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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

Lying Is Wrong

Posted on October 09, 2009
You might think that we all caught the lesson that lying is wrong somewhere between Sunday School and warnings that Santa only brings presents to good boys and girls. But an Ohio federal court recently caught a debt buyer making...

How Many Bankruptcy Filings Were There in September?

Posted on October 07, 2009
In a post yesterday, I used bankruptcy filing figures from Automated Access to Court Electronic Records (AACER) that showed just over 125,500 total filings in the month of September. A large number of news stories reported there were 124,790 consumer...

Risks of Reverse Mortgages

Posted on October 07, 2009
In a world of news stories about crippled credit markets, at least one group of Americans still faces the problem of aggressive loan marketing. Senior citizens are on pace to set a new record in 2009 for reverse mortgages, complicated...

Bankruptcy Filings Maintain a Steady State

Posted on October 06, 2009
The good folks at Automated Access to Court Electronic Records (AACER) report there were over 125,500 total bankruptcy filings in September. The daily bankruptcy filing rate was 5,980 for an increase from August of only 0.5%. Recent media reports and...

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Was it just by chance? Could this be Kismet?

Posted on October 06, 2009
Somehow you always knew these two would get together. AIG and Lehman are in a dispute about credit default swaps. A whole bunch of credit default swaps to be precise. It seems AIG and Lehman sold 125 CDS contracts to...

Amici Bankruptcy Professors Pottow & White "Win" on BAPCPA 11 U.S.C. 522(p)

Posted on October 03, 2009
Yes, self-serving, but What Is To Be Done? A few years ago, my Michigan Law colleague Jim White (J.J. White to some) -- who has guest blogged for Credit Slips -- and I picked up a BAPCPA case trickling though...

Help Me Decide -- Is a "Replacement" New Collateral

Posted on September 30, 2009
This semester, I have been teaching secured credit from Lynn LoPucki and Elizabeth Warren's wonderful textbook. One of the problems from the book was, I believe, inspired by my former colleague at UNLV and current bankruptcy judge, Bruce Markell, who...

Schwab v. Reilly -- The Amicus Brief

Posted on September 30, 2009
Last week, I agreed to join an amicus brief in the pending U.S. Supreme Court case of Schwab v. Reilly. This case will not receive a lot of medial attention, but it could have a big practical effect on the...

Thank You to Stephanie Ben-Ishai

Posted on September 28, 2009
Credit Slips would like to thank Professor Stephanie Ben-Ishai of the Osgoode Hall Law School at York University for joining us last week. Professor Ben-Ishai gave us a fairly comprehensive overview of the changes to the Canadian bankruptcy law that....

Unresolved Access Issues

Posted on September 25, 2009
Yesterday?s post on means-measuring versus means-testing offered a positive perspective on the Canadian bankruptcy reforms. The focus was on debtors who are currently able to access the bankruptcy system and how this will change with the enactment of the reforms...

Means-Measuring versus Means-Testing

Posted on September 24, 2009
As readers of the Credit Slips blog are well aware, a central feature of BAPCPA was means-testing. Means-testing requires all debtors to calculate their estimated ability to pay (according to complex formulae) and to file these calculations with their Chapter...

The Deviant Canadian Debtor

Posted on September 23, 2009
The reforms we?ve discussed so far signal that a paradigm shift with respect to consumer bankruptcy in Canada is well under way. A key component of consumer bankruptcy in Canada has, since 1919, been the non-waivable or mandatory consumer bankruptcy....

Key Canadian Consumer Bankruptcy Reforms

Posted on September 22, 2009
Today?s post is a summary of the key Canadian consumer bankruptcy reforms. The most significant aspects of the consumer reforms touch on the following nine issues: 1. Automatic Discharge 2. Creditors? Participation and Pay Out 3. Bankrupts with High Income...

Minimum Payments Help the Credit Card Industry

Posted on September 22, 2009
If you make only the monthly minimum payment on your credit card account, the debt has a fair chance of outlasting the expected life of the plastic used to manufacture the credit card. That may be hyperbole but not by...

Welcome to Stephanie Ben-Ishai

Posted on September 21, 2009
Credit Slips is excited to welcome Professor Stephanie Ben-Ishai of Osgoode Hall Law School at York University. Ben-Ishai has published widely on bankruptcy and commercial law and has several studies on how Canadian bankruptcy laws affect low-income consumers in Canada...

