankruptcy?

Chapter 13 bankruptcy allows you to repay debt obligations through an approved payment plan by the court. The “good faith” requirement is basically the debtor proposing they will make payments according to their payment schedule in “good faith” for

Massachusetts Bankruptcy and Fraud, Again!

We have written on numerous occasions about Massachusetts Bankruptcy Court cases in which a bankruptcy discharge is not awarded by the Court because the Massachusetts debtor failed to include assets on his or her Petition and Schedules. We remind all

5 Ways To Close Your Credit Card Account: The Good and The Bad

When deciding to close a credit card, there are many options to consider. Some experts say that closing a credit card, in general, is a bad decision as it eliminates the amount of available credit on your credit score, among other harmful things

What's On at a Courthouse Near You

In addition to a post last week broadly raising visitors' physicial interaction with courts, an earlier post discussed variation in the website availability of daily calendars for U.S. bankruptcy courtrooms. Today's post follows up on this narrower

Chronicle of the “Unforeseeable” Foretold

In Caviata Attached Homes, LLC v. U.S. Bank, Nat’l Assoc. (In re Caviata Attached Homes, LLC), NV-11-1620 (9th Cir. B.A.P. June 29, 2012), the United States Bankruptcy Appellate Panel of the Ninth Circuit held that a bankruptcy court had not abused

The Daily Docket: Appeals Court to Review Jefferson County Sewer Ruling

An appellate panel has agreed to hear pleas from Wall Street banks who want power restored to John Young, the sewer expert who took over Jefferson County, Ala.’s, system when its leaders got tangled in a corruption scandal but who was ousted earlier