Bankruptcy Blogs

Changing Online Bank Account Can Be a Problem

10/31/11

Some banks recently started charging debit card use and other fees. (For more, see this post by Andy Miofsky, Illinois Bankruptcy Attorney, http://www.bankruptcylawnetwork.com/banks-want-higher-debit-card-fees/, and my earlier http://www.bankruptcylawnetwork.com/wells-fargo-bank-charging-monthly-de....) The New York Times recently reported how the practical problem of changing an online account from one bank to another contributes to how some banks now charging debit [...]

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Debtor's Name On Parent's Wells Fargo Bank Account Is Bankruptcy Disaster

10/31/11

Two things you don’t want if you are filing Chapter 7 bankruptcy. One is a bank account at Wells Fargo, and the other is your name on a joint account with a family member who is not involved in your bankruptcy. Wells Fargo accounts are a problem because, as I previously wrote on this blog, Wells Fargo will freeze all bank accounts with your name on it even if the account has only exempt assets, such as social security, annuity proceeds, or head of household exempt wages.

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The Daily Docket: MF Global Enters Chapter 11

10/31/11

Brokerage firm MF Global filed for Chapter 11 protection Monday. The Wall Street Journal has details regarding a deal the company was negotiating Sunday to sell its assets to Interactive Brokers Group, said a person familiar with the matter.

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The Multistate Settlement Lottery: Bupkis

10/31/11

The NY Times had some details today about the multi-state attorney general mortgage servicing settlement in the works. It looks every bit as awful as one might have feared. Here's the criticial take-away:  this is bupkis. It gives meaningless relief to a meaningless number of randomly or adversely selected homeowners.  It doesn't do justice, even by halves. 

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Is the Jig up for MERS?

10/30/11

The Mortgage Electronic Registration System (MERS) has been the target in a lot of lawsuits during the mortgage crisis for its shoddy, opaque practices. But because these suits tend to be brought by borrowers in default, the courts have been willing to stretch the law to dismiss plaintiffs' claims. Something new is going on now. The Delaware Attorney General on October 27 sued MERS, a Delaware corporation, for deceptive trade practices for sowing confusion among investors and consumers and running an extra-legal registration system riddled with errors.

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In re Baud - SCOTUS is Looking Carefully at the Committment Period

10/29/11

from Aki Koyama, My Colleagues: It looks like I misinterpreted an email from the staff attorney for the Appellee (the Chapter 13 Trustee) in the In re: Baud matter. The Debtor and Appellant in Baud has filed a Petition for...

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New Data from the Central District of California

10/29/11

Pro per filings for the Jan through Sept, 2011 period were 28.3% of the total. The national average is 7.9%. The central district clerk's office processes one bankruptcy petition every 3 minutes, 44 seconds. The next highest number of filings...

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