Millions of dollars of private student loans made over a decade ago by lenders such as Bank of America and JPMorgan Chase were later sold as debt to investors, who are now in hot water for illegal and abusive collection practices that may result in consumers receiving a refund. In fact, one of the nation's largest holders of private student loan debt, the National Collegiate Student Loan Trusts, has been ordered to give back millions of dollars to borrowers and cease many collection … [Read more...]
Archives for September 2017
Creditor Proof of Claims in Chapter 7 & 13 Bankruptcy
A proof of claim is a written statement notifying the bankruptcy court, the debtor filing chapter 7 or 13 bankruptcy, and the trustee handling the case, that a creditor has a right to a distribution from the bankruptcy estate. All unsecured creditors must file a proof of claim and, as of December 1, 2017, secured creditors and equity security holders must also file if they want to get paid through the debtors bankruptcy as part of an update to Federal Bankruptcy Rule 3002. In addition to … [Read more...]