Bankruptcy Blogs

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Rate-Hike Watch: The Federal Reserve still plans to raise rates later this year. But much like an overbooked friend, it prefers to keep its level of commitment to that plan soft. Both the New York Times and the Wall Street Journal emphasize that the pace of the eventual rate hike is likely to be even slower than expected. The central bank may increase rates just once in 2015, by a quarter percentage...

With certain exceptions, the filing of a bankruptcy petition immediately and automatically puts into place a court order of a stay of collection action applicable to all entities against actions by creditors against the person who filed for bankruptcy relief as well as his property. The bankruptcy stay remain in effect until it is terminated by the bankruptcy court or as otherwise provided by the Bankruptcy Code.

Chapter 13 Co-Debtor Stay
In a chapter 13 case, the automatic stay is also effective against a person who is a co-signer on consumer debt.

The FDIC is proposing a complicated and expensive record-keeping requirement to prepare for the unlikely event that it liquidates a large failed institution instead of transferring its deposits to another bank.

The Roman Catholic Archdiocese of St. Paul and Minneapolis has asked a bankruptcy judge for permission to hire a criminal defense team, after prosecutors in Minnesota filed charges against the archdiocese for allegedly failing to protect children from abusive priests.

Chapter 13 bankruptcy is described as "Adjustment of Debts of an Individual with Regular Income" in the Bankruptcy Code.