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Bankruptcy Reform.
The recently enacted bankruptcy reform legislation was meant to aid creditors - including mortgage lenders - by making it more difficult for consumers to shed debt through personal bankruptcy filings. But it's unclear if that's the effect the legislation will have on the mortgage servicing industry. In fact, in some key regards, it appears that the legislation will raise more thorny complications for lenders and the attorneys who represent them in the case of personal bankruptcy filings.
As attorney Alan Wolf explained at the Western States Loan Servicing Conference in Las Vegas recently, many in the industry have focused on the good parts of the new legislation, but the new law consists of consumer protection features as well that might throw a loop at servicers. Parts of the law "are subject to various interpretations" that could have a negative effect on servicers.
In part, that's because there is little judicial case history on the new law. Various contradictions or murky issues have yet to be sorted out. And the new law has not addressed all of the contradictions that currently exist between different districts, where different judges have taken different views about the interpretation of existing ...
- National Foundation for Credit Counseling: Countdown to Bankruptcy Reform; New...
- Press release article from: Business Wire August 17, 2005 700+ words
...Foundation for Credit Counseling: What's New: The new bankruptcy reform law (Bankruptcy Abuse Prevention and Consumer Protection...prepare to cover the issues related to implementation of the bankruptcy reform legislation, Susan C. Keating, President and CEO of...
- Firm Files Suit Over Bankruptcy Reform Law.(Brief Article)
- Magazine article from: Credit Union Journal December 5, 2005 700+ words
ST. PAUL, Minn. -- A local law firm has filed suit challenging provisions of the bankruptcy reform law, claiming the new law is unconstitutional because it potentially limits attorneys' ability to speak with their clients...
- In Brief: Study: Bankruptcy Reform Not Working.(Brief Article)
- Magazine article from: American Banker Adler, Joe February 23, 2006 700+ words
...study -- entitled "Bankruptcy Reform's Impact: Where...Deadbeats?" -- said the new law has provided little...means that Congress got bankruptcy reform wrong -- dead wrong...identified under the new law and forced into debt...
- Prsident Bush Signs Long-Awaited Bankruptcy Reform Bill Into Law.(Brief Article)
- Magazine article from: Credit Union Journal Roberts, Ed April 25, 2005 700+ words
...WASHINGTON -- With a quick flourish of the pen, President Bush signed the bankruptcy reform bill last week, making the credit union-supported legislation law. The new law will take effect six months from the date of signing. "This bill is...
- Prsident Bush Signs Long-Awaited Bankruptcy Reform Bill Into Law.
- News wire article from: Banking Wire Roberts, Ed May 2, 2005 700+ words
...WASHINGTON -- With a quick flourish of the pen, President Bush signed the bankruptcy reform bill last week, making the credit union-supported legislation law. The new law will take effect six months from the date of signing. "This bill is...
- Bankruptcy reform shakes up debtors.
- Newspaper article from: Bulletin (Bend, OR) May 17, 2005 700+ words
...of the passage of federal bankruptcy-reform legislation last month. New...Bankruptcy Court in Portland. The new law requires prospective filers...from liquidation. Under the new law, those who earn more than...according to an analysis of the new law by ...
- Study: Bankruptcy Reform Failing: By Scott Messmore, Reporter.(Credit Union...
- Magazine article from: Credit Union Journal October 16, 2006 700+ words
...study suggests the bankruptcy reform legislation credit...the Congress passed bankruptcy reform, with the bill, the...Proponents said the new law would lower the number...Opponents said the new law was written by, and...
- Bankruptcy Reform.
- News wire article from: Mortgage Line September 14, 2005 700+ words
The recently enacted bankruptcy reform legislation was meant to aid...new legislation, but the new law consists of consumer protection...judicial case history on the new law. Various contradictions or...to be sorted out. And the new law has not addressed all of the...
