ABI Blog Exchange

Make the CFPB a Good Cop

We finally have a regulator with no mandate to preserve banks' image. To protect consumers, the CFPB must assure that those who cheat them are punished. New rules won't help if we don't enforce the old ones.

Arbitration Unconscionability Post-Concepcion

My Georgetown colleague Rebecca Tushnet has a great post about a recent Missouri Supreme Court ruling, Brewer v. Missouri Title Loans, holding that an arbitration agreement in an auto title loan was unconscionable. The case is important because it

Equity Financing of Higher Education

Luigi Zingales had an op-ed in the NY Times a few days back proposing equity financing of higher education combined with IRS collection of educational debt. Sound familiar? It should to Credit Slips readers. I suggested the very same thing right here

Quick Flip a Flop: Application for Court Appointed Receiver and Order for Quick Flip Asset Sale Denied

NORTH OF THE BORDER UPDATE This article has been contributed to the blog by Andrea Lockhart and Steven Golick. Steven Golick is a partner in the insolvency and restructuring group of Osler, Hoskin & Harcourt, LLP, and Andrea Lockhart is an associate

Does Bankruptcy Protect Social Security Disability Income?

If you receive Social Security benefits, bankruptcy provides protection through state exemptions whether you file Chapter 7 or Chapter 13 bankruptcy. Most often the means test helps determine your eligibility when filing, but some states may not

Bankruptcy Attorney Skewered By Court For Inadequate Compensation Statement

Bankruptcy attorneys are required to file a statement of compensation for each bankruptcy case. The statement discloses all forms of past, present, and future compensation. If they charge a client additional fees after the case is filed the attorney

The Daily Docket: Berkshire Offered $1 for ResCap Ahead of Bankruptcy

Residential Capital LLC says Warren Buffett’s Berkshire Hathaway Inc. made an offer to buy all of ResCap’s equity for $1 before the mortgage servicer was put into bankruptcy last month. Read the Daily Bankruptcy Review article here. (Daily Bankruptcy

Trustee Exercise of Reasonable Business Judgment Entitled to Deference

When a chapter 7 case is filed, or converted to chapter 7 from another chapter in bankruptcy, a trustee is typically appointed. [FN1] In the administration of the case, a [...]

Arcapita Bank: Attending the Hearing in the Chapter 11 Proceedings on June 26, 2012

The next hearing in the Chapter 11 proceedings of Arcapita Bank has been scheduled to take place on June 26, 2012 before the Honorable United States Bankruptcy Judge Sean H. Lane. Below is a list of matters scheduled to be heard.Among the relief

Video Post – Current TV Ad

Video Post – Differences Between Ch. 13 and Ch. 7

Fairfield Sentry Limited investors who were customers of EFG Capital and EFG Bank are among the first to receive compensation, thanks to a class action settlement that has opened the floodgates for suits against banks and other intermediaries who invested

The vast majority of people who lost money after investing in the success of Bernard L. Madoff Investment Securities LLC (BLMIS) through its largest feeder fund, Fairfield Sentry Limited (Fairfield), have yet to see a dime of their money back. This

Maryland General Mortgage Servicing Settlement

The US Attorney General and the States' Attorneys General have announced a comprehensive settlement with the five top mortgage servicers that is to return $25 billion in value to homeowners over the next three years.Maryland has published extensive

Plan Your Bankruptcy Carefully: 3 Reasons To Wait Before Filing

Sometimes, there's a reason to hurry up the bankruptcy filing. This usually happens when the client really needs protection from creditors. Trying to stop an impending foreclosure sale, Sheriff Levy, wage garnishment, or seizure of a bank account are

Is the “Ponzi Scheme Presumption” Expanding into New Territory?

Posted by Kathy Bazoian Phelps Most courts endorse and affirm the use of the “Ponzi scheme presumption” against recipients of transfers from the Ponzi debtor. These courts hold that, in an actual fraudulent transfer case, the transferor’s fraudulent

Arcapita: Questions to Shareholders

It seems contrary to the reasonable expectations of shareholders at the time they invested in Arcapita's success that Arcapita would later commence voluntary insolvency proceedings, through which it may seek to pay its creditors and discharge its

U.K. Aims To Mute Impact Of Crisis

Per www.globalinsolvency.com: Fri., June 15, 2012 The U.K. on Thursday unveiled an extraordinary series of measures designed to insulate the British financial system and economy from the euro zone's deepening crisis, The Wall Street Journal reported

Drydocks World holds Decree 57 Directions Hearing and restructuring remains on track to conclude in Q3 2012

Per Drydocks World:June 05, 2012 Dubai, UAE, 5 June 2012: Following on from Drydocks World Dubai LLC and Drydocks World LLC (together the “Drydocks World - Dubai”) filing for Decree 57 on 1 April 2012, Drydocks World has confirmed that its

Bankruptcy Second Opinion: Why Chapter 13?

Two people in Chapter 13 bankruptcy plans came to see me this past week for a second opinion. I told both that for them, Chapter 7 bankruptcy was better. Legal ethics allows me to give a second opinion to people who already have a bankruptcy lawyer.

Fredericksburg and Spotsylvania bankruptcy clients have a new choice.

My bankruptcy law office on Garrisonville Rd, Stafford, VA, is now serving bankruptcy clients in Fredericksburg City and Spotsylvania County. Many people in Fredericksburg and Spotsylvania commute to Northern Virginia to work. But people living south