TRUTH IN LENDING: Inaccurate Credit Report 1

TRUTH IN LENDING: Inaccurate Credit Report 1

TRUTH IN LENDING: If a consumer feels that the information in her credit report (i.e., information actually sent to inquiring lenders or other agencies) is inaccurate, her ultimate remedy is to file a lawsuit pursuant to the Fair Credit Reporting Act, 15 U.S.C. Secs. 1681–1681x. To succeed in such a lawsuit, however, the Plaintiff will need to compile evidence. For example, the courts have held that “to state a claim under § 1681e [inaccurate report], the plaintiff must show that the agency’s report contained factually inaccurate information, that the procedures it took in preparing and distributing the report weren’t “reasonable,” and that damages followed as a result.” Cahlin v. General Motors Acceptance Corp., 936 F.2d 1151, 1157, 1160 (11th Cir. 1991); Nagle v. Experian Info. Sols., Inc., 297 F.3d 1305, 1307 (11th Cir. 2002). [Quotations reproduced as commentary.]

Bankruptcy  Definitions: Chapter 7 Bankruptcy Trustee

Bankruptcy Definitions: Chapter 7 Bankruptcy Trustee

CHAPTER 7 BANKRUPTCY: A person appointed in a chapter 7 case to represent the interests of the bankruptcy estate and the unsecured creditors. (The trustee’s responsibilities include reviewing the debtor’s petition and schedules, liquidating the property of the estate, and making distributions to creditors. The trustee may also bring actions against creditors or the debtor to recover property of the bankruptcy estate.) The Trustee works under the general supervision of the court and the direct supervision of the United States Trustee. [Source: Bankruptcy Court, District of New Jersey; printed here as “Fair Use” under the US Code]

REAL ESTATE & BANKRUPTCY (Lien Stripping)

REAL ESTATE & BANKRUPTCY (Lien Stripping)

Where debtor received discharge of unsecured junior mortgage in Chapter 7 proceeding, and then filed a Chapter 13, the Court held that the junior mortgage was an unsecured debt, but not uncollectible, and the debtor should be required to make affordable payments on that unsecured debt as part of the debtor’s Chapter 13 plan.[The property was not foreclosed.]
There is no lien stripping (particularly of undersecured or unsecured junior mortgages) in Chapter 7 bankruptcy.

In re Leonidas, Case No. 6:17-bk-19739;(Memorandum Opinion), filed 6/19/2019

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