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Consumer Bankruptcy › Financial Services Industry

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 -
Stotler Hayes Group, LLC

Medical Debt and Bankruptcy: Myths, Realities, and Pathways to Relief

Stotler Hayes Group, LLC on

As one of the more toxic topics in the United States political and social realms, healthcare, and the debt associated with it, is always at the tip of most people’s tongue. Whether eagerly waiting to argue for proposed...more

Troutman Pepper

Fla. Bankruptcy Ruling Is Cautionary Tale for Debt Collectors

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In the case of In re: McIntosh, a debt purchaser’s assertion that it was entitled to enforce a debt not correctly listed on the debtor’s bankruptcy schedules was met with significant pushback from the U.S. Bankruptcy Court...more

Goodwin

CFPB Files Suit Against Student Loan Servicer

Goodwin on

On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§...more

Troutman Pepper

Consumer Financial Services 2023 Year in Review and A Look Ahead

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We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more

Dinsmore & Shohl LLP

Spotlight on Financial Services- Consumer bankruptcy

Dinsmore & Shohl LLP on

Spotlight on Financial Services | Things happen very quickly in consumer bankruptcy filings. Dinsmore attorneys Edward J. Boll III, Esq. and Shannon O'Connell Egan work on a team that provides clients clear and concise...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Troutman Pepper

Delaware Bankruptcy Court Enters $30M Stipulated Judgment Over Deceptive Student Loan Practices

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On November 20, Delaware Attorney General (AG) Kathy Jennings, along with the Consumer Financial Protection Bureau (CFPB) and 11 other states, announced a settlement in excess of $30 million with Prehired LLC and affiliated...more

Troutman Pepper

High Court Bankruptcy Ruling Is a Warning to Joint Obligors

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In a unanimous decision, the U.S. Supreme Court held that Section 523(a)(2)(A) of the U.S. Bankruptcy Code precludes a debtor from discharging a debt obtained by fraud, regardless of the debtor's own culpability. ...more

Burr & Forman

Seventh Circuit Holds Bankruptcy Debtor Has No Standing to Assert FDCPA Claims

Burr & Forman on

In Pucillo v. National Credit Systems, Inc., No. 21-3131, 2023 WL 3090627 (7th Cir. Apr. 26, 2023), the Seventh Circuit Court of Appeals affirmed the district court's dismissal of the plaintiff's FDCPA claims for lack of...more

Troutman Pepper

CFPB Finds Civil Judgements Are Not Evenly Distributed

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Noting a rise in credit card delinquencies, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post analyzing civil judgments, the final recourse for creditors to collect on unsecured debt....more

Foster Swift Collins & Smith

U.S. Court of Appeals Issues Important Ruling on Time Limits to Sue Under Fair Debt Collection Practices Act

Foster Swift Collins & Smith on

On March 1, 2023, the U.S. Sixth Circuit Court of Appeals issued a decision with important implications for parties involved in debt collections regulated under the Fair Debt Collection Practices Act (FDCPA). The decision, in...more

Orrick, Herrington & Sutcliffe LLP

CFPB scrutinizes discharged private student loan billing and collection practices

Orrick, Herrington & Sutcliffe LLP on

On March 16, the CFPB released a compliance bulletin discussing student loan servicers’ practice of collecting on private student loans discharged in bankruptcy. ...more

Orrick, Herrington & Sutcliffe LLP

2nd Circuit affirms dismissal in FCRA suit

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On January 4, the U.S. Court of Appeals for the Second Circuit affirmed a district court’s decision to grant summary judgment for a credit reporting agency (defendant) in a suit alleging FCRA violations. ...more

Arnall Golden Gregory LLP

Restructuring Roundup - April 2022

Arnall Golden Gregory LLP on

AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains...more

Troutman Pepper

CFPB Releases Blog Post on the Dischargeability of Private Student Loans in Bankruptcy

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On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can...more

Troutman Pepper

Tenth Circuit Affirms Order Allowing Discharge of Private Student Loans

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On August 31, 2020, the Tenth Circuit affirmed the United States Bankruptcy Court for the District of Colorado’s holding that certain student loans not guaranteed by a governmental unit may be discharged in bankruptcy....more

King & Spalding

Ninth Circuit Affirms Judgment Against TransUnion After Rare Class Action Trial and Offers Illuminating Discussion of Class Member...

King & Spalding on

On February 27, the Ninth Circuit affirmed a jury verdict against TransUnion in a class action involving alerts that TransUnion included in certain consumers’ credit files that falsely indicated they might be on a national...more

Orrick, Herrington & Sutcliffe LLP

Madden Progeny Update

Orrick, Herrington & Sutcliffe LLP on

The Second Circuit’s decision in Madden v. Midland Funding, LLC was announced in 2015. Since that time, there have been a number of cases brought based on the Second Circuit opinion, as well as recent regulatory proposals...more

Carlton Fields

Should I Stay or Should I Go? Bankruptcy Preemption May Bar FDCPA and FCCPA Claims Either Way

Carlton Fields on

After receiving a bankruptcy discharge, a borrower whose home is pending foreclosure has two options: stay in the home and, perhaps, make voluntary payments on the mortgage, or leave the home and start fresh. When a debt...more

Carlton Fields

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

Carlton Fields on

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

Carlton Fields

Financial Services & Title Insurance Update: Week Ending October 11, 2019

Carlton Fields on

Financial Services Update - Title Insurance Coverage: where an accurate survey would have shown that seller had abandoned access and parking easement, which had been built upon by a neighbor, title insurer had no duty to...more

American Conference Institute (ACI)

[Event] Residential Mortgage Regulatory Enforcement & Litigation - October 29th-30th, Dallas, TX

American Conference Institute (ACI) on

Attend the only forum designed to help you navigate the Residential Mortgage Industry’s evolving landscape. Now in its 26th installment, ACI’s Residential Mortgage forum has become a premier gathering of the key industry...more

Smith Debnam Narron Drake Saintsing & Myers,...

Bankruptcy Disclaimer Did Not Violate FDCPA

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A district court in Michigan recently dismissed an FDCPA action, holding that a letter which included a bankruptcy disclaimer was for informational purposes only and did not violate the FDCPA. Tyler v. Fabrizio & Brook,...more

Bradley Arant Boult Cummings LLP

Effect of Government Shutdown on Consumer Bankruptcy Proceedings

Bradley Arant Boult Cummings LLP on

On December 22, 2018, the federal funding for certain agencies lapsed, and the United States government entered into a partial shutdown. The U.S. Department of Justice (DOJ), including the United States Trustee Program...more

Best Best & Krieger LLP

Bankruptcy Attorneys And Free Speech - Cathy Ta And Alexander Brand Explore The Lines In Riverside Lawyer Magazine

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While the economy is doing better of late, consum­ers are always at risk of being scammed and consumers who seek debt relief are no exception. ...more

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