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

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High Income Debtors & Money On The Table

Usually my posts here have a message or a lesson imbedded. This one doesn’t, unless readers can help me find it. But it was a prickly case that resolved well, for unanticipated reasons. Perhaps, there’s a lesson lurking somewhere here. The clients

When You Need A Waukegan Bankruptcy Attorney

What should you look for in a Waukegan bankruptcy attorney? The first thing you should look for in a bankruptcy attorney is the requisite knowledge, experience and ability to handle a Chapter 7 or Chapter 13 bankruptcy case from start to finish. You

Let Banks Err on Side of Caution to Prepare for Next Downturn

During the boom, accounting rules kept banks from building thicker buffers against losses. It was the wrong medicine at the wrong time.

Supreme Court Declines to Hear Appeal on Madoff Trustee’s Net Equity Formula

The Supreme Court has cleared the way for Irving Picard, the Trustee overseeing the Madoff liquidation proceeding, to distribute billions of dollars to victims of Madoff’s Ponzi scheme. On Monday, the Court declined to hear appeals in two cases from

Better Late Than Never? FSB Reports Regulatory Reform Is Advancing, But Slowly

On June 19, 2012, the Financial Stability Board (“ FSB ”) issued a progress report to the G20 Leaders on the steps FSB member nations have taken to implement financial reforms designed to improve the stability of the global financial system. The FSB

When It Is Best to Wait to File Bankruptcy

Sometimes waiting to file bankruptcy may make better financial sense depending on personal circumstances. Holding off on filing may give you advantages that can help you retain property, discharge more debt and avoid potential pitfalls that could

Homestead Can Be At Risk To Investors When Chapter 7 Debtor Chooses Wildcard Exemption

Real estate investors and some bankruptcy trustees are looking for ways to make money off your upside down homestead. Many Chapter 7 debtors with upside down homesteads do not utilize their homestead exemption on their bankruptcy petition because

More About the CapTarget – DailyDAC Joint Venture

We have been overwhelmed by inquiries asking for more details about the impending launch of DailyDAC’s Mature Deal Database Powered by CapTarget. Here are some of the details we can share: The MDD will focus on middle market, privately owned

Stockton to be largest US city to file bankruptcy

Expect a media frenzy on this topic for a few days as news sources try to make this enormous Chapter 9 case interesting to their readers. I expect much coverage will focus on the impact of reduced benefits for former city employees. Their stories are

Beware Of Bankruptcy Scams

Recently, I learned of a bankruptcy scam in Southwest Florida. On BLN, we have written about scams in the past, but many of the scams out there focus on other areas of the debt industry, like debt collectors. This scam deals directly with the filing

Debt Collectors: How They Find You

Creditors can be almost mob-like in the way that the track down a debtor. Particularly in a digital culture, people are easy to track and available through multiple methods of contact. We’ll tell you how they find you. What you say when they do is up

Fighting Foreclosure Fatigue

Folks in Washington tell me there is a general sense of “foreclosure fatigue” in our nation’s capital. It’s just so boring to keep thinking about all the people losing their homes year after year. Can’t we move on to something new? This attitude goes

Peter Madoff anticipated to plead guilty

Breaking News from CBS and several others sources is that Peter Madoff, who is Bernard Madoff's brother and served as his chief compliance officer, will plead guilty. Reports are that Peter Madoff has agreed to serve 10 years in prison and forfeit

Bankruptcy-Proofing Settlement Agreements

Once parties to a legal dispute have entered a settlement agreement, the Defendant may jeopardize the Plaintiff’s ultimate recovery under the agreement by filing for bankruptcy. In order to reduce the risk associated with Defendant’s bankruptcy, the

Familiar Patterns in Spain's Banking Crisis

Dubious stress test results? External auditors who fail to flag insolvency in advance? The U.S. and U.K. have seen this film before.

After Bankruptcy: What If I Win the Lottery

People often ask me, what happens after bankruptcy if I . . . Get a big raise… Start a business… Get a big tax refund in future years… Become a reality star… Win the lottery… How does that affect my bankruptcy? I tell them the purpose of bankruptcy

Nudged to Death

From the CFPB to the FSOC to New York's ban on large soda cups, followers of behavioral theory have gone overboard in their rabid enthusiasm for governmental manipulation.

Today in Bankruptcy – 6-27-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for June 27, 2012. Ex-Met Lenny Dykstra Reaches Plea Deal in Bankruptcy Fraud Case Stockton to Become Largest US City to Declare Bankruptcy

American Flag Seller Files for Bankruptcy

Associated Press When selling the business of patriotism, put emphasis on the red. A little over a week before America celebrates its 236th birthday, Wisconsin-based flag seller Liberty Flag & Specialty Co. filed for bankruptcy protection. Running

What Happens if You Falsify Information When Applying for Unemployment?

Falsifying information on your unemployment application may have serious consequences. The Texas Workforce Commission states that anyone who provides false information or is found being untruthful when supplying information in order to receive