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Business Owners Shifting Risks of Failure to Trade Creditors: Solutions are Needed — MEDIATBANKRY

By Donald L. Swanson “Lending to the most highly indebted companies in the U.S. and Europe is surging.”— Wall Street Journal [Fn. 1] When a large business files for bankruptcy, there is one group that almost always suffers. It is a group with little-to-no power. It is the unsecured trade creditors. It is those that supply […]

via Business Owners Shifting Risks of Failure to Trade Creditors: Solutions are Needed — MEDIATBANKRY

I completely agree that trade creditors almost always wind up with little or nothing.   The trade creditors associations should organize and lobby for the amendments to the Bankruptcy Code that the author recommends.

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Entrepreneurs in Bankruptcy Deserve Respectful Treatment, Not Punishment (In re Romero) — MEDIATBANKRY

By: Donald L Swanson Many people live the American Dream. They’ve started a business and are succeeding. They’re what makes the U.S. economy work. But bad things can—and do—happen to them: things like product obsolescence, economic downturn, health problems, a costly mistake, bad luck. Such things can destroy their Dream and can destroy the entrepreneurs themselves. […]

via Entrepreneurs in Bankruptcy Deserve Respectful Treatment, Not Punishment (In re Romero) — MEDIATBANKRY

The Bankruptcy Code should be amended to increase the dollar limits substantially to allow more entrepreneurs to file for Chapter 13 bankruptcy.

Punitive Damages for Violations of Automatic Stay in Bankruptcy §362

Livinglies's Weblog

Since 2008 I have called out bankruptcy practitioners for their lack of interest in false claims of securitization. The impact on the bankruptcy estate is usually enormous. But without aggressive education of the presiding judge the case will not only go as planned by the banks, it will also lock in the homeowner to “admissions” in bankruptcy schedules and orders that lead to a false conclusion of fact.

Where a pretender lender ignores the automatic stay Bankruptcy judges are and should be very harsh in their penalty. The stay is the bulwark of consumer protection under bankruptcy proceedings which are specifically enabled by the U.S. Constitution. Hence it is as important as free speech, freedom of assembly, freedom of religion and the right to keep and bear arms.

The attached article shown in the link below gives the practitioner a running start on holding the violator responsible and in giving…

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Student Loans: “Best Value”(?!), An Erroneous Idea, and Next Steps — MEDIATBANKRY

“We don’t want loans. We want grants!” —Yours truly, circa 2000s, on paying for college “We are creating a ‘lost generation’ of young adults; they’re overwhelmed by their student loans!” —Recent comment from a friend This article identifies two things that are wrong with our student loan system (Exhibits “A” & “B”) and […]

via Student Loans: “Best Value”(?!), An Erroneous Idea, and Next Steps — MEDIATBANKRY

They should also revise the rules that make it next to impossible to discharge a student loan. If the lenders had to worry about student loan debtors discharging their student loans in the same way they can discharge their taxes they would tighten up their lending standards.

“Undue Hardship” Discharge — The Top Priority for Student Loan Solutions — MEDIATBANKRY

By: Donald L. Swanson The student loan crisis and potential legislation to solve it are in the news these days. Lots of ideas are bandied about on what legislation might look like. Top Priority There is a top priority for such legislation that dwarfs all others. The number one priority, bar none (and it’s not […]

via “Undue Hardship” Discharge — The Top Priority for Student Loan Solutions — MEDIATBANKRY

That is outrageous that it is easier for someone to discharge unpaid income taxes than to discharge student loans.

Government Bankruptcies: Needs of Citizens Take Priority Over Creditor Claims (Assured Guaranty v. Puerto Rico) — MEDIATBANKRY

By: Donald L Swanson Puerto Rico’s long-standing financial straits, rendered more dire by Hurricane Maria, create an issue of bankruptcy priority: should available funds be used to, (i) address hurricane devastation and daily citizen needs, or (ii) pay creditor claims when due? –The answer to this priority is simple and easy in Puerto Rico: citizen needs […]

via Government Bankruptcies: Needs of Citizens Take Priority Over Creditor Claims (Assured Guaranty v. Puerto Rico) — MEDIATBANKRY

I agree that the needs of the citizens should come first.  I would not be surprised if there is more litigation in the bankruptcy courts regarding this issue.

Propping Up a High-Price Model of Higher Education: In re Pratola — MEDIATBANKRY

By Donald L. Swanson The U.S. Government continues to prop up a high-price model of higher education, forcing students to bear the brunt of such foolishness! News reports are filled these days with student loan crisis stories. We hear how: –“the number of Americans severely behind on payments on federal student loans reached roughly 4.6 million […]

via Propping Up a High-Price Model of Higher Education: In re Pratola — MEDIATBANKRY

The fact that anyone was able to obtain student loans totaling over $500,000 for an undergraduate degree in “interdisciplinary studies” and a graduate degree in “cinema and television production” just shows that student loan lenders do not care about whether or not the “student” can repay the loan as the United States Government (taxpayers) will guarantee that the loan is repaid.  That needs to stop immediately!

 

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