Bankruptcy Blogs

How to Break up the Big Four Accounting Oligopoly

03/29/12

The federal government could prohibit contracts to corporations that use a CPA firm that fails to follow generally accepted accounting principles or lacks independence from management.

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The Daily Docket: MF Global Execs Frustrate Lawmakers at Hearing

03/29/12

For more than two hours, three MF Global executives frustrated and stymied lawmakers in both parties who demanded answers about money transfers made in late October that left the securities firm’s customers with losses, The Wall Street Journal reports.

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Is Loaning Money at a 350% APR Evil?

03/29/12

In the early part of this year, a new start-up called ZestCash launched.

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Howrey Dissolution Could Spark Litigation

03/28/12

Howrey LLP’s former top dogs could face lawsuits in the defunct law firm’s bankruptcy.

The Am Law Daily dug up court filings disclosing “an extensive review” of one ex-partner’s emails for the purpose of investigating “whether the estate has claims against members of the dissolution committee” related to the actions they took when winding down the once-prestigious firm.

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New Panel Data!

03/28/12

The Fed has just released their data from the 2007-2009 panel Survey of Consumer Finances.  The SCF, conducted every three years, includes hundreds of variables on the assets, liabilities, income, and financial product shopping and utilization of American consumers.  Some questions include "what was the most important factor in your decision to refinance your mortgage?" and "during the past year, have you taken out a payday loan?".  The 2007-2009 panel dat

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Prepaid Cards Set Good Example for Simpler Disclosures

03/28/12

In an era of increasingly complex financial products, banks should focus more attention on how to explain to consumers what's in their wallets, especially given the sorry state of most disclosure forms.

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Congress Has Its Own Limiting Principle

03/28/12

This is supposed to be a blog about credit and bankruptcy, but I can't help myself in making a short comment about one aspect of the oral argument and discussion from yesterday's challenge to the individual mandate. Credit Slips purists should note that many bankruptcy filers have lots of medical debt, so the topics are not completely unrelated.

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First Circuit: Lender Not Obligated to Foreclose on Home Surrendered in Bankruptcy

03/28/12

Surrendering Property Usually Allows the Debtor to Walk Away From Underwater Property. What Happens When the Bank Refuses to Take Ownership? One of the big advantages for consumers filing bankruptcy is the ability to surrender property they can no longer afford. Through bankruptcy, debtors can avoid a deficiency lawsuit and get rid of personal liability [...]

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