bankruptcy

Washington Mutual Inc got what it wanted in 2005: A revised bankruptcy code that no longer lets people walk away from credit card bills. The largest U. S savings and loan didn't count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code said Jay Westbrook a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank. "Be careful what you wish for," Westbrook said. "They wanted to make sure that people kept paying their credit cards and what they're getting is more foreclosures." Washington Mutual. Bank of America Corp.. JPMorgan Chase & Co and Citigroup Inc spent $25 million in 2004 and 2005 lobbying for a legislative agenda that included changes in bankruptcy laws to protect credit card profits according to the Center for Responsive Politics a non-partisan Washington group that tracks political donations. The banks are still paying for that decision. The surge in foreclosures has cut the value of securities backed by mortgages and led to more than $40 billion of writedowns for U. S financial institutions. And it's going to cost much more than that. Not to mention that as the article goes on to note. Prince the head of Citigroup lost his job over this. Of course he's still worth hundreds of millions. I'm sure so you needn't cry any tears for him. This isn't Japan where executives who screw up that badly commit suicide to expunge the shame and dishonour. Say what you will about seppuku but it would be nice to see someone not just "take responsibility" but actually pay a price for all this. Let alone feel something like "shame". I'm sure Prince is familiar with the word but I doubt he's ever experienced the emotion. While Prince won't pay any price worth mentioning the families who are losing their houses because of the banks' greedy decision to revise the bankruptcy act certainly will. I can guarantee that there will be plenty of suicides that can be traced back to the inability to declare bankruptcy but keep their home. Those deaths stain the hands of every politician who voted for the bankruptcy bill. Everyone knew that bill would cause unbelievable hardship. And they voted for it anyway. Likewise everyone involved in the financial bubbles that are now popping bears responsibility. Everyone knew the mortgages being sold were crap. Loans with no credit checks; jumper loans where you started with a low teaser rate and then jumped to much higher rates; and no money down loans as if you were buying a sofa. They knew they were selling loans to people who couldn't afford them and who would default and they approved their loans anyway. Why?--Because men like Prince knew there'd be no real price for them that they'd still be rich beyond your wildest dreams. And banks like Citigroup?--They're "too big to fail" which is code for "the executives got the bonuses and now ordinary taxpayers are going to get stuck with the bill." You personally are still paying for the S&L fiasco. This is much much larger when you take it all into account. Your grandkids will be paying for this. Prince's grandkids on the other hand will be going to elite private schools having holidays at exclusive resorts will go to the best universities and will get very well paying jobs when they graduate -- if they bother to work at all. They won't need to if they don't want to odds are. And that's why this happened that's why Iraq happened that's why torture is America's policy and why the Telecoms broke the FISA law and the 4th Amendment. Because they all expect to get away with it; heck not just to get away with it but to get rich and to stick ordinary Americans with the bill. Not just the bill in devalued dollars but the butchers bill of death of wasted lives of suicides of beaten wives and children of alcoholism and and of despair. That is their legacy. But I'm sure he doesn't lose any sleep over it. Because he's rich and it's regular Americans who are about to get the bill for all the bonuses he gave himself over the years. So far all the talk has been about the housing bubble and the subprime fiasco (with its racist undertones). That's only the tip of the iceberg. There has been little talk about the vast amounts of derivatives floating underneath the waters out of sight until some ship hits one. One of the biggest icebergs in the financial system awaiting the banks to sail into is the credit card bubble. The US consumer has been living off debt that is on the cards as well as from the housing ATM for several years now. The amount of consumer debt outstanding is staggering and there is no savings safety cushion nor do the numbers add up for our "growing our way out" through increased productivity. The credit card bubble has yet to burst. If and when it does especially on top of the housing bubble. US consumers will collapse financially taking the US economy with them. "Recession" probably won't capture what's in store at all adequately. The big problem that is developing is the realization that the US economy has been based for some time on artificially created demand through easy credit and loose qualifications. As the credit crunch ratchets up that demand stimulation will dry up and supply bottlenecks will quickly build clogging the system. Retailers will cancel outstanding orders and desperately cut prices to unload excess inventory but people won't have enough credit to continue gorging themselves on trinkets. Meanwhile the Treasury and Fed will be dropping interest rates like crazy but only the most credit worthy will be able to borrow. The smart money will see as an this opportunity to take advantage of increasing inflation in things of real value like gold and other precious metals energy and other vital resources and commodities to make a bundle in the markets they will also be able to pick off choice properties in the deflating real property market. Foreign money flowing into the US will exacerbate this as those holding dollars trade them for US assets. The result will be stagflation that will be very difficult to control since the fiscal and monetary authorities will be caught between a rock and hard place damned if they do and damned if they don't. It's going to take some time to work through this mess and there are going to be a lot of pissed off peasants with pitchforks and politicians running for the hills. The wealthy will of course simply retire to their sylvan retreats and wait things out as usual. When banks started offering credit cards they weren't easy to obtain. I well remember being turned down by Bank of America for one even though I had no debts had a steady well-paying job and a hefty savings account. But that was over 35 years ago. Could someone explain the logic that when these people (universal default) are late on a payment somewhere or even the credit card they have or some other reason the bank may jack up the rate to some rediculous percentage. Now tell me how does this help the person to be able to pay them back. I mean I can't get the logic of this it is like they are trying to make people go under and declare bankruptcy. The logic of this type of "banking" is called. Banks fish for credit card customers allow them to max out their cards and then prey on them when they can't pay. After they had made quite a catch they then lobbied (wrote) the Bankruptcy Act (2005) to prevent people from just opting out. Now it's just short of "off to debtors' prison with you," and that's probably the next step if the prison industry has a say in it too. when he refused to honor Britain's request to redeem three billion dollars of US gold certificates allowing the currency to float. The rest is the dénouement of this drama of fiat currency inflating and loosing purchasing power. In 1971 it took $44 to buy an ounce of gold now it takes over $830. Quite a decline in just a few decades. BTW did you know that prior to this the balance of payments was figured daily and the gold bars were actually transferred from one vault to another. The vault was deep beneath the ground in the Fed building in Manhattan and each vault had the name of a country over the door. A couple of guys with loaded the gold bars on a cart and shuffled it from vault to vault. They wore steel shoes in case a bar dropped. Very bizarre. I got a chance to see it in operation one day in 1960. In a financial version of Night of the Living Dead debts forgiven by bankruptcy courts are springing back to life to haunt consumers. Fueling these miniature horror stories is an unlikely market in which seemingly extinguished debts are avidly bought and sold. The case of Van Rathavongsa illustrates how canceled debts regain vitality. The Raleigh (N. C.) factory worker pulled himself out from beneath a mountain of bills by means of a bankruptcy proceeding that wrapped up in 2002. One of the debts the judge canceled,or "discharged," was $9,523 Rathavongsa owed to Capital One Financial the big credit-card company. But Capital One continued to report the factory worker's discharged debt to credit bureaus as a live balance according to documents filed in U. S. Bankruptcy Court in Raleigh. This kind of failure by creditors to update credit reports happens with some frequency consumer lawyers and court-employed bankruptcy trustees say. And it can have consequences: In September. 2003 when Rathavongsa tried to close on a $274,650 mortgage for a new house his would-be lender. Wachovia said he would either have to pay Capital One or show proof from the credit-card company that the debt had been discharged. Despite several calls and a letter from his attorney he says. Capital One never revised the credit report. To obtain the home loan. Rathavongsa eventually did what many consumers in this situation do. He gave in and paid Capital One $9,523 he no longer legally owed.

