ABI

JANUARY 12, 2022

Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” All three of the elements must be satisfied for the discharge of the student loan debts to be granted. [11].

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Student loans Student Loans Loans Debtor 45

ABI

JANUARY 13, 2021

In response to the economic fallout of the global COVID-19 pandemic, Congress passed the CARES Act, a part of which made government-guaranteed loans available to qualified small businesses through the Paycheck Protection Program (“PPP”). [i] iv] Hidalgo contended that the regulation violated anti-discrimination provisions in 11 U.S.C. §

Bankruptcy 40

Bankruptcy Loans Debtor Government 40

ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . Section 523 of Title 11 of the United States Code (the “Bankruptcy Code”) generally provides that a student loan cannot be discharged unless it would impose “undue hardship” on the debtor. [1] to have his student loan debt discharged. [5] 1] See 11 U.S.C. §

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Debtor Loans Student loans Student Loans 40

Collection Industry News

JULY 18, 2022

A new poll shows 51% of Americans support the idea of President Joe Biden canceling $10,000 of student loan debt for each borrower, illustrating how split the public is regarding one of the president’s early campaign promises. trillion in student loan debt is a problem, according to an Economist/YouGov survey of 1,500 U.S.

Student loans 40

Student loans Student Loans Loans Government 40

ABI

JANUARY 13, 2022

Sallie Mae , the United States Court of Appeals for the Second Circuit held that private educational loans may be discharged under § 523(a)(8)(ii) of title 11 of the United States Code (the “Bankruptcy Code”). [1] 1] Homaidan funded his college education, in part, with two private tuition loans from Navient that totaled $12,567. [2]

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Education Loans Student loans Student Loans 40

UK debt collections

JANUARY 31, 2024

Company insolvencies in England and Wales fell to their lowest since 1989 in 2020, amid £77billion of government-backed Covid-19 emergency loans and barriers to creditors taking court action. This was the highest rate since 2014, but considerably lower than the rate of 94.8 during the 2008 global financial crisis.

Trade 75

Trade Government Banks Bankruptcy 75

Collection Industry News

JANUARY 13, 2021

11 for new borrowers and some existing PPP borrowers, according to a news release from the U.S. ACA also advocated for a simplified loan forgiveness process and tax deductions, which are in the latest relief package. Certain existing PPP borrowers are now eligible to apply for a second draw PPP loan.

Loans 40

Loans Collections Education 40

ABI

JANUARY 19, 2024

In evaluating the Texas Business & Commerce Code and title 11 of the United States Code (the “Bankruptcy Code”), the United States Bankruptcy Court for the Southern District of Texas, in In Re Burts Construction, Inc., In 2017, Allegiance Bank loaned Burts Construction, Inc. the “Debtor”) $1.5 2023) [2] Id. [3] Code Ann. §

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PBWT

OCTOBER 19, 2021

Gargotta rejected a debtor’s attempt to use “CARES Act” funds, which it did not actually qualify for, to pay creditors in its chapter 11 case. But in January of 2020, the Debtor’s principal “decided to close the nursing home [] due a sustained period of net operating losses. Bankruptcy Judge David T.

Creditors 65

Creditors Debtor Bankruptcy Healthcare 65

Albuquerque Law

JANUARY 19, 2023

When the Small Business Reorganization Act went into effect in 2020, it established subchapter 5 as a debt relief option for small business owners. The process of a subchapter 5 filing differs from Chapter 11 bankruptcy. However, the last few years have not been easy for small businesses in New Mexico and across the country.

Bankruptcy 75

Bankruptcy Creditors Lawyers Loans 75

Jimerson Firm

MAY 5, 2021

This blog points out certain considerations that small business owners and their advisors should be cognizant of when shuttering businesses with open PPP loans, including reputational impact and risk to federally held assets. Small Loan Default. Additionally, large percentages of these loans are forgivable.

Collateral 98

Collateral Loans Government Debtor 98

Credit Corp

JUNE 11, 2021

For the study, figures from between 2010 and 2020 were analyzed to draw a series of conclusions about the current state of the real estate market. There are just 11 cities in which the income spent on mortgage has remained mostly unchanged in the past decade. Study Highlights. All are located in California.

