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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

Obama on Credit Cards and Bankruptcy

Posted on June 09, 2008
This is quick post about Obama's speech on the economy in Raleigh, N.C. He spent two and a half "paragraphs" of it discussing credit cards and bankruptcy. (The link is to the whole speech. I've also excerpted the relevant passage...

Footing the Billary

Posted on June 09, 2008
Thanks to Bob and the other Credit Slips authors for having me back. I hope to post about several different things, some more topical than others. The first may be the most topical of all--the presidential campaign. Now that Hillary...

Changing of the (Guest Blogger) Guard

Posted on June 08, 2008
Credit Slips thanks University of New Mexico law professor Nathalie Martin for joining us the past few weeks and giving us some "on the ground" perspective of how the credit crisis is affecting persons she sees in her legal clinic....

2.47% of All Residential Mortgage Are in Foreclosure

Posted on June 05, 2008
According to the Mortgage Bankers Association's Delinquency Survey, 2.47% of 1-4 family residential mortgages are in foreclosure and 6.35% are delinquent. And Credit Suisse's prediction of 6.5 million foreclosures by 2012 still looms. Scary numbers.

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May 2008 Bankruptcy Filings Continue to Show Increase

Posted on June 04, 2008
The latest bankruptcy filing data have just become available from Automated Access to Court Electronic Records ("AACER"). Where we were just treated to a round of headlines about the government's data that went through March, the AACER data bring us....

From Redlining to Target Practice

Posted on June 04, 2008
H&R Block, subprime mortgage, Option One, racial discrimination

Consumerism and the Environment: What Would Jesus Buy and Subsequently Throw Away?

Posted on June 03, 2008
Sorry, Morgan Spurlock, had to steal that one. One key to meaningful financial literacy education is that a person has to really care about something to work for it. If you take the time to let it sink in, people...

Financial Literacy Education Under Attack: Man?s Search for Meaning

Posted on June 03, 2008
As a provider of financial literacy education, I read with great interest Professor Lauren Willis? recent article Against Financial Literacy Education. It is a creative, must-read for anyone interested in the subject and adds greatly to the literature in this...

Justifying Debt Forgiveness: Information Asymmetry and Risk Allocation

Posted on June 03, 2008
In my last guest blogs before quitting, I want to briefly discuss, and hopefully get a discussion going, about two topics related at the Illinois Debt Symposium. This was a fabulous interdisciplinary event, about which Mechele Dickerson has blogged extensively...

Credit Card Debt Absent the Mortgage Bubble

Posted on May 31, 2008
But for the mortgage bubble, credit card debt levels would be much higher.

Why Is This Legal?

Posted on May 31, 2008
Are there some deals that are so bad that they shouldn't occur? Or it is enough to say that people have choices, and if they make bad choices, tough? I had lunch with a bankruptcy lawyer, who followed up with...

What is the Difference Between a Crack Dealer and a Creditor Soliciting a Bankruptcy Debtor?

Posted on May 30, 2008
The crack dealer leaves you alone once you're broke, right? I know bankruptcy debtors are seemingly better credit risks than average people because they cannot get another bankruptcy discharge for 8 years, and because they seemingly have less debt, but...

Many Internet Payday Loans are Unenforceable

Posted on May 29, 2008
Internet payday loans are often even more impossible to pay off than storefront loans. Internet payday lenders are also among the most aggressive collectors, but maybe not for long. As it turns out, many of these loans are unenforceable. First,...

The Myth of the Non-Bankruptcy Exemptions

Posted on May 28, 2008
How does the saying go, possession (of a lawyer) is 9/10ths of the law? When it comes to exercising ones rights under the state exemption schemes, the adage is true. The common lore is that if a person's assets are...

Unconscionability and Funky Mortgages

Posted on May 28, 2008
People have posted some comments to the funky mortgage story and I wondered if anyone had any experience using the doctrine of unconscionability to help ward off foreclosure and keep people in their homes. As a contracts teacher, I know...

NAF, Just NAF

Posted on May 28, 2008
"NAF" sounds like maybe something you should say when you're frustrated. "NAF!, I stubbed my toe." In some circles, NAF may already be turning into an expletive. NAF stands for the National Arbitration Forum, a for-profit business that has twisted...

