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Bankruptcy

Credit Slips

A discussion on credit and bankruptcy.
By Bob Lawless, Adam Levitin, Angie Littwin, Katie Porter, John Pottow, Debb Thorne, Elizabeth Warren

Post Frequency: 12.8/day

Last Entry: April 01, 2011 at 09:01:41

New Reorganization Law Imminent in United Arab Emirates

Posted on June 23, 2010
The key word in the title to this post is "reorganization," as opposed to what one generally finds in the context of laws on business failure--liquidation or "bankruptcy" laws. The U.A.E.'s current bankruptcy law is a relic of the (British...

The CFPB Auto Dealer Exemption--A Reminder of the Why We Should be Worried

Posted on June 23, 2010
It looks like auto dealers are going to get their carve out from the CFPB. I can't think of a policy argument for exempting auto dealers; maybe someone will provide one in the comments. The used car dealer has long...

Islamic Finance v. Islamic Bankruptcy

Posted on June 22, 2010
As Bob mentioned in his introduction, I have spent many hours over the past year-and-a-half studying Arabic as a prelude to exploring the Islamic and Modern Middle Eastern law of financial distress--by far the most intense intellectual challenge of my...

The Forum Shopping Debate Heats Up for In-Bound Cross-Border Cases?

Posted on June 21, 2010
Thanks so much to Bob and the rest of the Credit Slips crew for having me back! For my first post, I thought I'd draw some attention to what seems to be the latest in the forum shopping (corruption?) wars...

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Welcome Back to Jason Kilborn

Posted on June 21, 2010
This week, Professor Jason Kilborn of the John Marshall Law School will be joining us as a guest blogger. Jason has guest blogged in the past and should be well known to Credit Slips readers for his insightful comparative work...

The CFPA Auto-Dealer Exemption

Posted on June 21, 2010
The CFPA/B proposal that the House conferees have presented to the conference committee for the financial reform bill includes an exemption for auto-dealers (see the bottom of p. 13). It's frankly an exemption that is impossible to justify except as....

Thank You to Michelle Harner

Posted on June 20, 2010
On behalf of all the regulars here at Credit Slips, I wanted to extend our thanks to Professor Michelle Harner of the University of Maryland School of Law. Michelle's guest posts over the past few days were typical of her...

Signing Off with a Bankruptcy Case Made for TV

Posted on June 19, 2010
I thought I would wrap up my week of blogging with a little entertainment?the Trump Entertainment chapter 33 case. Yes, this is Trump Entertainment?s third trip through chapter 11 of the U.S. Bankruptcy Code, and its adventure rivals any episode...

Debt Settlement Firms--Fraudulent Transfers

Posted on June 19, 2010
There's a nice piece about debt settlement companies in the NYTimes. The story left me wondering whether Ms. Robertson, who paid $4,000 to the debt settlement firm without getting any debt relief might have a fraudulent transfer claim against them....

The Disingenuous Mr. Russell Simmons

Posted on June 19, 2010
Russell Simmons (yes, the hip-hop entrepreneur and vegan advocate) is blogging away at Huffington Post against the Durbin interchange amendment. Simmons claims that his card takes "the poor, the voiceless and the under-served" out "from the claws of payday lenders...

Interchange Irony: George Mason University Edition

Posted on June 18, 2010
George Mason University law professors Todd Zywicki and Joshua Wright have been the leading (and almost sole) academic defenders of the current interchange fee system. So how's this for irony: Zywicki and Wright's own employer announced that it will no...

Courts are Signaling, but is Congress Listening?

Posted on June 18, 2010
As I previously mentioned, recent amendments to the U.S. Bankruptcy Code have been significant and driven in large part by special interest groups. Yet, Congress has ignored ambiguity in the Code that has persisted for years, causing confusion, uncertainty and...

The End of Free Checking?

Posted on June 17, 2010
The Wall Street Journal has a story that Bank of America is contemplating the end of free checking in response to the paring back of fee income due to regulatory reform. Banks are undoubtedly already adapting to the past year's...

Decision in Schwab Is an Irritating Nonevent

Posted on June 17, 2010
The Supreme Court handed down its decision in Schwab v. Reilly today. Schwab looks like a technical case only of interest to bankruptcy specialists because it requires the parsing of specific language in section 522(l) of the Bankruptcy Code and...

