News & Analysis as of September 18, 2024

Consumer Financial Products

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Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code. Debtors are... more +

CFPB Files Suit Against Student Loan Servicer

Goodwin on 6/1/2024

On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§...more

The Future of Student Loans and Bankruptcy – Is There a Bubble Waiting to Burst?

Epiq on 9/15/2021

In March 2021, the U.S. Department of Education noted that student loan borrowers owed $1.6 trillion federal and private loans. For many, loans are the only option to attend a U.S. university or college for undergraduate,...more

Tenth Circuit Affirms Order Allowing Discharge of Private Student Loans

Troutman Pepper on 9/8/2020

On August 31, 2020, the Tenth Circuit affirmed the United States Bankruptcy Court for the District of Colorado’s holding that certain student loans not guaranteed by a governmental unit may be discharged in bankruptcy....more

All Consuming - Financial Litigation Insights: Issue 4, August 2020

Spilman Thomas & Battle, PLLC on 8/10/2020

Welcome! Welcome to August’s issue of All Consuming. This month, we are taking a deep dive into discharges in bankruptcy and then reviewing several top news stories in the world of consumer finance. We hope you find value...more

The Discharge in Bankruptcy - Open Avenues for Consumer Creditors

Spilman Thomas & Battle, PLLC on 8/6/2020

In a typical consumer bankruptcy, a debtor seeks the benefit of two concepts. First, the debtor seeks the breathing room afforded that debtor by the automatic stay. Second, the debtor seeks to discharge all debt obligations...more

Appeal Filed From Bankruptcy Court’s Decision Granting Discharge of Student Loan Debt

Ballard Spahr LLP on 2/12/2020

Education Credit Management Corporation (“ECMC”), the guarantor of the student loan debt ruled dischargeable last month by the Chief Judge of the United States Bankruptcy Court for the Southern District of New York, is...more

Bankruptcy Court Discharges Student Loan Debt

Ballard Spahr LLP on 1/22/2020

On January 7, 2020, Chief United States Bankruptcy Judge Cecilia G. Morris of the United States Bankruptcy Court for the Southern District of New York issued a notable opinion in the case of Rosenberg v. N.Y. State Higher...more

5th Circuit Joins the Growing Crowd Holding that Private Student Loans May be Dischargeable in Bankruptcy

Bradley Arant Boult Cummings LLP on 11/5/2019

The Fifth Circuit’s recent decision in Crocker v. Navient Solutions is a stark reminder to for-profit student lenders and servicers that bankruptcy caselaw continues to evolve relating to discharge. In Crocker, the Fifth...more

Real Property, Financial Services, & Title Insurance Update: Week Ending October 4, 2019

Carlton Fields on 10/31/2019

Real Property Update - Foreclosure / Bankruptcy / Surrender: borrower cannot challenge judgment of foreclosure entered upon judicial notice of his statement of intention to surrender the property and order of discharge...more

Financial Services & Title Insurance Update: Week Ending October 11, 2019

Carlton Fields on 10/23/2019

Financial Services Update - Title Insurance Coverage: where an accurate survey would have shown that seller had abandoned access and parking easement, which had been built upon by a neighbor, title insurer had no duty to...more

Court Concludes That Bankruptcy Discharge Does Not Affect Arbitration Clause

Carlton Fields on 9/18/2019

The Eastern District of Pennsylvania recently granted a creditor’s request to compel arbitration over a plaintiff’s argument that the arbitration agreement he had signed was void as a result of a bankruptcy court discharging...more

Education Dept. seeks comment on factors used to evaluate student loan discharge claims in bankruptcy cases

Ballard Spahr LLP on 2/22/2018

The Department of Education has published a request for information in yesterdays Federal Register seeking comment on the factors used to evaluate claims of undue hardship made by student loan borrowers attempting to...more

U.S. District Court for the Southern District of Florida Narrows the Definition of Borrower Under RESPA

Ballard Spahr LLP on 1/23/2018

In 2014, the Consumer Financial Protection Bureau (CFPB) promulgated a number of mortgage servicing rules, including rules governing loss mitigation procedures. ...more

Flurry of FCRA Complaints Recently Filed in Nevada Courts

Ballard Spahr LLP on 10/12/2015

Approximately 50 cases have been filed recently in Nevada state and federal courts against furnishers of information and credit reporting agencies (CRAs) for alleged Fair Credit Reporting Act (FCRA) violations. It appears...more

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