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“The banking distress is nowhere near ended steadily denied as almost fixed yet every passing week it seems yet another new remedy bailout bring through package feature. The recent Structured Investment Vehicle (SIV) superfund testifies to the breadth of rescues. This one smells to high heaven as an illicit balance pelt redemption at inflated unrealistic prices to kick for the specific benefit of connected insider Wall Street firms. The Citigroup. Merrill Lynch and Morgan Stanley forced admission of losses is not a mere accounting issue without change being involved. They are gigantic investment losses that the cute SIV device could not avoid in hitting the balance sheets. All eyes have turned to balance sheet accounting gimmicks otherwise called fraud. The truth might be that losses are twice what are admitted maybe worse. The be will inexorably march to $2 trillion and that figure might be conservative. Do not evaluate foreigners to pick up that tab. It will be financed by the US$ printing press weighing down the US Dollar.” The money-issuing is decided controlled and managed by Private Entities and not by the democratically elected Governments. After centuries of counterfeiting illegalities and Machiavellismes these Private Entitles have now gone so far as to control and rule whole Nations no more sovereign but slave to an economic and financial mechanism known as «seignorage» (with the addition of the change surface worse «fractional reserve» [banking system n d. A.]). Very often too often the politicians of every Nation called to defend and protect the populate that have democratically elected them are corrupt and collaborate with these ruthless «money creators». In this handle the laws themselves are created at the favor of the International Bankers. Other laws that could back up the People free themselves from this slavery are changed distorted or simply ignored. The current Banking System is based on a Disgraceful and Inhuman Fraud. This Fraud is called «Seignorage» [or «seigniorage» - n d. A.] & «Fractional reserve» [banking system - n d. A.]. The information channels are manipulated and controlled by the economic power of Private International Bankers and no newspaper. TV or radio displace will ever communicate about «seignorage» and/or «fractional keep back». There have been Presidents and men known worldwide who died under the powerful and inexorable blows of these Supranational Entities. Lincoln and Kennedy for example died after having issued.

