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|CFPB’s Proposed Rule Regarding Non-Bank Student Loan Servicers|
Joseph M. McCandlish; Weltman, Weinberg & Reis Co., L.P.A.;
May 20, 2013, previously published on May 15, 2013On March 14, 2013, the Consumer Financial Protection Bureau (CFPB) proposed a rule that will allow it to supervise certain student loan servicers. “Under the rule, any non-bank student loan servicer that handles more than one million borrower accounts will be subject to CFPB supervisory...
|Ohio’s March Madness Over Change in Homestead Exemption|
Stephen Franks; Weltman, Weinberg & Reis Co., L.P.A.;
May 20, 2013, previously published on May 15, 2013Ohio recently received a major boost to its homestead exemption. Effective March 27, 2013, Ohio’s individual homestead exemption increased to $125,000.00. Previously, the individual exemption had only been $21,625.00. This dramatic increase moves Ohio from one of the lowest state exemptions...
|Non-Dischargability Review of Nursing Home and Medical Debt|
Keri Ebeck, Ashley Sweeney; Weltman, Weinberg & Reis Co., L.P.A.;
May 20, 2013, previously published on May 15, 2013Through the years, bankruptcy has become a powerful tool for debtors wanting to eliminate their debt. However, even though the bankruptcy tool is powerful, it is not invincible. Not all debts are discharged by bankruptcy. Although, the debts discharged vary under each chapter of the Bankruptcy...
|Compliance Issues Remain a Hot Topic|
Alan C. Hochheiser; Weltman, Weinberg & Reis Co., L.P.A.;
May 20, 2013, previously published on May 15, 2013As with the past several months, our concentration continues to be on Compliance issues. It is the hottest topic in the collection and bankruptcy industries. The Consumer Financial Protection Bureau (CFPB) continues to be in the news. On April 23rd, Richard Cordray, Director of the CFPB, provided...
|Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to Re-Characterize Debt as Equity|
Kevin W. Coleman, Valerie Bantner Peo; Schnader Harrison Segal & Lewis LLP;
May 20, 2013, previously published on May 2013Bankruptcy trustees and lenders to a potentially insolvent debtor — particularly any lender who has or intends to acquire an equity stake in the borrower — should take note of a recent decision by the U.S. Ninth Circuit Court of Appeals.
|The Ninth Circuit Holds that Bankruptcy Courts Have Authority to Recharacterize Debt as Equity|
Robert K. Sahyan; Sheppard, Mullin, Richter & Hampton LLP;
May 18, 2013, previously published on May 14, 2013On April 30, 2013, the United States Court of Appeals for the Ninth Circuit held that the bankruptcy court has authority to recharacterize as equity, rather than debt, advances of funds made purportedly as a loan to the recipient prior to its bankruptcy. In re Fitness Holdings International, Inc.,...
|District Court of Minnesota Confirms Foreclosure Related Communications are not Subject to the FDCPA|
Christy Thornton Nash, Frank Springfield; Burr & Forman LLP;
May 17, 2013, previously published on May 16, 2013In DeMoss v. Peterson, Fram & Bergman, 2013 WL 1881058 (D. Minn. May 6, 2013), Plaintiffs filed a putative class action complaint alleging that a cover letter and preforeclosure notice violated the Fair Debt Collection Practices Act (FDCPA). The subject line of the cover letter referenced...
|Alabama Federal Court Affirms Bankruptcy Court’s Holding That Filing a Proof of Claim on Time-Barred Debt Does Not Amount to an FDCPA Violation|
Rachel R. Friedman, Alan D. Leeth; Burr & Forman LLP;
May 17, 2013, previously published on May 13, 2013In a consolidated appeal of two cases from the United States Bankruptcy Court for the Middle District of Alabama, the United States District Court for the Middle District of Alabama held last week that the filing of a proof of claim in a debtor’s bankruptcy case does not amount to an FDCPA...
|No Termination of Commercial Agreements In The Case Of Insolvency?|
Rouven Redeker, Jüergen van Kann; Fried, Frank, Harris, Shriver & Jacobson LLP;
May 16, 2013, previously published on May 15, 2013Commercial agreements usually provide for extraordinary termination rights or even automatic cancellation in the case of insolvency of one of the parties. Such a cancellation right may, however, contradict the general principles of German insolvency law.
|Bankruptcy Court Approves Repayment of Aircraft Debt Without Payment of Make-Whole Premium|
Hollace Topol Cohen, Michael A. Karpen, Michael "Mike" A. Leichtling, Shawn D. Rafferty, Carolyn Peterson Richter; Troutman Sanders LLP;
May 16, 2013, previously published on May 15, 2013The recent decision of the bankruptcy court presiding over the chapter 11 proceedings of AMR Corporation (“AMR”) and its affiliated debtors (the “Debtors”) provides guidance on the impact that the filing of a chapter 11 case may have on the enforceability of a make-whole...