What happens when a country is saddled with unbearable foreign debt, even after a deposed leader ‘s departure? In the case of Argentina, the euphoria of Menem’s economic miracle gave way to scandal. Elsewhere, military governments that borrowed heavily for infrastructure projects left subsequent civilian governments holding the bag. A new model for dealing with the debt of Nations, which takes political changes and the nation’s growth prospects into account could better protect the people of the debtor nation.

PROUD TO SERVE as a “Debt Relief Agency” pursuant to Title 11 of the United States Code, helping people and companies find relief from debt under the Bankruptcy Code of the United States, the Fair Lending Laws, the Code of Federal Regulations, and the requirements of such agencies as the Comptroller of the Currency and the Federal Deposit Insurance Corporation

PROUD TO SERVE as a “Debt Relief Agency” pursuant to Title 11 of the United States Code, helping people and companies find relief from debt under the Bankruptcy Code of the United States, the Fair Lending Laws, the Code of Federal Regulations, and the requirements of such agencies as the Comptroller of the Currency and the Federal Deposit Insurance Corporation

If the lender consistently drags its feet, seeks multiple iterations of the same documents, and otherwise frustrates attempts at loan modification, it may be liable for deceptive practices or “unfair competition,” depending on the State’s laws. In this case, the stalling and bad faith behavior, if proved, could lead to liability under Hawaii’s Unfair and Deceptive Practices Act.

The trial court erred in ruling that the Borrower/Homeowner had not stated sufficient facts to go to the jury. The Ninth Circuit Court of Appeals reinstated her case.

The analogous statute in California is the Unfair Competition Law, Business & Professions Code Sec. 17200.

BANKRUPTCY LAW: Bank Accounts & the Automatic Stay

BANKRUPTCY LAW: In reversal of Bankruptcy Appellate Panel, 9th Circuit holds that exempt bank funds re-vested in Debtors after expiration of objection period. As such, funds were no longer “property of the estate,” and Bank could  place administrative hold on the funds, without
violating automatic stay (In re Mwangi, 8/26/14, Ninth Circuit)

11 USC Sec. 362 prevents actions against the debtor which would have the effect of depleting the monies available for creditors (“the bankruptcy estate”). After the bankruptcy is filed however, certain property reverts back to the debtor, and is no longer “property of the [bankruptcy] estate.”

Such is the case with interests in bank accounts which are declared exempt, and revert back to the debtor’s possession, after the expiration of the time for creditors to object to exempt claims. Therefore, the bank accounts involved here were no longer “property of the estate,” and could be the subject of a separate debtor-creditor process, i.e., the Bank’s “administrative hold.” This action did not violate the automatic stay provision of 11 USC Sec, 362.

http://cdn.ca9.uscourts.gov/datastore/opinions/2014/08/26/12-16087.pdf