Satisfy Your Credit Counseling Requirement Before Filing Bankruptcy
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1 After Filing
Personal Financial Management Instruction

Simpson v. PRA Receivables Mgmt., LLC (In re Simpson), No. 08-00137, 2008 WL 4216317, at *3 (Bankr. N.D. Ala. Aug. 29, 2008) (Mitchell) (No independent bankruptcy cause of action for violation of Fair Debt Collection Practices Act based on filing of false or misleading proof of claim; claims allowance process provides remedies. “An FDCPA claim … cannot be based on the filing of a proof of claim, regardless of the ultimate validity of the underlying claim.”).

George v. Wilshire Credit Corp. (In re George), No. 08-1068, 2008 WL 3925210 (Bankr. D. Mass. Aug. 26, 2008) (Feeney) (Motion to dismiss third-party complaint is granted, but show cause is issued to determine whether co-tenant who asserts TILA violation should be added as co-plaintiff.).

Wentz v. Saxon Mortgage (In re Wentz), 393 B.R. 545 (Bankr. S.D. Ohio 2008) (Humphrey) (Complaint for damages under TILA and HOEPA is subject to one year statute of limitations under 15 U.S.C. § 1635(g) but damage claim is in nature of recoupment, which is excepted from one-year limitation by 15 U.S.C. § 1640(e). Filing proof of claim is sufficient action to collect debt to constitute counterclaim for damages as recoupment. RESP A action for damages is also in nature of recoupment excepted from one-year statute of limitations found in 12 U.S.C. §2614.).

See Also:  Bankruptcy Boston

In re McCormick, 381 B.R. 594 (Bankr. S.D.N.Y. 2008) (Morris) (Because limited liability company is not eligible for Chapter 13 relief, LLC is also not beneficiary of codebtor stay.

Jet fuel costs - up more than 80 percent over last year - are forcing low-fare airlines to sharply raise some fares, and reinvent themselves to appeal to not just bargain hunters, but also business travelers, the New York Times reported today. Airlines like Southwest, JetBlue and AirTran have been able to offer cheap fares for years because of their lower operating costs, for reasons that include simpler jet fleets, work rules and less-sprawling route networks. Their low prices and rapid growth forced the largest carriers to cut fares whenever they entered a market. They still offer deals for passengers who book trips well in advance, travel off-season and at less popular times. However, bargains are getting harder to find, as low-fare carriers join the bigger airlines in raising fares, which are up about 18 percent industrywide this year.

MBIA Inc. booked its third consecutive quarterly loss, as the country’s largest bond insurer was hurt by a $3.58 billion loss on contracts the company has written to insure complicated securities often backed by mortgages against default, Dow Jones Newswires reported today. The quarter also showed the damage done to MBIA’s business by concerns about its exposure to troubled securities, as net premiums written fell 41 percent. MBIA posted a net loss of $2.41 billion compared with net income of $198.6 million a year earlier. The company reported negative revenue of $2.96 billion due to the loss on insured derivatives, compared with a profit of $729.9 million. MBIA’s paper losses on insured derivatives would have been $7.1 billion, except for an offsetting $3.6 billion gain on the declining value of its own credit guarantees.