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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

Welcome to Mechele Dickerson

Posted on April 28, 2008
Credit Slips would like to welcome Professor Mechele Dickerson as a guest blogger. Dickerson is the Associate Dean for Academic Affairs and the Fulbright & Jaworski Professor of Law at the University of Texas School of Law. She is a...

Frontier and First Data Corp.

Posted on April 28, 2008
Felix Salmon has a great piece in CondeNast portfolio.com about the role of First Data Corporation in precipitating Frontier Airline's bankruptcy. It's unusual to find a story that connects consumer credit card rights with a corporate bankruptcy, so I'll summarize...

Abe Simpson Gets His Wish?

Posted on April 24, 2008
Dear Mr. President: There are too many states nowadays. Please eliminate three. /s/ Abe Simpson For those of you who do not watch The Simpsons as maniacally as I do--and that probably would be pretty much all of you--Abe Simpson...

The Future of Mortgage Servicing

Posted on April 23, 2008
In my prior post on mortgage servicing, I talked about the potential of mortgage servicers to be harmful barriers between homeowners and investors, both of whom may want to negotiate a loan modification. Recognizing such a problem raises the question...

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Why Don't More Walk Away

Posted on April 23, 2008
My buddy, Buce over at Underbelly, has a post up using the concept of option value to help explain why more people are not walking away from their underwater homes. By "underwater," we're not talking about Homer Simpson's imaginary home...

Lubben on Corporate Bankruptcy Costs

Posted on April 21, 2008
Professor Stephen Lubben of Seton Hall University (and a former Credit Slips guest blogger) has recently published the findings from his massive study of professional fees in corporate reorganizations. The paper appears under the very descriptive title of "Corporate Reorganization...

MasterCard?s Machiavellian Twist

Posted on April 21, 2008
Having just spent the last six months or so giving job talks on a paper about why credit cards issuers should allow consumers to precommit to certain levels of spending and borrowing, I am simultaneously excited and disappointed to see...

The meaning of the loss of home

Posted on April 18, 2008
When Bob Lawless posted yesterday (April 17) the table showing the daily filings for March, 2008, it got me thinking about what exactly those numbers mean, and specifically, about the families who are represented by those statistics and in the...

Monthly Filings, Jan. 2006 - Mar. 2008

Posted on April 17, 2008
A reader asked about the total U.S. bankruptcy filings for a month earlier this year. Looking around, I found I had not updated those figures in a while, and I thought others also might have a use for those figures....

Who Speaks for Mortgage "Lenders"?

Posted on April 15, 2008
The mortgage modification debate has been missing some important voices--those of the MBS holders, PMI insurers, and bond insurers who bear the ultimate risk on mortgages. They, and not mortgage servicers, should be speaking for the mortgage industry.

Bankruptcy Filing Rates by District, Apr. 2006 to Mar. 2008

Posted on April 15, 2008
The March 2008 bankruptcy data showed that the U.S. average filing rate went over 4,000 per day for the first time since the 2005 bankruptcy. Bankruptcy filings have been steadily rising since the 2005 law's effective date, but national trends...

The Stimulus that Can't Stimulate

Posted on April 14, 2008
Hanging the worldwide economic recovery on reigniting consumer spending is like investing in used fireworks. The pizzazz is already gone. How are Americans planning to spend their stimulus checks? According to a new poll, fully 41% say they will use....

Negotiating with the Mortgage Company

Posted on April 12, 2008
At the heart of a loan modification is communication between a creditor and a debtor that leads to an agreement on new contract terms. If the debtor cannot get reach a person with authority to negotiate, a modification won't be...

Light Blogging

Posted on April 11, 2008
Our regular readers might have noticed the very light blogging this week. Sorry about that. Events conspired to keep the regular Credit Slips bloggers really busy this week at our day jobs. I have some really cool graphs on state...

