ABI Blog Exchange

5 cheap ways to fly first class

If you want to fly in first, prove you're a class act, travel experts say.

Company ties not required for credit unions

Credit unions used to require a job tie for membership. Now, you can join without it.

5 ways to screw up a mortgage refinance

A mortgage refinance is trickier than it was a few years ago. Here are five ways to mess up.

Debt collector can't repo car

Even if you've had no income for 36 months, your paid-off car is off limits to collection agencies.

Mortgage rates inch closer to record low

When it comes to mortgage rates, listen to your lender and don't wait to lock.

Recycled Paper Manufacturer, Manistique Papers, Files Bankruptcy in Delaware

Introduction On August 12, 2011, Manistique Papers ("Manistique") filed a petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware. Manistique seeks to reorganize its debts under Chapter 11 of the United States

Bankruptcy 101: What is Bankruptcy?

Article I, Section 8, of the US Constitution authorizes Congress to enact “uniform Laws on the subject of Bankruptcies.” Under this grant of authority, Congress created the “Bankruptcy Code” in 1978. The Bankruptcy Code, which is codified in title 11

There's a Better Alternative to Government-as-Slumlord

The most important ingredient in any major government-initiated, tenant-to-homeownership program is the commitment of the tenant/homeowner, not the paternalism of the government.

Can a Usury Savings Clause Save the Lender?

By: Robert B. Stein and Manasi Parekh Usury savings clauses are commonly found in loan agreements. These clauses attempt to negate the effect of interest payable under a financing arrangement that may result in the imposition of usurious charges. The

Perry, Round 2: Next Time, Gov, Stick to Substance

The Texan presidential hopeful must learn to put policy over hyperbole when he speaks about Ben Bernanke or the Federal Reserve.

Madoff “Net Winners” Barred From Recovery

Yesterday, Irving Picard, the trustee overseeing the Madoff bankruptcy proceeding, achieved a significant victory. The Second Circuit Court of Appeals issued a decision that upheld Picard’s method for determining how investors will be reimbursed for

Second Circuit Upholds Madoff Trustee’s Use of “Net Equity” Method

UPDATE: While Picard may have lost the battle in the District Court’s HSBC ruling, the Second Circuit Court of Appeals handed him a significant victory yesterday as it affirmed the bankruptcy court’s approval of the use of Picard’s “net equity”

Why Escrow Accounts Matter in Chapter 13 Bankruptcy

Recent court rulings may have significant impact on how bankruptcy courts handle escrow debts in some Chapter 13 bankruptcy cases. Here’s an overview of the issue and how escrow debts are likely to be handled in future bankruptcy cases. What Are

SIPA Trustee Lacks Standing to Assert Certain Claims Against Third Parties on Behalf of Defrauded Customers

The Madoff investment scandal was arguably the most widespread and financially devastating Ponzi scheme on record, with a fraud on customers estimated at $64 billion. Shortly after the scheme’s discovery in 2008, the Securities Investor Protection

The Daily Docket: Centerbridge Blasts Lehman Plan

New York hedge-fund manager Centerbridge Credit Advisors LLC is objecting to Lehman Brothers Holdings Inc.’s liquidation plan, saying among other things that some of its claims are being treated less favorably than they should be. Read the Daily

How Can I Protect My Inheritance In Bankruptcy?

The bankruptcy code has specific rules about how an inheritance is treated during bankruptcy. If a debtor inherits money before filing bankruptcy or within 180 days after filing bankruptcy, that money will become part of the bankruptcy estate. This

Filing Bankruptcy On Family Loans

If you’re like most debtors you’ve probably borrowed cash from family and friends as you struggled to stay afloat and avoid filing bankruptcy. And like most debtors you probably don’t want to discharge your loved one’s loans in bankruptcy. But if you

Lehman Wants Brokers to Repay Bonuses

Include lawsuits in your bankruptcy schedules!

You’re filing a bankruptcy case. You’re suing someone. You don’t have anything yet. Your lawyers says she’s not sure your suit is worth anything. So you don’t have to schedule it on your bankruptcy papers. Right? Wrong! Big time wrong!! Your

Americans are Innumerate and Broke

And not just the ones I tell stories about from my clinical law teaching. Some of our readers have written in to say that these clients of ours, these title loan and payday loan customers, are idiots or worse yet, should be institutionalized for