Troutman Sanders

SEPTEMBER 4, 2020

On August 31, 2020, the Tenth Circuit affirmed the United States Bankruptcy Court for the District of Colorado’s holding that certain student loans not guaranteed by a governmental unit may be discharged in bankruptcy. Third, to read the word “loans” into § 523(a)(8)(A)(ii) “would violate the canon against surplusage.

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Student loans Student Loans Loans Education 78

Burr Forman

JANUARY 11, 2021

The President signed new stimulus legislation into law on December 27, 2020. 116-260 (“Economic Aid Act”), authorizes new and additional PPP loans and modifies the CARES Act for this purpose. billion for PPP loans, and which includes $35 billion for first-time borrowers. First-Draw PPP Loans.

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Loans Financial Institution Trade Government 52

PBWT

AUGUST 18, 2020

Yet, as has been widely reported, debtors in chapter 11 cases are not allowed to receive PPP loans. [1] If enacted, bankruptcy judges could permit debtors to obtain PPP loans. These loans would be granted superpriority status, receiving the highest priority as administrative expense claims against a debtor's estate.

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Loans Debtor Bankruptcy Education 62

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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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

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Collection Industry News

MAY 19, 2024

In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” said Joelle Scally, Regional Economic Principal within the Household and Public Policy Research Division at the New York Fed. of auto loans transitioned into delinquency.

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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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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.

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Collection Industry News

AUGUST 9, 2021

WASHINGTON ( NewsNation Now ) — The pause on federal student loan payments has been extended until January, 31, 2022. The freeze was put in place at the start of the COVID-19 pandemic in 2020 as the federal government worried millions of debt holders would default on loans due to job loss and the down turned economy.

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Student loans Student Loans Loans Education 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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Collection Industry News

APRIL 18, 2022

trillion in student loan debt is a growing headache for Democrats at a time when families are struggling with higher costs but centrist Democrats led by Sen. billion in student debt his administration wiped out last year by reforming the Public Service Loan Forgiveness program. pushed it during the 2020 Democratic primary.

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Student loans Student Loans Loans Education 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.

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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.

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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.

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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.

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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.

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Collateral Loans Government Debtor 98

Troutman Sanders

JANUARY 19, 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. Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic.

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Financial services Garnishment Foreclosure Government 52

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.

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Loans 98

Troutman Sanders

AUGUST 17, 2020

Federal Activities: On August 12, 2020, the Consumer Financial Protection Bureau published Frequently Asked Questions (FAQs) and answers pertaining to compliance with the Payday Lending Rule. The FAQs explain what types of loans are covered, payment transfers, and payment notices. On August 11, 2020, the U.S.

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Financial services Student loans Student Loans Debt collector 52

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

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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]

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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.

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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.

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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.

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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]

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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.

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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

Troutman Sanders

APRIL 18, 2023

Court of Appeals for the Fourth Circuit held that the Military Lending Act (MLA) does not govern loans borrowed in part to finance the purchase of a car, even when the loan covers additional related costs. On April 10, President Joe Biden signed HJR7 into law, declaring the end of the COVID-19 emergency installed on March 13, 2020.

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Financial services Financial Institution Loans Trade 52

Troutman Sanders

JUNE 22, 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. These borrowers will receive 100% loan discharges, resulting in approximately $500 million in relief. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

Collection Industry News

SEPTEMBER 29, 2020

A unique opportunity for Chapter 11 restructuring of small businesses with up to $7.5 million) to take advantage of a new way to restructure under chapter 11 of the Bankruptcy Code. The increased debt limit, which became effective February 20, 2020, includes a one-year sunset. By Jerrold L. million to $7.5

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Bankruptcy Creditors Debtor Lawyers 45

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.

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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.

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Lender Collateral Loans Trade 59

Troutman Sanders

FEBRUARY 13, 2024

Gemini had alleged that Genesis pledged more than 61 million shares of Grayscale to secure loans, then defaulted on the loans. Genesis filed for Chapter 11 protection in January 2023 with $5.1 The SLOOS addressed changes in standards, terms, and the demand over bank loans over the past three months ( i.e. , Q4 of 2023).

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Financial services Student loans Student Loans Collection Agencies 52

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

Troutman Sanders

OCTOBER 3, 2023

The Ethereum Trust launched in March 2019 and became an SEC reporting company in October 2020. For example, the SEC’s response to 21Shares and Ark Investments’ spot-Bitcoin ETF application was due November 11. New York Stock Exchange Arca filed for the conversion with the SEC on October 2. For more information, click here.

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Financial services Student loans Student Loans Trade 52