Loans 98

Loans 98

Troutman Sanders

JANUARY 17, 2023

In the complaint , which was filed in the district court for the Central District of California on January 12, 2023, the DOJ alleged that from 2017 through 2020, the bank “avoided” providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County. Spend at least $1.75 Spend at least $1.75

Banks 52

Banks Loans Lender Education 52

ABI

JANUARY 13, 2021

American Bankruptcy Institute Law Review Staff. . In March of 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in response to the Covid-19 pandemic. [i] iii] Penobscot Valley Hospital (“PVH”) and Calais Regional Hospital (“CRH”) were hospitals located in Maine. [iv]

Debtor 40

Debtor Bankruptcy Loans Construction 40

UK debt collections

MAY 13, 2021

The date of the judgment is the 20th October 2020 and it is unsure if any action was taken to enforce collection of the Unpaid CCJ. This is relates to the disputed cost of renovations to the flat he lives in with his fiancée Carrie Symonds and their son above 11 Downing Street.

Judgment 64

Judgment Government Loans Lender 64

Collection Industry News

APRIL 2, 2021

The number of people seeking bankruptcy fell sharply during the pandemic as government aid propped up income and staved off housing and student-loan obligations. After holding above 50,000 filings a month in 2019 and in the first quarter of 2020, bankruptcy filings have remained below 40,000 a month since last March when the pandemic hit.

Bankruptcy 40

Bankruptcy Student loans Student Loans Foreclosure 40

ABI

JANUARY 13, 2022

1] Following the filing of her petition for relief under Chapter 13 of title 11 of the United States Code (the “Bankruptcy Code”), Marlena Pizzo proposed a bankruptcy plan that would allow her to continue making contributions to her retirement plan, thereby resulting in unsecured creditors receiving less than 100% of their claims.

Debtor 40

Debtor Creditors Unsecured Creditor Chapter 7 bankruptcy 40

ABI

JANUARY 12, 2022

2] On September 15, 2017, Aerogroup filed a voluntary petition for relief under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) with the Delaware Bankruptcy Court. [3] 6] Following the sale of Aerogroup’s assets, the bankruptcy court dismissed Aerogroup’s chapter 11 case. (“Aerogroup”). [2]

Collateral 40

Collateral Bankruptcy Lender Loans 40

ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . The Small Business Reorganization Act of 2019 (“SBRA”) created a new subchapter V of chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”). [1] John’s University School of Law. 19]. (citing In re Seven Stars on the Hudson Corp., 333, 336 (Bankr.

Bankruptcy 40

Bankruptcy Debtor Law Firms Loans 40

Fraser

JUNE 25, 2020

economy officially entered a recession in February, 2020, one month before COVID-19 shut down much of the economy. As chapter 11 bankruptcies continue to increase (many analysts are forecasting the “ wave ” of filings to grow), more businesses and individuals will be impacted by the fallout. The Petition Date. First Day” Motions.

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Creditors Bankruptcy Unsecured Creditor Debtor 72

Fico Collections

AUGUST 16, 2021

Our latest FICO UK Credit Market Report looking at UK card trends for June 2021 shows that average card spend continued to increase compared to 2020. It also exceeds the June 2019 spend by £23 with the sunny weather and the Euro 2020 competition likely to have contributed to this uptick. Missed payment rates remain low. Looking ahead.

Lender 52

Lender Government Retail Loans 52

Credit Corp

MARCH 24, 2023

Between January 2020 and September 2022, the median sale price for existing and new homes in the U.S. rose more than 43% as rental prices increased 11%. Over the past year, home sellers enjoyed a 45% increase on their investment returns from 2020 and a 71% increase from 2019.

Lender 59

Lender Collateral Loans Trade 59

PBWT

OCTOBER 25, 2020

19-13223 (SMB), 2020 WL 5887542 (Bankr. 5, 2020) provides an instructive and cautionary example. Wansdown filed for chapter 11 on October 8, 2019 and submitted a modified plan (“Plan”) and modified disclosure statement (“Disclosure Statement”) the following day. ’” Id.

Bankruptcy 52

Bankruptcy Creditors Debtor Judgment 52

Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

Consumer Financial Services Law

JULY 21, 2021

The bankruptcy court order held mortgage servicer Newrez, LLC (“Newrez”) and the holder of the mortgage note at issue in civil contempt for failing to abide by the terms of the individual debtors’ confirmed chapter 11 plan (the “Plan”). Beckhart , 2020 U.S. Newrez, LLC v. Beckhart , No. 7:20-cv-00192-BO, 2021 U.S. July 6, 2021).

