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Month: January 2017

CFPB Sues Student Loan Company Navient for ‘Cheating’ Borrowers

A piece of big news covered by The New York Times provides one more reason not to trust student loan servicers to advise debtors of the best New York bankruptcy alternative for repaying their loans. The Consumer Financial Protection Bureau (CFPB) sued Navient, an offshoot of student loan giant Sallie Mae, for misleading debtors about …

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Study: Unemployment Bigger Cause of Mortgage Default Than Previously Thought

Many mortgage lenders probably believe that homeowners default on their mortgages because they have negative equity, i.e. they’re underwater. In other words, these homeowners can afford to repay their mortgages but simply choose not to, and there’s a surprising amount of academic literature to that effect. Why “strategic default” is a bad idea for debtors …

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CFPB Penalizes Credit Bureaus for Credit Score Marketing Abuse

New York bankruptcy lawyers usually tell their clients to obtain a credit report before filing bankruptcy. Most debtors should be able to do this for free because the Fair Credit Reporting Act (FCRA) requires the three big credit reporting bureaus, Experian, TransUnion, and Equifax, to provide consumers one free credit report per calendar year, which …

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Internet Service Provider Privacy Rules Might Be Abolished

Late last year, I wrote about online privacy, particularly the possibility of identity theft through cell phone numbers, and the necessity of using secure passwords to protect personal information. The topic is relevant to New York bankruptcy debtors because identity theft can lead to serious financial difficulties. But late October 2016 brought good news to …

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What is ‘Equitable Subordination’?

I recently discussed priority claims in New York bankruptcy in the context of the U.S. Supreme Court’s upcoming ruling on the future of “structured dismissals” in chapter 11. The case raises the issue of whether creditors can enter into an agreement, approved by the bankruptcy court, that repays some debtors ahead of others outside the …

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What Is a Mortgage Forbearance Agreement?

Now that it’s 2017, the federal government’s Home Affordable Modification Program (HAMP) has expired. Maybe that’s a bad thing for struggling homeowners, but investigative reporting found that HAMP was a dismal failure. It rejected millions of applications, and only several hundred thousand made it past that stage. Thus homeowners might want to know about other …

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Piercing the Corporate Veil in a New York Bankruptcy

The phrase, “piercing the corporate veil,” is not a bankruptcy concept and does not appear in the Bankruptcy Code. Rather, it is a state-law equitable remedy for collapsing corporate entities with their principal shareholders to enable plaintiffs in civil actions to recover money from them—usually in fraud cases. Typically, the creditors sue the business entities …

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