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

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Credit Bureaus Should Be Regulated Like Utilities

We need a system in which credit bureaus are required to sell consumer data at a uniform price to any company with permission to access it, instead of pricing out perceived competitive threats or withholding the information.

Future Robo-Signers Could Be Heading to Prison in Foreclosure Fraud Cleanup

Written by Craig D. Robins, Esq. Foreclosure Fraud Prevention Act of 2012 Bill Introduced Today in New York The concept of Robo-Signing exploded onto the foreclosure scene about two years ago when it came to light that mortgage companies and

GM, Chrysler and Ideologically Selective Bankruptcy Formalism

James Sherk and Todd Zywicki have an op-ed in the Wall Street Journal that kvetches about the unfairness of the Chrysler and GM bankruptcies. As one might expect, their complaint centers upon the contention that the senior lienholders in Chrysler get

Is the Stigma of Bankruptcy Worth It?

Answer: YES!! Bankruptcy is a scary word to many because: it's something you will never recover from; you'll never buy a home or a car again; you will have to surrender all of your assets and be left with nothing. Good reasons to be afraid, however

Supreme Court to Review Amgen Securities Fraud Case on Materiality Question

This week, the Supreme Court agreed to review the Ninth Circuit’s November, 2011 decision in Amgen v. Connecticut Retirement Plans & Trust Funds. SCOTUSblog provides links to the petition for certioriari and related documents. The decision will

Lawmakers Need to Cut Regulators Some Slack on Dodd-Frank Implementation

The constant criticism from Congress just makes the rulemaking process longer without adding much to the debate.

Today in Bankruptcy – 6-14-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for June 14, 2012. The Dewey Bankruptcy: Pot Shots and Finger-Wagging Bankruptcy Hearings Continue for Firms Connected to Developer Peter Mocco

How Real is an Economic Doomsday?

These days the economy and employment is a huge concern for many. Being unemployment is not an easy time for anyone and can lead to filing personal bankruptcy and maybe even losing your possessions. But there are other key factors that will influence

Eastern Caribbean Court dismisses Fairfield's BVI appeals

Good news for investors sued by Fairfield Sentry Limited, the largest of the feeder funds into Bernard L. Madoff Investment Securities LLC, from the Eastern Caribbean Court of Appeal. While the Court's rulings, described below, do not end the war

Allied Automotive Group, Inc. and Affiliates Join Allied Systems Holdings, Inc. in Chapter 11

On June 10, 2012, Allied Automotive Group, Inc. (“ Allied”) and sixteen affiliates (collectively, the “ Debtors”) filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. The petition lists both assets between $10

Want To Make Risky Trades with No Brakes? Go To London

We need stronger cross-border regulatory enforcement to spot U.S firms going to London for looser rules. Guess what MF Global, Lehman, AIG and the London Whale have in common.

Banks Need Better Risk Management, Not More Regulation

The Dimon Senate hearing was a missed opportunity to spotlight the criticality of risk management practices. When banks get into trouble, you can follow the trail back to a lack of governance, process and controls.

Debt Collectors Lurking in Hospital Waiting Rooms?

A recent article in The New York Times caught my eye. The tactics, like embedding debt collectors as employees in emergency rooms and demanding that patients pay before receiving treatment, were outlined in hundreds of company documents released by

Maryland Woman Gets Student Loans Discharged Due to Asperger’s

Carol Todd of Nottingham was granted a discharge of student loan debt in the amount of $340,000 by a federal judge this month. Student loan debt is often difficult to get discharged but since Todd has Asperger’s syndrome, it makes it more challenging

Dreier’s Art Adviser Faces Clawback

Associated Press Marc Dreier Imprisoned attorney Marc Dreier’s former art adviser, who helped the once high-flying lawyer build an impressive art collection populated by such bold-face names as Warhol and Matisse, faces a new lawsuit demanding the

We Met with the CFPB and Were Pleasantly Surprised

Many so-called consumer advocates doubt consumers can make responsible decisions about credit and believe they should be "protected" from certain financial products. We did not sense this sort of patronizing viewpoint from the new agency.

11th Circuit Upholds Fraudulent Transfer Claims Against Lenders in TOUSA

Harvey Forman MathewRotenberg Scott Budzenski In a recent decision, Senior Transeastern Lenders v. Official Comm. of Unsecured Creditors (In re TOUSA, Inc.), 2012 US App. LEXIS 9796 (11 th Cir. May 15, 2012), the 11 th Circuit Court of Appeals

11th Circuit Upholds Fraudulent Transfer Claims Against Lenders in TOUSA

Harvey Forman MathewRotenberg Scott Budzenski In a recent decision, Senior Transeastern Lenders v. Official Comm. of Unsecured Creditors (In re TOUSA, Inc.), 2012 US App. LEXIS 9796 (11 th Cir. May 15, 2012), the 11 th Circuit Court of Appeals

How Broke Is Broke, Taxman?

The illusion of professional advice about taxation upon foreclosure almost cost my client a bundle. Once we dispelled the illusion, an emergency bankruptcy filing is in order. The IRS recognizes at least two exceptions to the inclusion of cancelled

How Much Do You Charge to File a Chapter 7?

Several times a week, the phone rings and I hear this from the caller: ”Uh, yeah, how much do you charge for a Chapter 7?”. It is a legitimate question, however, keep these things in mind before you call. Not everyone is eligible for Chapter 7. Be