141 N. Meramec Ave., Ste. 24, St. Louis, MO  (314) 925-0239 - Ledbetter Law Firm, LLC
RSS

Recent Posts

European Countries Recently Updated Their Bankruptcy Laws Based on the U. S. Bankruptcy Code
Megabank Citigroup Settles Investors' Case for $730,000,000.00
Mortgage Lender Seeks Deficiency Balance After Foreclosure
St. Louis Bankruptcy Attorney Frank Ledbetter's clients receive discharge of over $79,000 in debt

Categories

Bankruptcy Law Revisions
Deficiency Debts
Litigation Against Banks
powered by

My Blog

European Countries Recently Updated Their Bankruptcy Laws Based on the U. S. Bankruptcy Code

The Wall Street Journalin its April 6-7, 2013 issue reported that multiple European countries recently updated their bankruptcy laws with business bankruptcy law revisions modeled on American Chapter 11 bankruptcy.  According to the article by Deborah Ball, the recent mass of financially troubled businesses in European countries drew attention to the shortcomings of the bankruptcy laws in those countries.  Ball cited reports that in 2012 in Italy 100,000 businesses closed.

Megabank Citigroup Settles Investors' Case for $730,000,000.00

The March 19, 2013 edition of the Wall Street Journal published an article about Citigroup, Inc.'s settlement for $730 million of a lawsuit filed against them by investors.  The Wall Street Journal reported that Citigroup had raised more than $71 billion from offerings which the Plaintiff investors alleged were sold to them through misrepresentations by Citigroup including failure to fully disclose its possible exposure to losses on securities backed by home loans, misrepresentations of Citigroup's loss reserves, and overstatements of the credit value of some of its assets. The settlement amount is approximately 1% of the amount raised from the Citigroup offerings.  Forbes.com reports that Citigroup Inc.'s CEO Michael Corbat's recent annual total compensation was in excess of $8 million.

Mortgage Lender Seeks Deficiency Balance After Foreclosure

St. Louis Bankruptcy Lawyer Frank Ledbetter recently learned of mortgage lender CIT's efforts to collect a deficiency balance on a mortgage loan after it foreclosed on a homeowner's first mortgage.  Historically in Missouri, mortgage lender's tended to only attempt to collect deficiency balances (the amount still owed on a foreclosed mortgage after deducting the sale proceeds which the mortgage lender received from the loan balance owed at the time of foreclosure) for second or third mortgages on residences and on properties used for commercial purposes.

St. Louis Bankruptcy Attorney Frank Ledbetter's clients receive discharge of over $79,000 in debt

On February 28, 2013 a married couple from St. Louis County who filed Chapter 13 bankruptcy jointly, represented by St. Louis bankruptcy attorney Frank Ledbetter, discharged over $79,000.00 in unsecured, non-priority debts in their Chapter 13 bankruptcy case.  These clients also repaid $7,161.01 in non-dischargeable income taxes in their Chapter 13 bankruptcy.  The Chapter 13 bankruptcy case allowed the couple to repay those taxes without interest and penalties accruing on the debt after the filing of the case, saving the clients thousands of dollars in penalties and interest on the taxes.