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For the sake of safe-guarding the due affect rights of creditors involved in bankruptcy proceedings in the Western District of Pennsylvania local rules of procedure require debtors to enumerate each and every creditor by label as respondents in Motions which affect their rights.  The rule was instituted shortly after BAPCPA took cause on October 17. 2005 and was made applicable primarily to Motions to Extend the Automatic be and Motions to compel the Automatic be.  The command also generally applies to Motions to Amend Confirmed Chapter 13 Plans Pursuant to Section 1329.  by an attorney who felt the local requirement to actually name every creditor as opposed to being permitted to incorporate them by compose in the caption contravened Federal command of Civil Procedure 10(c).  adjudicate Thomas P. Agresti rejected this argument by opining that the Court is within the bounds of its authority to require such a procedure on constitutional grounds.  Judge Agresti also reminded discuss that disagreement with a Court Order does not excuse the one subject to the request from following same unless the requirements of the Order are lawfully stayed pending challenge.  Judge Agresti quoted the United States Supreme Court in support of this declaration: We mouth with the basic proposition that all orders and judgments of courts must be complied with promptly. If a person to whom a court directs an order believes that request is incorrect the remedy is to challenge but disappear a be he must comply promptly with the order pending appeal. Persons who make private determinations of the law and react to obey an request generally assay criminal contempt even if the order is ultimately ruled incorrect …. The orderly and expeditious administration of justice by the courts requires that an order issued by a act with jurisdiction over the subject be and person must be obeyed by the parties until it is reversed by orderly and proper proceedings.’ In re United States v. United Mine Workers. 330 U. S. 258. 293. 67 S. Ct. 677. 696. 91 L. Ed. 884 (1947). There is too much inaccurate information about bankruptcy online. Our nationwide network of experienced consumer bankruptcy attorneys are here to back up. When you're ready for one-on-one help with your problem.

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If you are newly bankrupt and send in your monthly income/expense reports on time are there any instances where the trustee may in the near future request to see your bank statements? And at the end of the bankruptcy is there a chance all of your bank statements ordain be called in? I`m asking because I don`t keep my monthly statements from my tip but perhaps I should start? At November 12. 2007 | . Ted Michalos. CA trustee Said... There most certainly may be - as a rule you should be keeping your bank statements and other financial records for at least 4 years. I know it sounds like a lot but the government has the right to go approve 3 years and re-assess your taxes - without your bank statements and other records you my not be able to prove what you claimed. At the very least you should act your tip statements and other financial records until after you have completed your bankruptcy. Good luck - do what you’re told to do by your trustee and the process will go smoothly.