Discussing the ?B? Word with Corporate Boards

Posted on June 17, 2010
Countless restructuring lawyers have told me that their corporate partners are hesitant to introduce them to their firm?s troubled business clients because the ?B? word might ?spook? the client. I also experienced board ostrich syndrome (i.e., denial that the company...

Russell Simmons, Interchange Crusader

Posted on June 16, 2010
It's amazing who the interchange debate will bring out of the woodwork. Hip-hop entrepreneur Russell Simmons has been making the rounds on Capitol Hill (and on Huffington Post) urging Congress not to act on interchange reform. Why is Simmons so...

Banking the Unbanked--Government-Sponsored Prepaid Cards?

Posted on June 16, 2010
Blogging about the RushCard has me thinking. Prepaid debit is filling a market need for financial services (payments and safe-keeping) for the unbanked. But prepaid debit products are often as predatory in their pricing as check-cashing outlets. So two questions...

Overcoming Overconfidence in Bankruptcy

Posted on June 16, 2010
Elizabeth Loftus (UC-Irvine Law) has co-authored a new paper on lawyers' abiliy to predict outcomes in litigation. She and her colleagues surveyed about 500 lawyers with pending litigation, asking them to specify a minimum goal for their case and providing...

Seen this Movie Before?

Posted on June 16, 2010
For the past several years, we have watched various industries struggle, including the automotive, airline and entertainment industries. Although troubled companies within these industries have their own unique issues, they also share common experiences relating to the recent recession, competition...

Private Funds and Bankruptcy

Posted on June 15, 2010
As the financial reform bills make their way through committee conference, I thought I would take this opportunity to reflect on the activities of private equity firms and hedge funds in bankruptcy. (For those of you interested in the bills?...

The Utility of Chapter 11

Posted on June 14, 2010
First, I want to thank Bob Lawless and the other authors of Credit Slips for inviting me to guest blog this week. I am honored to share this space with you, and I look forward to a robust dialogue. Second,...

Welcome to Michelle Harner

Posted on June 14, 2010
Credit Slips would like to welcome Professor Michelle Harner as a guest blogger. Harner is a professor at the University of Maryland School of Law teaches courses in bankruptcy and corporate law, including corporate finance. Before joining academia, Harner was...

$108 Million Settlement on Countrywide's Servicing Practices

Posted on June 14, 2010
Last week, the FTC announced a $108 million settlement with Countrywide based on allegations that Countrywide's loan servicing operations collected excessive fees. The complaint describes Countrywide's servicing practices for default fees as part of its strategy to keep on profiting...

Electronic Copy of Bankruptcy Code and Rules

Posted on June 14, 2010
There are online versions of the Bankruptcy Code such as BankrLaw, which I maintain and which allows for retrieval of historical versions of the code or the one at the Legal Information Institute. These sites divide the Code into individual...

BP & Bankruptcy

Posted on June 11, 2010
Notwithstanding my soothing words, the Treasurer of Louisiana is "fretting" over a possible BP chapter 11 case. It seems that John Kennedy (no, not that one) believes that BP only has about $12 billion in liquid assets. As I explained...

U.S. Bankruptcy Filings at Same Level as Before 2005 Law

Posted on June 10, 2010
According to Automated Access to Court Electronic Records (AACER), the U.S. daily bankruptcy filing rate for May was 6,672, which was virtually identical to the rate from April. On a year-over-year basis, the May filing rate increase was only 10.5%.....

The Interchange Cross-Subsidy: False Analogies

Posted on June 08, 2010
Zywicki's interchange paper repeats a claim made by other opponents of interchange regulation that cross-subsidies, even regressive ones, exist throughout the economy, so there's no reason to get worked up over the interchange cross-subsidy imposed by credit card network rules...

Zywicki on Interchange

Posted on June 08, 2010
Todd Zywicki has a new paper out on interchange regulation, just in time to support the banks' push against the Durbin interchange amendment in conference committee. The paper doesn't present any new arguments or evidence. Instead, it presents a highly...

Rigbi on Usury on Prosper

Posted on June 08, 2010
When Credit Slips started, we intended to feature new scholarly papers by the bloggers and others. I am going to attempt to revive that tradition by featuring a paper by Oren Rigbi, an assistant professor in the Department of Economics...

Supreme Court Rules in Lanning

Posted on June 07, 2010
The Supreme Court has just issued its opinion in Hamilton v. Lanning, a case interpreting the "means test" that the 2005 bankruptcy amendments added to chapter 13. The issue was chapter 13's requirement that the debtor commit his or her...

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