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

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Financial aid opportunities for older students

Older adults might have an advantage over traditional college students in getting college aid.

Be the Bank to Set the Customer Loyalty Standard

Banks that only do the minimum to address the public's grievances may as well just put a target on their backs for regulators - as well as for competitors.

If I Owe More Than My House is Worth Can Bankruptcy Help Me?

Many homeowners can relate to having an underwater mortgage or owing more on their home than what it’s worth. This can often make maintaining payments more difficult, not only on your home but on other financial obligations. If this is the case and

Lehman Brothers and the Insolvency of Trees

Getty Images If a tree falls in the forest, it’s probably Lehman Brothers Holdings Inc.’s fault. In a bankruptcy that’s seen milestone after milestone, the failed investment bank hit another one this week: 25,000 filings on its docket. And growing

Joliet Bankruptcy Attorney Assuages Fears of Filing

Link Does the world come to a crashing halt when you file for bankruptcy protection? Do you ever get to buy a home or finance a vehicle? Will my credit be ruined forever if I wind up filing? These are some of the common concerns that folks who are in

The Servicing Settlement: Banks 1, Public 0

What are we to make of the servicing settlement announced today with much hoopla? The short answer is not much. The settlement is the large consumer fraud settlement ever, but it accomplishes remarkably little in terms of either alleviating the

Joliet Bankruptcy Attorney on Obama’s Refinancing Proposal

Link The Federal Government is proposing a method for those who are up to date on their mortgages to be able to refinance at the current, historically low rates states Joliet bankruptcy attorney David Siegel. This idea will definitely not pass with

Federal and State Authorities Announce $25 Billion Settlement With Nation’s Largest Mortgage Servicers

Numerous media outlets reported today that U.S. Attorney General Eric Holder, Housing Secretary Shaun Donovan, HUD Inspector General David Montoya and Attorneys General from Colorado and Iowa announced a $25 million agreement with the country’s five

Bankruptcy Implications of AG Settlement

Even though I was up at 4am Pacific this morning, the AG and federal government mortgage settlement was nearly old news by then. But in case you haven't heard, here is your official Credit Slips announcement--there was a $26 billion settlement.While

How Excessive Medical Bills May Affect Bankruptcy Proceedings

It is estimated that approximately 60 percent of all bankruptcies that are filed are due to excessive medical bills. Those filing bankruptcy due to these costs are not necessarily those who are poor or uninsured. In fact, of the people who file for

Other People’s Money – Revisited (Or, When Do Insurers Have Standing to Challenge a Bankruptcy Plan?)

This post follows up on a two-part series discussing the potential use of other people’s money to fund claims against a debtor, and when the prospect that a third party, such as an insurer, may be liable on such claims will confer standing on that

Congressmen raise new questions about FHFA resistance to principal reduction

The heat is cranking up on the seat of Edward DeMarco, acting head of the Federal Housing Finance Agency and a holdover from the last administration who has been standing in the way of a meaningful response to the mortgage crisis. FHFA is conservator

Romeoville Bankruptcy Lawyer on the 2 Common Choices

Link If you ever feel like you are drowning in debt, do not feel that you will be in that position forever. There are things that you can do to make certain that you are not struggling for months or even years. If you are short on significant assets

Why Do You Need to Undergo Credit Counseling After Bankruptcy?

By now, you probably have heard that the new bankruptcy laws enacted in 2005 require all petitioners to undergo credit counseling for a bankruptcy to be successful. While you’re certainly not opposed to undergoing credit counseling, you may wonder

At Freddie, We're Helping Refis Happen - Not Holding Them Back

Investors in mortgage securities are generally "hurt" by refinancings. That doesn't mean holders of a mortgage security are "betting against struggling homeowners."

Gary Busey Files Chapter 7 Bankruptcy–And He’s Not Alone

On Tuesday, Gary Busey filed Chapter 7 bankruptcy. That’s not all that shocking–plenty of celebrities have sought bankruptcy protection. Entertainers like Gary Coleman, Burt Reynolds and Jerry Lee Lewis, businessmen like P.T. Barnum and Donald Trump

The Daily Docket: Hostess Seeks New Employment Deal

Hostess Brands Inc. is seeking court permission for a new employment deal that would hand millions of dollars to Chief Executive Brian J. Driscoll, “architect” of the company’s plan to cut costs and jettison its pension plans. Read the Daily

Joliet Bankruptcy Lawyer Cautions Regarding Joint Debt

Link Joint debt is never eliminated simply because one party files for bankruptcy relief. Since the debt is joint, the creditor has every right to seek to collect from the non-filing debtor. This is often the case when couples are divorcing and each

New Exemption bill introduced to Missouri Legislators

You find the new bill introduced by Senator Crowell here: http://www.senate.mo.gov/12info/pdf-bill/intro/SB683.pdf Among other things, the new bill will include earned income credits as being exempt from creditors. This can be helpful in filing for

Fixing the "Fixed" Forms

Two weeks ago, I blogged about the Forms Modernization Project's effort to create new forms specifically for consumer bankrupts. The chair of that Project, Judge Elizabeth Perris, offered a lengthy comment that shared some information on the goals