Financial institutions and industries targeted by Operation Choke Point should expect to see a dramatic increase in the issuance of administrative subpoenas or civil investigative demands.

BankThink
(posted 1 week 2 days ago)

Receiving Wide Coverage ... BofA's 'Mortgage Sins': Documents released as part of Bank of America's $17 billion settlement with the U.S. government "read like a highlight reel of the mortgage sins that fed the 2008 financial crisis," the New York Times reports. The Times and the Wall Street Journal focus on a few particularly striking passages. Former Countrywide Financial chief Angelo Mozilo warned in a 2005 email that a possible condo-market crash would be a "financialÂ...

BankThink
(posted 1 week 2 days ago)

The Federal Deposit Insurance Corp. and Bank of America Corp. have settled their long-running battle over who is ultimately responsible for losses tied to the sale of mortgage securities to more than two dozen failed banks. Read the Daily Bankruptcy Review story in The Wall Street Journal.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)
An attempt by television personality Marcus Lemonis and Dippin’ Dots owner Fischer Enterprises LLC to reopen Crumbs Bake Shop Inc. stores moved closer to reality after a deadline to trump the pair’s $6.5 million offer for the chain passed with no other bidders emerging. Read Sara Randazzo’s story in WSJ.

WSJ.com: Bankruptcy Beat
(posted 1 week 2 days ago)

What is a judgment, and how do you know if […]
The post 5 Minute Legal Master Series: Judgment and Judgment Liens appeared first on Bernstein-Burkley, P.C..

Bernstein-Burkley, P.C.
(posted 1 week 2 days ago)

Prudential Ins. Co. of Am. v. SW Boston Hotel Venture, LLC (In re SW Boston Hotel Venture, LLC), 748 F.3d. 393 (1st Cir. 2014) – A senior mortgagee battled the debtor and a junior mortgagee over its entitlement to post-petition … Continue reading →

(posted 1 week 2 days ago)

The majority of clients we work with in our bankruptcy practice would be considered “consumer” debtors. Credit card debt, home equity loans, car loans, and medical bills often make up the majority of what they owe to creditors. Bankruptcy laws are written to allow consumer debtors to exempt much of the property they have acquired. The ability to retain property is often a major factor in deciding to file bankruptcy. How much property is exempt under the bankruptcy law is also one of the determining factors in deciding whether to file chapter 7 or chapter 13 bankruptcy.The post Property Exemptions in Bankruptcy appeared first on Tucson Bankruptcy Attorney.

(posted 1 week 3 days ago)

The Pittsburgh Riverhounds soccer team has a plan to get out of bankruptcy with a new owner: a local businessman who has already extended several million dollars to keep the team kicking.
In court papers, officials asked a judge to approve two bankruptcy-exit plans—one for the team and one for its 3,500-seat stadium on Pittsburgh’s South Side—that would allow Terrance “Tuffy” Shallenberger Jr. to become their sole owner. Right now, Mr. Shallenberger owns a 51% stake in the two partnerships that own the team and the stadium.
The partnerships filed for Chapter 11 bankruptcy on March 26 (several days before the team’s season opener) blaming the larger-than-expected construction costs of Highmark Stadium. Before the stadium opened last year, the team played at local high schools.

WSJ.com: Bankruptcy Beat
(posted 1 week 3 days ago)

In 1932, J. Howard Marshall and William O. Douglas co-authored an article published in the Columbia Law Review titled “A Factual Study of Bankruptcy Administration and Some Suggestions.” Douglas (not yet 35 years old) would go on to become the longest-serving justice of the Supreme Court.   But those of us at the Stern Files are not concerned with Justice Douglas (at least at present). Instead, we are concerned with a young J. Howard Marshall. Just 27 years old at the time of the article’s publication, Marshall was a recent graduate and an assistant dean at Yale Law School, teaching (among other things) classes on bankruptcy. More than 60 years before he married Anna Nicole Smith, and nearly 70 years before the Supreme Court decided Stern v. Marshall, young Mr. Marshall undertook a data-driven analysis of the then-existing bankruptcy regime so as to initiate some proposals for reform and for making the bankruptcy process more fair and efficient.

(posted 1 week 3 days ago)

There are many myths surrounding life after bankruptcy. The fact is, you can rebuild your credit and your life after bankruptcy. Our Kenosha bankruptcy attorney separates fact from fiction in this post.
 
Kenosha Bankruptcy Attorney Says: Overcome the Guilt
Many people feel guilty or ashamed of filing bankruptcy. You may feel as if you have failed. The fact remains, a recessed economy and poor employment rate have led to more recent bankruptcy filings. You are not a failure and you are not alone. Most bankruptcies happen due to unforeseen and uncontrollable circumstances, such as divorce, illness, job loss, etc. Filing a Kenosha bankruptcy does not make you a bad person. You are a good person stuck in a bad situation. Our Kenosha bankruptcy attorney is here to help you put the past behind and start a second chance.
If you are having a difficult time overcoming the social stigma of filing a Kenosha bankruptcy, consider joining a support group. Many people feel like they have lost their self-worth and some even fall into a depressed state. Once you learn there are so many others just like you, stuck in uncontrollable situations, you can utilize the emotional support to help you move on with your life. Remember, bankruptcy was created to give you the fresh start you deserve.
 

Wynn at Law, LLC
(posted 1 week 3 days ago)

 
smoke and mirrors theilr cc
I can’t save anything because it takes every dollar I make just to get by.
Sound like a description of your budget?
For some folks, that is absolutely true.
But for another slice of working folks, there’s some black magic budgeting going on that hides what’s really afoot.
These voodoo budgets look rational, but only on the surface.  If there were two budget line items:  1) food, and 2) groceries,  you’d see the duplication.
But what often happens is more subtle.  Meet the twins of budget self deceptions.
Electronic entertainment
Got cable?  More than basic cable?  Do you also budget for entertainment, eating out, vacations?
Whoa!
What is premium cable if not entertainment?  You can probably say the same thing about data on smart phones.  These services make our days brighter.  But the cost has to be counted against the same budget category as other non essential pleasures.

(posted 1 week 3 days ago)