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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

November Bankruptcy Filings Decline, Following Seasonal Pattern

Posted on December 09, 2009
According to data from Automated Access to Court Electronic Records ("AACER"), there were about 115,500 total bankruptcy filings in November 2009. This is a drop from October but, contrary to a few reports, not a big drop in filings from...

Holiday Reading

Posted on December 01, 2009
We get all kinds of visitors, from top experts in the field to neophytes looking for information, but I thought there was something for everyone on two recommended reading lists from Underbelly. I don't think I'm blowing his cover to...

A Wager of Law!

Posted on November 30, 2009
Apparently I've been challenged to a duel wager. I say apparently, because this challenge was never delivered to me. Instead, it was posted to a website almost a month ago, which is a little odd for a serious bet. So...

Dubai World

Posted on November 29, 2009
Over the long holiday weekend, we have been treated to a series of increasingly breathless stories about Dubai World's decision to seek a six-month moratorium on some $60 to 80 billion of debt. How Dubai World, a corporation owed by...

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White House Dinner Crashers' Bankruptcy

Posted on November 27, 2009
Some of the news reports on the White House dinner crashers (Tariq and Michaela Salahi) have noted that they own a winery that filed for Chapter 11 (reorganization) bankruptcy and then converted to Chapter 7 (liquidation) bankruptcy. My prurient interest...

Proposals for Haircuts at the FDIC

Posted on November 25, 2009
FDIC-sponsored haircuts have become a hot item in the blogosphere. My wife used to work for the FDIC, and I smile every time I hear the term as I think about the building on F Street with a big barber...

The Australian Interchange Experience

Posted on November 24, 2009
The New York Times ran a story on the impact of interchange regulation in Australia. Calling it interchange regulation is somewhat of a misnomer. The Reserve Bank of Australia in fact acted to bust up anticompetitive private regulation of interchange...

Professional Retention & Compensation under the Code

Posted on November 23, 2009
More fun with the Code, or "Bankruptcy Nerdcore," {my attempt at nerdy humor -- "nerdcord" -- apparently lost on one and all} as one recent commentator has described it. It is the reality of current academia that we don't do...

Son of Pine Gate

Posted on November 18, 2009
As Credit Slips readers may know, a group of key Philadelphia newspapers are currently in chapter 11. The debtor that owns the papers owes its secured lenders north of $290 million. It wants to sell itself under a plan to...

Lehman & Barclays

Posted on November 17, 2009
Lehman has sued Barclays over the incredibly rushed sale of Lehman's key brokerage assets to Barclays a year ago. No doubt the financial industry crowd will use this to further promote their argument that chapter 11 does not work for...

Repeal the Safe Harbors?

Posted on November 16, 2009
Today I'm speaking (along with my co-blogger, Adam) at the ABI's conference on chapter 11 reform at Georgetown. I'll be making the case for the repeal of the derivative safe harbors in the Code -- my paper can be found...

Modification Scams

Posted on November 12, 2009
While the loan origination fraud is largely shut down, the foreclosure crisis has spawned a whole new consumer fraud in the form of foreclosure rescue and loan modification scams. These companies offer to help consumers get a loan modification or...

Senate Hearing on Medical Bankruptcies (Oct. 20, 2009) (Pottow)

Posted on November 12, 2009
Yes, I went back to D.C. for more congressional bankruptcy brouhaha, this on the rising incidence of medical bankruptcies. C-SPAN decided to broadcast the proceedings in all their glory. Sen. Franken (D-MN) was armed with statistics on Swiss medical bankruptcies...

Subprime, Exotic or "Crap?" Mortgage Industry Lingo

Posted on November 05, 2009
Former Credit Slips guestblogger Max Gardner is always trying to understand the real mechanics and economics of mortgage servicing. At one of his infamous bootcamps, he had an employee at a now-deceased mortgage servicer share an insider?s perspective on default...

Evans and Wright on the CFPA: Round 2

Posted on November 04, 2009
A couple of weeks ago I wrote a short critique of one piece of a long study written by David Evans and Joshua Wright about the Consumer Financial Protection Agency and funded by the American Bankers Association. The related blog...

