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Consumer Bankruptcy › Loans

Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are... more +
Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are eligible for Chapter 7 or Chapter 13 depending on the nature of their debts and assets. less -
Ballard Spahr LLP

CFPB settles claims against operator of training program arising out of income share agreements

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The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates)...more

Mayer Brown

Seventh Circuit Agrees With Mayer Brown Amicus Brief That $3 Million Punitive Damages Award Was Unconstitutionally Excessive

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Last summer, my colleague C.J. Summers and I posted a report about Saccameno v. U.S. Bank National Association, a Seventh Circuit case in which we had filed an amicus brief on behalf of the Chamber of Commerce of the United...more

Hogan Lovells

A further step taken by Ukraine to simplify out of court loan workouts

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On 25 September 2019, the Ukrainian Parliament brought into force law No. 112-IX (the “Law“). The purpose of the Law is to correct deficiencies in existing legislation and further promote out-of-court financial restructurings...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending October 4, 2019

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Real Property Update - Foreclosure / Bankruptcy / Surrender: borrower cannot challenge judgment of foreclosure entered upon judicial notice of his statement of intention to surrender the property and order of discharge...more

Mayer Brown

Mayer Brown Submits Amicus Brief For Chamber Of Commerce In Seventh Circuit Appeal Involving Proper Application Of Punitive...

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Although the Supreme Court identified three guideposts for evaluating whether a punitive award is unconstitutionally excessive 23 years ago in BMW v. Gore and refined those guideposts 16 years ago in State Farm v. Campbell,...more

K&L Gates LLP

Distressed Solutions: The Ins and Outs of Receiverships

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Receiverships are an extraordinary remedy that can maximize the return to creditors by freezing assets and allowing a third party to conduct necessary litigation. John Gardner (Raleigh) and David Neu (Seattle) join host...more

Smith Debnam Narron Drake Saintsing & Myers,...

Bankruptcy Straight-Talk For Credit Union Members

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Bankruptcy is not a sure-fire remedy for credit union members in severe financial distress. While it can provide an avenue for escaping your promises to repay, it can also have some unintended, disagreeable consequences. I...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Monthly Report Returns its Focus to Credit Reporting and Mortgage Complaints Fall Out of the Top Three

Smith Debnam Narron Drake Saintsing & Myers,... on

The CFPB issued its monthly report on consumer complaints last week. The report is a high-level snapshot of trends in consumer complaints. The Reportprovides a summary of the volume of complaints by product category, by...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

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REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

Balch & Bingham LLP

Mistaken Date Reference in Security Agreement Costs Bank its Lien Priority

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It’s a common occurrence – a mortgagor or grantor signs the security instrument a day or two in advance of the loan, or perhaps a note is re-signed a couple of days after closing to correct an error in the original note....more

Troutman Pepper

Mortgage Modifications: Senior Loans May Become Not So Senior

Troutman Pepper on

Sperry Assoc. Fed. Credit Union v. US Bank Nat’l Ass’n (In re White), 514 B.R. 365 (Bankr. E.D.N.Y. 2014) – A junior mortgagee sought to subordinate the senior mortgage loan based on an argument that modification of...more

Jaburg Wilk

So I loaned my friend $25,000 and just found out he is going to file bankruptcy. Now what???

Jaburg Wilk on

1. Because he is my friend, he offered to settle and pay me outside of the bankruptcy and he agreed to not include my debt in the bankruptcy case. Can I do this? No. Once a bankruptcy case is filed an automatic stay...more

K&L Gates LLP

Bibbidi Bobbidi Boo: Eminent Domain Needs More Than a Magic Wand to Overcome Title Defects

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Oh, if it only were that easy. A city seizes “underwater” residential mortgage loans through eminent domain, waves its magic wand, says Abracadabra or Bibbidi Bobbidi Boo, and then the mortgage lien of the prior loan holder...more

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