Bankruptcy 40

Bankruptcy Debtor Creditors Loans 40

Fico Collections

APRIL 19, 2023

As FICO has seen with the increased delinquency for the Established group, average interest per active account is also higher and currently stands 19 percent higher, having risen steeply since July 2020. Home Blog FICO UK Credit Cards: Are "Established" Accounts in Trouble?

Financial services 52

Financial services Collections Loans 52

UK debt collections

JANUARY 8, 2021

For the majority struggling with their rent, this is a new challenge – 58% of those behind on rent had no rent arrears in February 2020. Citizens Advice is calling for: A legal ban on bailiff action and pause on all possession proceedings during the national lockdown in England and in tiers 2 and above beyond 11 January.

Government 100

Government Loans Collections 100

Troutman Sanders

JANUARY 11, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. A temporary rule, created in response to COVID-19, has been in place since June 2020 and is set to expire on February 17, 2021.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

SEPTEMBER 21, 2020

Federal Activities: On September 18, 2020, the Federal Reserve Board updated its frequently asked questions (FAQs) to clarify the Board’s and Department of Treasury’s expectations for lenders underwriting the Main Street Lending Program. On September 18, 2020, the Federal Reserve Board issued its Report on Economic Well-Being of U.S.

Financial services 52

Financial services Banks Government Acquisition 52

Credit Corp

MARCH 22, 2023

As of the second quarter in 2022, Americans owed over $192 billion in personal loans, according to TransUnion ®. This was a 31% increase from 2021 and is thought to be due to the financial hardships Americans experienced during the COVID pandemic that overwhelmed the nation in 2020.

Personal loans 98

Personal loans Loans Lender Debt Consolidation 98

Credit Corp

APRIL 26, 2024

Some of the items on this list include: Canceled amounts that were gifts or inheritances Certain student loans and student loan discharges Qualifying purchase price reductions If you ultimately need to claim the income, you must incorporate the 1099-C into your federal tax filing and report the canceled debt as “other income”.

Repossession 59

Repossession Creditors Bankruptcy Foreclosure 59

Troutman Sanders

MARCH 28, 2023

Department of Education announced that it will hold virtual public hearings on April 11-13 to receive stakeholder feedback on potential issues for future rulemaking sessions. The published data contains loan-level information filed by financial institutions and modified to protect consumer privacy. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

OCTOBER 13, 2020

Small Business Administration, in consultation with the Treasury Department, released an updated loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. Small Business Administration (SBA) released guidance on required procedures for changes of ownership in an entity that obtained a PPP loan.

Financial services 52

Financial services Foreclosure Collateral Collection Agencies 52

Fraser

JULY 21, 2020

The “Small Business Reorganization Act of 2019” (SBRA), which went into effect in February, 2020, contains amendments to Chapter 11 bankruptcy preference law that are not limited to small business reorganizations. What is a Preference Lawsuit? Prior to the amendments, debtors had to meet a low bar to file a preference lawsuit.

Creditors 56

Creditors Bankruptcy Debtor Construction 56

Fico Collections

JUNE 11, 2021

Impressively, the Federal Reserve reported Q1 2021 delinquency rates on all consumer loans of 1.74%, the lowest mark in the 30+ years it has been tracked. Impressively, the Federal Reserve reported Q1 2021 delinquency rates on all consumer loans of 1.74%, the lowest mark in the 30+ years it has been tracked. 2021, [link]. .

Lender 52

Lender Acquisition Loans Collections 52

Credit Corp

AUGUST 4, 2021

of 15-year-old girls wanted to be teachers and 11% of girls wanted to be doctors when they grew up. Graphic designers in the US earn about $53,380 a year —and more than half of the design professionals who took part in a 2020 99Designs survey were under the age of 30. Fast forward to 2018, and 6.7% In 2000, 11.1% In 2018, 9.4%

Student loans 98

Student loans Student Loans Law Firms Healthcare 98

Collection Industry News

AUGUST 27, 2023

Substantially higher loan rates have followed, making it harder for Americans to afford a home or a car or for businesses to finance expansions. Some analysts say they think the Fed’s 11 rate hikes have yet to exert their full effect on the economy. Yet so far, broadly speaking, not much pain has arrived. Rajan asked.

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Banks Lender Loans Collections 40