San Francisco City Attorney Sues NAF

Posted on April 08, 2008
My semi-favorite debt collector, er, I mean arbitration service, the National Arbitration Forum (NAF), has been sued by the San Francisco city attorney. The San Francisco Chronicle reports the story here. Different contributors have discussed the NAF here on Credit...

UST Turned Loose on Countrywide

Posted on April 03, 2008
The UST has been turned loose on Countrywide. The United States Trustee has sought to conduct discovery on Countrywide as part of a motion for sanctions against Countrywide for abusing the bankruptcy process by filing claims that included fees Countrywide...

Credit Card Redlining

Posted on April 03, 2008
A new study suggests that redlining occurs in the credit card industry

More Than 4,000 Bankruptcy Filings Per Day in March

Posted on April 03, 2008
For the first time since the 2005 changes to the bankruptcy law (BAPCPA), the U.S. bankruptcy filing rate went above 4,000 per day in March 2008. There were 90,288 total bankruptcy filings spread over twenty-one business days in March for...

IRS Should Have Gone for a Baker's Dozen with RAL

Posted on April 02, 2008
Each year the IRS releases a Dirty Dozen of tax scams. I wish the 2008 list had labeled another practice a scam--refund anticipation loans or RALs. A RAL is a short-term cash advance against an anticipated tax return. Essentially, the...

Credit Card Fair Fee Act

Posted on March 31, 2008
I?m all for a market solution to excessively high interchange fees. But I?m doubtful that the market will solve the problem if left solely to its own devices. Court or legislative intervention is necessary.

Illinois Academic Fellowships

Posted on March 31, 2008
The University of Illinois College of Law has just announced a program where persons looking to enter the legal academy can spend one or two years in residence. The program's goal is to help prepare persons for tenure-track positions at...

Online International Bankruptcy Course

Posted on March 31, 2008
My friend, Professor David Epstein at Southern Methodist University, was telling me about an innovative course in International Bankruptcy. The course is offered at NYU, but through distance learning technology, law students at other schools can participate...

Final Aloha, Aloha

Posted on March 31, 2008
Update on Aloha: giving up the ghost and ending passenger service after 60+ years. May sell its cargo business, but lots of sad and confused travelers are going to find canceled flight they'll have to rebook! Story here.

My Very Own Risk-Based Repricing Experience

Posted on March 28, 2008
Citibank made a mistake in handling my billing error--and it could lead to me paying other card issuers a lot of money.

Presidential Candidates and Short-Term Fixes

Posted on March 26, 2008
In this morning's New York Times is a story about Senator McCain's position on the mortgage crisis. With the story is a graphic comparing the candidates' positions on short-term and long-term fixes to the credit problems in the United States....

Loaded for Bear?

Posted on March 24, 2008
Last week, JPMorgan was going to pay $2/share for Bear, Stearns, with any loss absorbed by the Fed (and thus by taxpayers). Now JPMorgan is going to pay $10/share. This new offer shows what a lowball offer $2/share was. The...

Aloha, Aloha

Posted on March 24, 2008
Some readers might have seen that Aloha airlines went into chapter 11. Again. They earlier flew there in 2004, scrubbed their books a bit, and then emerged. Why back in? Couple reasons, they say. First, fuel is really expensive. (Who...

The Future of Consumer Credit in the US

Posted on March 21, 2008
During these few posts we've been writing about aspects of consumer credit today in the US. We'd like to close our week by inviting comments about the future of consumer credit. How much indebtedness should we expect in the long...

Asymmetric Paternalism

Posted on March 21, 2008
With the growing evidence on behaviors that deviate from the rational-choice model, a discussion on paternalism is taking center stage. As an economist, I am pretty averse to taking choices away from people, but can we have our cake and...

The Future of Consumer Credit...Today

Posted on March 21, 2008
We need to look at the net picture when we evaluate whether the terms of consumer credit are improving or worsening, but at the same time we need to recognize that within that net picture there may be some winners and some losers. Changes in consumer credit have different impacts on different consumer populations, and this complicates regulatory responses to manipulative lending practices.

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