News & Analysis as of

Consumer Bankruptcy

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 -

The CFPB is About to Enact New Requirements for Mortgage Servicers – Is Your Organization Prepared?

On April 19th, changes made by the Consumer Financial Protection Bureau (CFPB) via the Mortgage Servicing Final Rule to Regulation Z will take effect, and mortgage servicers will be required to make changes to the periodic...more

Can I Secure A Loan with Bitcoin? Part II

by Ward and Smith, P.A. on

In my previous article, I discussed the challenges of using Article 9 of the Uniform Commercial Code ("UCC") to create and perfect a security interest in virtual currency like Bitcoin, Ethereum, or Litecoin. (I use...more

Failla And Taylor Are Alive And Well: Eleventh Circuit Again Confirms That Debtors Cannot Retain Secured Property Absent...

by Burr & Forman on

For the third time in less than two years, the Eleventh Circuit Court of Appeals has ruled that a chapter 7 debtor who does not reaffirm secured debt or redeem the property must surrender the property. In re Woide, No....more

Florida Enacts Four Bills to Make Various Changes to Consumer-Related Statutes

by Weiner Brodsky Kider PC on

The Florida Legislature recently enacted four bills that created and modified certain provisions in the Florida Statutes related to consumer issues in connection with (1) telephone solicitations; (2) consumer finance loans;...more

Do Servicers Have to Monitor Whether a Successor in Interest is in Bankruptcy? CFPB’s FAQ Suggests the Answer is “Yes”

As the effective date for the CFPB’s successor in interest and bankruptcy billing statement requirements quickly approaches, one question we’ve heard multiple times is whether a mortgage servicer is required to know when a...more

Awkward: Old Friend From Church Blocks Discharge of Student Loan Debt

by Bryan Cave on

Providing an exception to the axiom that no good deed goes unpunished (a wonderful phrase courtesy of Clare Booth Luce, author, Ambassador, speaker, and a model for our times even thirty years after her death), a Texas...more

Nutter Bank Report, March 2018

Headlines: ...Lawsuits Challenging Overdraft Fees Continue Against Depository Institutions ...Broad Regulatory Relief Bill Passes Senate and Is Sent to House for Consideration ..FFIEC Issues Revised Guidance...more

CFPB Issues Implementation Guidance for Mortgage Servicing Rule Amendments

On March 29, 2018, the Consumer Financial Protection Bureau (CFPB) released two important implementation tools that may help mortgage servicers ensure compliance with recent amendments to the mortgage servicing rules in...more

CFPB Issues FAQs on Bankruptcy Issues Under the 2016 Mortgage Servicing Final Rule

by Weiner Brodsky Kider PC on

The CFPB has issued Frequently Asked Questions (FAQs) concerning certain provisions of its 2016 Mortgage Servicing Final Rules that become effective on April 19, 2018. The FAQs pertain to certain issues regarding borrowers...more

Colleges’ Liability For Defaulting Parents Narrowing?

by Akerman LLP on

Good news for colleges: Connecticut may be on the leading edge of a trend to bar bankruptcy trustees from pursuing colleges when parents default on their “Parent PLUS” loans. When a parent signs a “Parent PLUS” loan to...more

Bankruptcy Court: A Safer Place for Debt Collectors

by Balch & Bingham LLP on

Last year, the United States Supreme Court held that the FDCPA’s unique restrictions on debt collectors do not necessarily translate well in the world of bankruptcy. In Midland Funding. LLC v. Johnson, 137 S. Ct. 1407 (2017)...more

Second Circuit, on Truncated Record, Holds Dispute Implicating Core Bankruptcy Proceeding Non-Arbitrable

by Ballard Spahr LLP on

In a recent decision pitting the Bankruptcy Code against the Federal Arbitration Act (FAA), the U.S. Court of Appeals for the Second Circuit held that a creditor could not compel arbitration of a debtor's class action claims...more

CFPB Finalizes Amendments to an Exemption to Providing Periodic Statements to Borrowers in Bankruptcy

by Weiner Brodsky Kider PC on

The CFPB recently finalized changes to its requirement to send modified or unmodified periodic statements and coupon books to borrowers who transition in and out of bankruptcy. The final rule adopted the proposed rule issued...more

Orrick's Financial Industry Week In Review

Home Mortgage Disclosure Act: FFIEC's Revised 'A Guide to HMDA Reporting: Getting It Right!' On March 14, 2018, the Office of the Comptroller of the Currency published an updated resource providing guidance for complying...more

Five Ways to Increase Negotiation Rates in Disbursements

by Epiq on

When sending a disbursement for a settlement in a class action, mass tort, or bankruptcy cases, parties often feel that control is now out of their hands and there is nothing more to do than wait for checks to be negotiated....more

Changes for Servicing Mortgages for Consumers in Bankruptcy: Are You Prepared for Compliance?

by Alston & Bird on

New rules from the Consumer Financial Protection Bureau eliminate mortgage servicers’ blanket exemption for sending statements to debtors in bankruptcy. Our Bankruptcy & Financial Restructuring and Financial Services &...more

Restricted vs. Continuing Guaranty and the Section 727(b) Discharge

by Seyfarth Shaw LLP on

Is your guaranty restricted or continuing? A continuing guaranty gives rise to divisible individual transactions, while a restricted guaranty­—one that concerns a contemplated and specified extension of credit—arises upon...more

Connecticut Bankruptcy Court Rejects Claw Back of Parent Plus Loan Proceeds

by Shipman & Goodwin LLP on

Back in December 2017, we wrote about Chapter 7 bankruptcy trustees’ attempts to claw back the distribution of Parent Plus loan proceeds to college and universities when the parent that obtained the loan for their child’s...more

CFPB Issues Final Rule to Help Mortgage Servicers Communicate With Certain Borrowers Facing Bankruptcy

On March 8, 2018, the Consumer Financial Protection Bureau (“CFPB“) announced a final rule designed to aid mortgage servicers in assisting borrowers dealing with bankruptcy issues while complying with the Truth in Lending...more

CFPB finalizes amendments to timing requirements for bankruptcy periodic statements

by Ballard Spahr LLP on

The CFPB recently issued its final rule amending the timing requirements for transitioning between unmodified periodic statements and modified statements for consumers in bankruptcy. ...more

Bankruptcy Court Reluctantly Allows Creditor To Shuck “Lil’ Sweet Pea” Accounts

by Bryan Cave on

Any first-year law student could attest that understanding what the law is can be a difficult task, in part because the law is not always applied consistently by courts. This problem gives rise to a maxim law professors often...more

CFPB Report Reveals Impact Removal Of Public Records Has On Credit Reporting: Did It Make A Difference?

The CFPB recently issued its second Quarterly Consumer Credit Trends Report which examines the impact of changes to credit reporting regarding the reporting of civil public records. ...more

Bankruptcy Straight-Talk For Credit Union Members

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

Good News on Florida Homestead Protections

by Charles (Chuck) Rubin on

I had previously written that as part of the 20 year revision process, a proposal to reduce Florida's constitutional homestead protection against claims for creditors was advancing. ...more

Education Dept. seeks comment on factors used to evaluate student loan discharge claims in bankruptcy cases

by Ballard Spahr LLP on

The Department of Education has published a request for information in yesterdays Federal Register seeking comment on the factors used to evaluate claims of undue hardship made by student loan borrowers attempting to...more

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