Ten Years of Corporate Bankruptcy from The Deal

Posted on September 21, 2009
Transactional tracker The Deal magazine has been celebrating its tenth anniversary (hard to believe). As part of that, the magazine has been reviewing how the last ten years have treated different parts of the deal-making scene. Matt Miller has written...

Where Should Lehman Have Filed?

Posted on September 21, 2009
As many Credit Slips readers know, I have spent a good bit of my academic career writing about professionals in chapter 11. Thus I was drawn to the Economist's recent article about the "bonanza" of professional fees in Lehman. The...

Introduction to the Canadian Bankruptcy Reforms

Posted on September 21, 2009
Thank you for the introduction Bob. I am delighted to have the opportunity to Guest Blog this week about the Canadian bankruptcy reforms. On Friday September 18, 2009, the remaining amendments contained in Chapter 36 of the Statutes of Canada,...

Chapter 11 & Financial Institutions

Posted on September 15, 2009
The FT has a good story today about "living wills," the idea that banks and other large financial institutions should provide a plan for the own wind-down in the event of a future financial crisis. The hope is that such...

Derivatives in Bankruptcy -- part 3

Posted on September 14, 2009
In two prior posts earlier this month, I examined the Chicago Board of Education's adversary complaint against Lehman, in which the Board struggles mightily to avoid termination of an interest-rate swap under the procedures set forth in the ISDA Master...

Tenant Protections in Foreclosure

Posted on September 14, 2009
A foreclosure has a ripple effect, as a number of commentators have observed. Foreclosed properties often sit vacant, leading to nuisance concerns, lower property values for neighboring houses, and higher crime rates. But some properties are not vacant on the...

Bank of America-SEC Settlement

Posted on September 14, 2009
Judge Jed Rakoff nixed Bank of America's settlement with the SEC. As he rightly noted, the price for management malfeasance is borne by shareholders, not by the managers. Maybe the shareholders toss the bums out, but the entrenchment of corporate...

Pottow on CFPA

Posted on September 10, 2009
Credit Slips very own John Pottow has an op-ed about the proposed Consumer Financial Protection Agency in yesterday's Detroit Free Press that observes that a CFPA would help small banks relative to big banks because of reducing fixed regulatory costs...

Chrysler and GM, Again

Posted on September 09, 2009
The TARP Congressional Oversight Panel's September report, The Use of TARP Funds in Support and Reorganization of the Domestic Automotive Industry, is out today. The paper I wrote for the report can be found here or as an appendix to...

August Filings Hold Steady

Posted on September 08, 2009
It is September 8, and I never did my monthly post about the latest U.S. bankruptcy filing figures. Hopefully, late is better than never. According to data from Automated Access to Court Electronic Records (AACER), there were slightly more than...

Derivatives in Bankruptcy -- Part 2

Posted on September 08, 2009
In my last post, I used the Chicago Board of Education's suit against Lehman Brothers to explore some of the interesting issues concerning derivative contracts that have been brought forward by Lehman's chapter 11 case. While I expressed some skepticism...

Overspenders to Face Tax Audits?

Posted on September 08, 2009
A recent article in the Wall Street Journal reported on a new effort by the IRS to catch tax cheats. The IRS is going to compare data on mortgage-interest payments provided by financial institutions with homeowners' declarations of income on...

Derivatives in Bankruptcy -- part 1

Posted on September 04, 2009
The Lehman Brothers case has surfaced a good number of important and interesting issues concerning the intersection of derivatives and chapter 11. In particular, while the derivatives industry seemed to think that the 2005 creation of massive ?safe harbors? in...

A Failure of Research: Posner on Law Professors and the Financial Crisis

Posted on September 04, 2009
I just came across a Richard Posner piece in the Atlantic that claims that law professors "have not made a contribution to the understanding and resolution of the current economic crisis, even thought it bristles with legal questions." Whoa! This...

Bankers, pawnbrokers, actors, jugglers, acrobats, quacks, and brothel keepers...in 16th Century Holland

Posted on September 04, 2009
It's pretty amazing how the status of some professions has changed over time. I came across this astounding passage in Simon Schama's The Embarassment of Riches: An Interpretation of Dutch Culture in the Golden Age (now you know what I...

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