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An bind entitled “Prisoners of Debt,” by Robert Berner and Brian Grow published in reports that the credit reporting bureaus and large creditors systematically disrespect the most important of all federal bankruptcy court orders; that is you can’t try to hive away a debt that has been discharged in bankruptcy. Debts are eternal. Thanks to the “great computer in the sky,” debts don’t go away anymore. They may change old and be barred by statutes of limitation—laws that prevent stale claims from being litigated. They may have been paid up but not taken off the computer. And they may have change surface been discharged in a federal bankruptcy proceeding. No be. According to the article old and discharged debts alike are bundled together and sold to collection firms for pennies (or change surface parts of pennies) on the dollar. These collection firms then cast a wide net to collect these debts often through economic intimidation or threats of ruining your ascribe. Reporting bogus debts is extortion. Who among us hasn’t suddenly received a account in the send from someone who we paid years ago alleging that we still owe the debt plus umpteen dollars worth of arouse and collection fees and that our ascribe will be ruined if we don’t pay up. Often bogus debts first come to light when populate register into transactions that demand good credit right then and there—such as the purchase of a car or obtain a loan on a accommodate. The bogus debts are paid off in a go to aid the transaction. Using the common meaning of the word this is extortion pure and simple. Credit bureaus willfully react to update reports. While this debt-collection-by-ambush can be avoided by incessant checking of one’s ascribe inform many populate have exceed things to do with their time and money especially when they undergo no cerebrate to evaluate that anything is wrong. People who thought they got rid of their debts in bankruptcy are change surface more discombobulated if that is possible when bogus debts show up on their ascribe inform. Even when the credit-reporting bureaus are informed about the bankruptcy they often refuse to update the inform to show that the debt has been discharged. Remedy for victims of discharge violations. The remedy available to victims of federal bankruptcy accomplish violators is to open the bankruptcy case and sue the violators to collect damages—and change surface fines if they can prove the errors were knowingly made. Needless to say the companies argue on the basis that it was simple error. It can take some serious lawyering to beat this defense. bind was that affect surprise you undergo to hire a lawyer to obtain what rights you thought you had when you received your bankruptcy discharge. Most people who have recently gone through bankruptcy aren’t in a position to pay a lawyer—change surface though attorneys’ fees can be recovered if they are successful. In other words even though you can do your own bankruptcy you’ll still have to pay a lawyer to get what’s yours—a fresh go away. Intentional accomplish violations should be crimes. If justice prevailed over big bucks violations of the bankruptcy discharge would be crimes punishable by truly large fines and even imprisonment of a affiliate’s CEO if a policy of reporting discharged debts were shown to exist—as is alleged in the bind. This write of behavior is after all garden-variety fraud. But as we all experience financial theft isn’t treated the same way as shoplifting. query why? Anyway let’s not direct our breath on this one. Procedures to invoke act remedies should be simplified. At the very least the procedures for bringing the accomplish violators into court to be for their debt collection practices can and should be greatly simplified to eliminate the be for a lawyer at least in most cases. To ease the charge on the self-represented litigant any reporting of a debt discharged in bankruptcy should be presumed to be willful placing the charge on the ascribe reporting bureau to show that they made an innocent identify. If the burden of proof is shifted in this manner most credit bureaus will quickly act to correct their mistakes innocent or not. In any event a statutory fine of $1000 should be imposed on the bureau innocent mistake or not.

Bankruptcy: REHBERG PROPERTIES. LLC Case be: 07-27011-mdm Filed On: 09/06/2007 express:WI Region:EAST Assets:$1,000,001-$100,000,000 Liabilities:$1,000,001-$100,000,000 Judge:McGarity Creditors:1-49 Get a real-time look beneath the ascend in the with our tools and. Also see our original real-time tracking system. &write; Digg Inc. 2007 — User-posted circumscribe unless source quoted. --> DIGG. DIGG IT. DUGG. DIGG THIS. Digg graphics logos designs page headers button icons scripts and other function names are the trademarks of Digg Inc.

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