October Bankruptcy Filings Set New Post-2005 Record

Posted on November 03, 2009
The daily bankruptcy filing rate in October hit 6,200, setting a new record since the 2005 changes to the U.S. bankruptcy law. There were about 130,200 total filings spread over the 21 business days in October. The October filing rate...

Looking Forward in the Supreme Court

Posted on November 02, 2009
This just in from our Washington, DC, bureau: the Supreme Court has granted certiorari in Hamilton v. Lanning, No. 08-3009 (10th Cir. Nov. 13, 2008), where the Tenth Circuit adopted the "forward-looking test" for how much a chapter 13 debtor...

How to Fail My Secured Credit Exam Two Different Ways

Posted on November 02, 2009
By way of Underbelly comes this story from the Seattle Times chronicling the many failures at the now defunct WaMu. Among the stories was that a WaMu banker gave O.J. Simpson a second mortgage on his Florida home despite the...

Spookiest Bankruptcy Opinion of 2009

Posted on October 30, 2009
It's Halloween, and time for nominations for the Spookiest Bankruptcy Opinion of the Year. Comments are open. Name the opinion that gives you goosebumps, and explain why others should be scared . . . very, very scared. My own nomination...

Would this work?

Posted on October 28, 2009
Word on the street is that Capmark liquidated its derivative portfolio pre-bankruptcy to avoid having to deal with the safe harbors in the Bankruptcy Code. Cash is still subject to the automatic stay, unlike derivative contracts. Imagine, for a moment,...

Means Test Changes Won't Mean Much

Posted on October 26, 2009
Controversy abounds these days about whether government programs should adjust downward to reflect cost-of-living and income declines. I?d like to stir up a little controversy here at Credit Slips about Bob Lawless? recent post that said the drop in median...

Too-Big-To-Fail Resolution: Why One Size Can't Fit All

Posted on October 25, 2009
The debate over what to do about too-big-to-fail is heating up (see here (FRB) and here (BoE) and here (Simon Johnson for a summation and commentary). A lot of the moves in the debate are well-rehearsed: the moral hazard issues...

Things That Have Piled Up

Posted on October 23, 2009
Long time readers of Credit Slips may have noticed that my blogging has flagged the past few months. That is because my colleagues, Jennifer Robbennolt and Tom Ulen, and I have been working on a text entitled Empirical Methods in...

Bogus Statistics: The Banking Industry's Go-To Lobbying Tool

Posted on October 22, 2009
Fake statistics have been a central feature of the banking industry's lobbying strategy on every major consumer credit issue since the 2005 bankruptcy amendments. In 2005, there was the phantom $400 bankruptcy tax used to push through the BAPCPA. Then...

Lehman Fees

Posted on October 20, 2009
The FT has a front page story today about the total fees incurred by the debtor's professionals in the London part of the Lehman case. So far the accountants (who play the lead role in the UK) and the attorneys...

Congress to Outlaw Indiana Pension Funds

Posted on October 16, 2009
Not really, of course. But Felix Salmon does have an important new post about how, in the sovereign debt context, Congress is honestly considering preventing purchasers of distressed sovereign debt from collecting the full face amount of the debt. It...

Tightening the Bankruptcy Laws in the Midst of a Deep Recession

Posted on October 14, 2009
Beginning on November 1, some people might suddenly find they are now ineligible for chapter 7 bankruptcy. Making it harder to file bankruptcy in the middle of our financial crisis may not be the best policy idea to come down...

Debt Collectors Are Not Always "Debt Collectors"

Posted on October 14, 2009
This just in from our Tampa bureau: a debt collector threatens a debtor and his family, including the lovely threat "I'm going to f*** you up" if you don't pay. Abusive debt collection practices seem to be pretty widespread but...

Hey Ernie, Let's Play 11!

Posted on October 13, 2009
The Cubs filed for Chapter 11. Yes, I recognize that this has nothing whatsoever to do with the quality of their play, which has itself frequently been bankrupt. But the Southsider in me is enjoying a moment of Schadenfreude despite...

An inside view of Chrysler (and GM)

Posted on October 12, 2009
Corrine Ball has a post today offering her insights on the automotive cases, which she was involved in as lead counsel for Chrysler. Not surprisingly, she and I share similar views about the cases and the arguments that have been...

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