The UCC: Article 9, Secured Transactions is premiering on August 20, 2014 at 12pm CT.  Produced in conjunction with The Commercial Law League of America, this webinar offers CLE credit.  As most attorneys know, the Uniform Commercial Code, first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize and modernize the law commercial transactions in the 50 states. This webinar explains Article 9, which governs secured transactions in personal property.
Click here to register.

(posted 5 days 17 hours ago)

How to Fight Confirmation of a Chapter 11 Plan is premiering on August 19, 2014 at 12pm CT.  Produced in conjunction with The Commercial Law League of America, this two-part webinar will cover the requirements for confirming a chapter 11 plan and the  various ways creditors try to defeat confirmation.  CLE credit is available.
Click here to register.

(posted 5 days 17 hours ago)

It is incredible to think that one in three of all Americans are faced with debt that is currently in collection.  According to a study by the Urban Institute:
man with credit card and eyes closed“Roughly 77 million Americans, or 35 percent of adults with a credit file, have a report of debt in collections. These adults owe an average of $5,178 (median $1,349). Debt in collections involves a non-mortgage bill—such as a credit card balance, medical or utility bill—that is more than 180 days past due and has been placed in collections. 5.3 percent of people with a credit file have a report of past due debt, indicating they are between 30 and 180 days late on a non-mortgage payment. Both debt in collections and debt past due are concentrated in the South.”

(posted 5 days 22 hours ago)

Miller v. Am. Capital, Ltd. (In re NewStarcom Holdings, Inc.), Adv. No. 10-50063 (CSS), 2014 WL 3865822 (Bankr. D. Del. Aug. 6, 2014)
In this breach of fiduciary duty action arising from the prepetition “fire” sale of the debtors’ subsidiary (“Old Matco”) to insiders, the chapter 7 trustee sought to compel defendants to produce post-sale financial information of the sold-subsidiary so that the reasonableness of any valuation performed as of the sale date could be determined.  The defendants objected to the production on the grounds that the request was, among other things, irrelevant to the fiduciary claims, arguing that the Court’s decision on the claims should be informed only by the decision-making process performed, and the information available, at the time of the sale.  The Court agreed with the defendants and found the request irrelevant. Read More ›
Tags: Discovery, Fiduciary Duties

Delaware Bankruptcy Insider
(posted 6 days 3 hours ago)

student loan investigation
Bankruptcy won’t wipe out a student loan without some additional work. Unless it’s not a student loan at all.
If you’re dealing with student loan debt, you probably already know that they are usually exempt from discharge in a bankruptcy case. In fact, getting your student loans wiped out in bankruptcy requires an additional determination by the judge.
But what if the loan you consider to be your student loan … isn’t one at all?
How Student Loans Are Treated In Bankruptcy
When you file for bankruptcy, certain debts will follow you after the case is over. Under the law, one of those categories of debts is what’s called and educational benefit – commonly known as student loans.
In fact, there are three categories of student loans that are exempt from discharge. They are:

(posted 6 days 9 hours ago)

There's a fascinating long magazine piece in the NYTimes about consumer debt sales and collection. The piece ends by asking why we don't have a national debt registry, as if that were the solution to all debt collection problems.  Unfortunately, the author only asked the FTC about this issue (and acknowledges that it isn't in FTC jurisdiction), not the CFPB, and the author doesn't consider any of the problems with creating and implementing a debt registry.  (I'm guessing Dalie will have something to say about this...) As the case of MERS shows, it isn't so easy to create a well-functioning registry of property rights of any sort.  Let me illustrate a few challenges to creating a debt registry:  

Credit Slips
(posted 6 days 22 hours ago)

Betting on start-ups is a very risky business. But if you’re excited by the prospect of nurturing the next Google, Facebook or Uber, and if you’re also willing to make big bets with your money, then angel investing might be just the ticket. to be an angel
That’s why you’ll focus only on start-ups you really believe can return huge numbers and, for the same reason, make multiple bets at the same time. Some seasoned angels actually say they are in it less for the money than for the excitement, are you?
Accredited Investor Markets guest author, Wall Street Counsel attorney Stephen Bornstein, pens an op-ed exploring the commitment, goals and strategies of angels looking to monetize successful investments.
Read the entire article here.

(posted 1 week 22 hours ago)

That's the name of a new book by Jake Halpern coming out in October. The New York Times has an excerpt on their site. If the excerpt is anything like the book, it's going to be gripping.
What's even cooler is that someone actually created a video game based on the book. Or at least on the debt collector business part of the book. You can play as a debtor or a debt collector and see the story through. It's web-based image-and-text but really well done (just some minor innacuracies).

Credit Slips
(posted 1 week 23 hours ago)

¡No renuncie su derecho a tener un abogado en su audiencia para fijar la fianza!
El año pasado, en el caso de DeWolfe v. Richmond, el Tribunal de Apelaciones de Maryland declaró que los acusados indigentes tienen el derecho de tener un abogado en sus audiencias iniciales para fijar la fianza ante el Comisionado. Después de varios meses elaborando el procedimiento, La Oficina del Defensor Público de Maryland empezó a representar a acusados en tales audiencias en Julio del 2014.
Un artículo en The Daily Record, un diario de negocios y leyes de Maryland, fechado el 11 de Agosto del 2014, escrito por Bryan P. Sears, reporta que muchos acusados están renunciando su derecho a un Defenso Público o a un abogado en sus audiencias para fijar la fianza.
Esto es lo que usted necesita saber si alguna vez tenga una audiencia ante el Comisionado:
Cuando un Comisionado de Maryland fija una fianza en un caso penal o un caso grave de tráfico, la cantidad está supuesto a ser basada en unos cuantos factors. Estos incluyen:
1. La gravedad de los cargos en su contra.
2. Su historial de comparecencia en el tribunal- ¿Faltó usted audiencias anteriores para otros casos?
3. Sus antecedentes penales y de delitos de tráfico grave.
4. Peligro a la comunidad, otra persona, o a usted mismo.
5. Lazos cominitarios, como familia, empleo, la duración de su residencia y posesión de propiedad en Maryland.

Scholnick Law
(posted 1 week 23 hours ago)
Scholnick Law
(posted 1 week 1 day ago)