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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

If You Have Complained About Financial Industry Regulation

Posted on August 20, 2010
. . . . today's Dilbert is for you:

The Market for LLCs

Posted on August 18, 2010
It's a little off from our usual topics, but I have a post up over at The Conglomerate blog as part of their junior faculty scholars' workshop. Gordon Smith and Larry Ribstein also are commentators. The paper under discussion is...

Bankruptcy and the Crisis: Why so Few?

Posted on August 18, 2010
Many thanks to Bob for the invitation to guest blog here. Those who follow Bob's postings on bankruptcy filing numbers will have seen that U.S. consumer bankruptcy filings have been plodding upwards steadily, but only to roughly where they were...

Welcome to Alan White

Posted on August 18, 2010
We are happy to have Professor Alan White of Valparaiso University School of Law join us as a guest blogger. White joined the Valparaiso faculty in 2007 after substantial practice experience with Community Legal Services in Philadelphia. In practice, White...

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Student Loans Now Greater Than Credit Card Debt

Posted on August 11, 2010
Total outstanding student loan debt now exceeds credit card debt, as reported yesterday in the Wall Street Journal which in turn elaborated on a web article by Mark Kantrowitz, publisher of FinAid.org. Revolving consumer credit according to the Federal Reserve...

Pay the Bums

Posted on August 09, 2010
Over at the NY Times, William Cohan has a post complaining about a pending motion in Lehman. Unfortunately this represents just another example of how the mainstream press continues to muddle their reporting of chapter 11. The motion in question...

Make Your Home Finance Audit Fun While Fighting Back Against Bank Fees

Posted on August 06, 2010
The article Katie posted on bank fees was right on. The fees have gotten so creative that we invented a new household game to combat them, in which we compete for a pre-determined prize. The prize makes it fun. We...

Sovereign Bankruptcy Nostalgia, August Edition

Posted on August 04, 2010
Preventing a Greek default in August might just be the one thing that rates higher on the EU policy agenda than preventing a Greek default--or so I am told by a source familiar with the policy significance of August in...

Will Dodd-Frank Reduce Safe Harbor Overreach?

Posted on August 04, 2010
As loyal Slips readers will no doubt recall, I've been something of a broken record (what's the modern version of that saying? Buggy mp3?) on the issue of the safe harbors in the Bankruptcy Code, especially as expanded by the...

Colbert: Elizabeth Warren Is No Oprah

Posted on August 04, 2010
Stephen Colbert last night opining that "a huge budget and no constraint on authority" should be reserved only for Oprah Winfrey here, including an interview with Barney Frank on why Warren is the best pick.

Visualizing Financial Distress

Posted on August 03, 2010
The Admistrative Office of the US Courts (AO) has released updated data on bankruptcy filings. While the AO data as some problems, as Bob Lawless has pointed out, I am pleased that they seem to have improved the accessibility of...

July Bankruptcy Filings Rise, But Look at the Big Picture

Posted on August 03, 2010
The folks at Automated Access to Court Electronic Records (AACER) sent over the July bankruptcy figures. Total U.S. bankruptcy filings in July (134,600) were about the same as they were in June (133,900). There was extra business day in July,...

Chasing Card Companies

Posted on August 02, 2010
The New York Times did a nice story a few days ago on the compliance issues swirling around the Credit CARD Act. It details the kinds of new fees that consumers are seeing and explores the legality of these practices....

A Puzzle

Posted on August 01, 2010
Working my way through the local paper today, I stumbled across a story on consumer credit. Against my usual inclinations, I read on. It tells the story of how banks routinely sell old debts, that is, debts past the statute...

Political Cartoons. Elizabeth Warren edition.

Posted on July 31, 2010
My husband commented the other day that he didn't think Elizabeth Warren was a "political figure." His argument was not that she is not an elected offical or that she doesn't have partisan allegiances. No, instead, he was focused on...