The Magical Mystery Mortgage: Loans Gone Wild

Posted on May 27, 2008
This site has had some fabulous posts about mortgage fees in Chapter 13 and mortgage services fraud. This is a short story about mortgage fees or funky interest rates, or perhaps just plain old fraud, in the context of the...

Welcome Back to Nathalie Martin

Posted on May 26, 2008
Nathalie Martin, the Dickason Professor of Law at the University of New Mexico, will be joining us again as a guest blogger. Regular readers of Credit Slips will remember Professor Martin's guest blogging stint at the beginning of the year....

The Credit Card Lesson

Posted on May 22, 2008
The effective repeal of usury laws in the US was accomplished in the quietest possible way: In 1978, the Supreme Court interpreted an century-old banking law to determine that federally-chartered banks to lend to people in other states so long...

The Repo Man Cometh

Posted on May 21, 2008
Repossession isn?t just for struggling car owners or low-income rent-to-own borrowers anymore. The combination of the recent overextension of credit and the current corresponding crash has resulted in a newly strengthened market for the repo man: boats...

Foreclosures and More Bankruptcy Filings

Posted on May 21, 2008
It is popular to assume the increases in the bankruptcy filing rate are tied to the home mortgage foreclosure crisis here in the United States. Is that really the case? I've checked the data, and it appears that it is....

Can you tell a $1 from a $20 with your eyes closed?

Posted on May 20, 2008
If you're vision-impaired it can be difficult or impossible to distinguish US paper currency of different denominations. Unlike just about every other Western country, all of our bills are the same size, same color (excluding some recent changes to keep...

Vulture Mentality of Piling On Fees or Countercyclical Diversification Strategy

Posted on May 16, 2008
In the recent hearing on mortgage servicing, the Senators probed Countrywide's chief executive for loan administration, Steve Bailey, on exactly how mortgage servicers (distinct from the owners of the mortgage) make their profits. Mr. Bailey confirmed the description in my...

Senate Investigates Mortgage Servicing

Posted on May 15, 2008
Last week, I testified before a subcomittee of the U.S. Senate Judiciary committee about mortgage servicing in bankruptcy. You can read the written testimony or watch a webcast. Both the Chair of the subcommittee, Senator Schumer, and the Ranking Member,...

Why I Use AACER's Filing Statistics

Posted on May 13, 2008
Every month, I try to post on the latest bankruptcy filing statistics using data provided by a private company, Automated Access to Court Electronic Records (AACER). Recently, Jason Kilborn, a law professor at Chicago's John Marshall Law School, posted a...

Call for Papers on Regulation of Financial Institutions

Posted on May 12, 2008
The Association of American Law Schools Section on Financial Institutions and Consumer Financial Services Program for the 2009 Annual Meeting (January in San Diego) has announced its topic: Does Modern Financial Institution Regulation Work? Reflections on Deregulation and Internationalization of...

Thank you to Judge Eugene Wedoff

Posted on May 12, 2008
The Credit Slips bloggers thank Judge Eugene Wedoff, U.S. Bankruptcy Court for the Northern District of Illinois, for his participation as a guest blogger last week. His posts identified a number of important consumer bankruptcy issues, including student loans, the...

Mortgage Fees in Chapter 13: Rules to the Rescue?

Posted on May 10, 2008
In a February post to Credit Slips, Katie Porter pointed out a recurring problem for U.S. debtors trying to deal with mortgage defaults through a Chapter 13 plan. They can make all of the payments needed to cure their pre-bankruptcy...

Student Loans and U.S. Bankruptcy Law: Hard to Understand

Posted on May 10, 2008
Student loan debt in the U.S. is a growing problem, with college students graduating with an average debt load of nearly $20,000 as of 2006. In my last post, I pointed out a recent opinion suggesting a bankruptcy approach that...

Not Valid Unless Signed

Posted on May 10, 2008
All my credit and debit cards state on the back above the signature specimen block "Not Valid Unless Signed". I'm curious as to what exactly that means. If I make a purchase with an unsigned card, could it possibly absolve...

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