Here, debtors failed to keep adequate records of their finances, and consequently the court denied their discharge. The debtors’ Statement of Financial Affairs indicated that they were principals in nine corporations. Some of the corporations were inactive, however, debtor, Mr. Vetri testified that he was unable to locate any of the business records of the […]

Question: Are credit union Home Equity and/or Second Mortgages subject to modification by a debtor’s Chapter 13 Plan? Answer: Yes. In the U.S. Bankruptcy Courts located within the Sixth Circuit Court of Appeals, and applicable to the Federal Bankruptcy Courts located within the State of Michigan, this issue is currently governed by the rulings in the case […]

In the case of David Scoggin vs. Listerhill Employees Credit Union, the Alabama Supreme Court upheld a lower court ruling in favor of the credit union. Here, the credit union repossessed a member’s Dodge Dynasty and sold the vehicle at auction for the highest bid of $5,000. The vehicle’s odometer displayed mileage of 18,334 miles, […]

Wadsworth Federal Credit Union was previously sued by a former assistant manager who alleged that she was terminated because of her gender and replaced by the all male board of directors with a male counter part. The woman discharged assistant manager had been a 10 year veteran employee at the credit union. Price initially filed […]

In this case, the debtor obtained a credit card from FCC National Bank with a credit limit of $5,000. At the time debtor applied for the credit card, he was employed earning a salary of $500 per week. Shortly after obtaining the card, debtor lost his job and began incurring charges on the credit card. […]

In this case, Wachovia Bank of North Carolina held a mortgage on environmentally contaminated property. The mortgage went into default and the bank foreclosed on the property, purchasing the property at the sheriff’s sale. The bank then sold the property to purchasers who later sued the bank since the property was contaminated. The Comprehensive Environmental […]