Articles Posted in Bankruptcy

Could this be the beginning of the end of the Consumer Financial Protection Bureau as we know it?

fair lending enforcementThis month The Trump administration, through acting CFPB Director Mick Mulvaney, announced sizeable restrictions to CFPB’s enforcement and day-to-day oversight of the financial industry’s fair lending practices. The move comes shortly after Mulvaney was installed as Acting Director following the departure of Richard Cordray.

Speculation of the CFPB’s impending dismantlement under the Trump Administration has been swirling since the election and this is just one of the latest in a series of moves pertaining to the CFPB that lends some credence to that speculation.

financial deregulationOut of Sight, Out of Mind?

Is 2008 far enough in our rear-view that we’ve already forgotten the same mistakes that brought the financial industry-and U.S. economy-to the brink of collapse? Evidently, it is for banks and policymakers.

You have probably been hearing a lot of talk about impending “reviews” of current financial regulation measures; the very regulations put in place immediately following the aftermath of the 2008 collapse; the very measures that are meant to ensure that kind of thing doesn’t happen anymore. However, these calls for review signal a clear intention for some of a desire for wide-scale financial deregulation.

financial doomsday planAmid the fallout of 2008, when the nation’s banking giants toppled and our economy was sent reeling, Federal legislators and regulators decided that changes were needed. Most of these changes took shape as the Dodd-Frank Act, which provide the framework for much of our current banking regulation and oversight.

You’re probably familiar with Dodd-Frank, at least in part. It’s been a near constant topic of discussion on both Wall Street and Capitol Hill since it took effect. And this conversation has only increased during the Trump Administration.

However, did you know that part of Dodd-Frank requires banks to submit a financial doomsday plan outlining how they will dissolve in the event of a catastrophic collapse?

puerto rico's bankruptcyRetirees and pensioners will now have a voice at the negotiating table during Puerto Rico’s bankruptcy, according to a Reuters report. This month, the U.S. Trustee overseeing the filing procedure announced the appointment of a retiree committee.

While retiree committees are usually appointed in municipal bankruptcy filings, it is typically preceded with a formal ruling from the bankruptcy court. However, due to the extreme nature of Puerto Rico’s bankruptcy, the Trustee is acting without a judge’s ruling.

Puerto Rico’s Bankruptcy Overview

financial investmentsRisk-taking is a natural part of making financial investments

These should be calculated risks, though; risks based on performance projections of whatever is being invested in.

Though financial investments should not include those unforeseen or unaccounted for risks like fraud, investors are constantly facing it.

investment and bankruptcy lawyers serving tampaFor most of those who are faced with bankruptcy,  some find it particularly challenging to make an informed decision about the right attorney to hire. However, even when faced with the dire pressure of a financial crisis, it is important to make a cool and collected decision when choosing a lawyer.

Avoid Bankruptcy Mills

Some legal practices have become known as “bankruptcy mills,” as they focus on churning and burning as many cases as possible instead of fulfilling the specific needs of individual clients. Although it can be hard to identify this without being a bankruptcy lawyer yourself, reading reviews and interviewing several different lawyers can substantially reduce the possibility of this occurring.

investment and bankruptcy lawyers serving tampaBankruptcy protection gives debtors a fresh start. But before filing, it is important to know the common mistakes people make during the process.

Not Being Truthful 

The means test is the first step to filing bankruptcy. It consists of several financial questions that will determine if you can pay your creditors. If you don’t mention all of your income or assets, your case could be dismissed. A bankruptcy lawyer can help you make sure everything is presented correctly.

investment and bankruptcy lawyers serving tampaThe rising cost of healthcare is one of the top three reasons people file for bankruptcy, even if they have health insurance. If you’re struggling to pay your medical bills, continue reading to learn about Chapter 7 and Chapter 13 bankruptcy.

Pre-bankruptcy Counseling 

Federal law mandates that you must attend ninety minutes of approved credit counseling before you’re allowed to file for bankruptcy. The cost differs from provider to provider, but it’s often around $50.

investment and bankruptcy lawyers serving tampaWith the current economic situation, it’s common to hear a bankruptcy lawyer talk about a business filing for Chapter 11 bankruptcy.

What is Chapter 11?

It allows the debtor to liquidate or restructure debt, and it usually involves larger amounts of money than Chapter 7 or 13.

investment and bankruptcy lawyers serving tampaWhen it comes to bankruptcy, Chapter 13 is the second most common filing behind Chapter 7, according to a leading bankruptcy lawyer.

What is Chapter 13?

It lets you sort out your finances while protecting you from creditor harassment and wage garnishment at the same time.

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