Bloomberg News reported that a group of Senate Democrats, led by Elizabeth Warren of Massachusetts, urged the government to offer relief to distressed borrowers, even if that dampens the profit it makes from collecting on people with outstanding loans. In a letter to Education Secretary Arne Duncan,the six senators wrote, “It is not the job…
Archives for 2015
JPMORGAN CHASE IS FORCED TP PAY OUT HISTORIC $50 MILLION SETTLEMENT ADDRESING “ROBO SIGNING” AND OTHER IMPROPER PRACTICES IN BANKRUPTCY CASES IN THE EASTERN DISTRICT OF MICHIGAN
Accoring to a USTP press release, the U.S. Trustee Program has entered into a national settlement agreement with JPMorgan Chase Bank which will require Chase to pay more than $50 million including cash payments, mortgage loan credits and loan forgiveness to over 25,000 homeowners who are or were in bankruptcy. Chase has also agreed to…
BIG ED Cancels Contracts with Five Private Collection Agencies
As reported on February 28, 2015 by Student Loan Borrower Assistance, the Department of Education announced late in the day on Friday that following a review of 22 private collection agencies, the Department will “wind down” contacts with five agencies that were “…providing inaccurate information to borrowers.” The five companies are: Coast Professional, Enterprise Recovery…
WHAT ARE THE RULES & PROCEDURES FOR DISCHARGING A DEBTOR AFTER THEY COMPLETE THEIR CHAPTER 13 PLAN?
Applicable Law and Rules. Generally, the court will grant the debtor a discharge of all debts provided for by the chapter 13 plan or disallowed under section 502 of the Bankruptcy Code “as soon as practicable” after the debtor completes all payments under the plan, other than payments to holders of certain long-term claims. 11…
WHAT ARE THE APPLICABLE RULES & PROCEDURES REQUIRED FOR A HARDSHIP DISCHARGE BEFORE COMPLETION OF CHAPTER 13 PLAN?
Applicable law & procedure. After confirmation of the chapter 13 plan, the court may grant a discharge to a debtor that has not completed payments under the plan only if: (1) the debtor’s failure to complete such payments is due to circumstances for which the debtor should not justly be held accountable; (2) the value,…
Department of Education Releases Debt Collection Data Following NCLC Lawsuit
As reported on studentloanborrowerassistance.org , nearly two years after NCLC filed their initial request, the NCLC is finally able to close the file on their Freedom of Information Act (FOIA) lawsuit against the U.S. Department of Education. Back in March of 2013, NCLC sent a FOIA request to the Department requesting documents related to the…
Can Public Pension Plans Be Modified?
Yes. Cracks are starting to appear in the armor that traditionally protected public pensions. As reported by the ABI – First in Detroit, then in Stockton, CA, and now in New Jersey, judges and other top officials are challenging the widespread belief that public pensions are untouchable, the New York Times reported yesterday. New Jersey…