Financial Risks Follow to the Grave

Posted on July 30, 2010
The New York Times broke the story yesterday about how the VA may be mishandling the death-benefit accounts for life insurance beneficiaries of military personnel. Apparently many of the VA life insurance companies, including Met Life and Prudential, do not...

Exactly Why We Need Her There

Posted on July 29, 2010
Since Elizabeth Warren's meteoric rise to fame began a couple years ago, a surprising number of people have asked me if she would run for the Senate. I've always said something along the lines of, "No, she couldn't stomach the...

Why Is the Government Paying High Interchange Fees?

Posted on July 29, 2010
The American Banker (subscription required) reports that Senator Dick Durbin has "added an amendment to an appropriations bill that would require credit card payments accepted at government agencies to be given the lowest available market interchange rates, which typically can...

Broke USA Tells Payday Loan Stories from the Ground Up

Posted on July 27, 2010
Those interested in the dark crevices of consumer lending might want to go to the library or book store and pick up Gary Rivlin?s new book Broke, USA, or at least read this article about it. I just had a...

Credit Slips & the WSJ's Washington Wire

Posted on July 27, 2010
Mary Pilon of the Wall Street Journal's Washington Wire has a post up about Elizabeth Warren's blogging here at Credit Slips. Long-time readers will undoubtedly remember many of these posts highlighted there. I'll highlight two others. First, there is a...

Four Years of the Slips

Posted on July 27, 2010
Over last weekend, we passed the four-year anniversary of Credit Slips. We've been blessed to have the bit of modest success we have enjoyed. As I wrote once, I was amazed the day that I typed in "creditslips.org," and the...

Call for Papers Extended to Invite Reactions to Dodd-Frank

Posted on July 27, 2010
I am honored to join Credit Slips, and grateful to Bob for the warm welcome. As process is always a sensible place to start, this first "occasional" post is to invite submissions for the January Association of American Law Schools...

Let?s Stop Praying to the Credit Score

Posted on July 26, 2010
Mortgage brokers, and those hoping to buy homes, are disgusted by the preeminence of the credit score in ?scoring? a home loan today. According to an article, in Friday?s New York Times, this overemphasis on credit scoring in the home...

Rating Agencies on Strike

Posted on July 23, 2010
I thought that this story about the rating agencies' response to the financial reform bill received far too little attention. The rating agencies are refusing to rate until and unless they are relieved of their newly acquired liability for their...

Where's the Beef? Elizabeth Warren Edition

Posted on July 23, 2010
Here's what's striking about all the criticism of Elizabeth Warren: there's no smoking gun. No one has been able to point to anything radical in Elizabeth Warren's extensive body of writing. Where's the beef? As far as I can tell,...

The Code and the new Financial Reform Act

Posted on July 22, 2010
Unless you have been living under that rock, you probably know that the President signed the new Financial Reform Act yesterday. Good summaries of the various stages of implementation, and the overall Act are already available online. But what is...

Secrets about Elizabeth Warren Revealed

Posted on July 22, 2010
I have known Elizabeth Warren for ten years, and I know her pretty well. I've been to her home; she's been to mine. She sent me baby gifts; I got her a 60th birthday present. We exchange Christmas cards, ....

HAMP Update: Still Ineffective

Posted on July 21, 2010
Another HAMP data report is out. Same old story--HAMP isn't doing very much for very many people. We're up to 346,816 permanent modifications. That's out of 1.7 million HAMP eligible mortgages and 5.7 million mortgages that are 60+ days delinquent....

Elizabeth Warren and the CFPB

Posted on July 21, 2010
Some of our readers might have noticed that we at Credit Slips have remained remarkably silent about the question of who should head the CFPB. Other bloggers on consumer finance issues have not. Shahien Nasiripour and other HuffPo bloggers (here,...

What's a Poor (Corporate) Debtor to Do?

Posted on July 21, 2010
So Felix Salmon has joined SIGTARP in faulting Treasury for not considering the collateral effects of rejecting dealer contracts in the GM and Chrysler chapter 11 cases. Everyone seems to be missing the basic point that corporate debtors never consider...

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