Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Debtors smart expect a lot says bankruptcy expert
UNION, N.J. (4/13/10)--The biggest challenge for credit unions involved in bankruptcy proceedings is that debtors are smart and they hold credit unions to the same standards as big banks and expect the same results, a bankruptcy expert Wednesday told the Union/Morris Chapter of the New Jersey Credit Union League. Debtors keep current with bankruptcy laws and they bring that knowledge to their case to keep their money, Andrew Altenburg, an attorney specializing in bankruptcy law, credit union representations and commercial litigation, told the chapter (The Weekly Exchange April 5-9). It is paramount for credit unions to protect themselves in these times of economic uncertainty by filing proofs of claim--particularly in Chapter 13 bankruptcy cases--Altenburg added. A positive trend in the bankruptcy arena is that debtors are receiving advice to join a credit union in the aftermath of a bankruptcy, Altenburg said. After going through bankruptcy, debtors have discharged their debt, making them a viable prospect for credit unions, which are more willing than big banks to lend to these debtors, Altenburg said.
Other Resources

RSS print
News Now LiveWire
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
10 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
11 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow http://t.co/rKmWVwwzot
11 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
11 hours ago
.@TheNCUA says late 2Q Call Report filers 2 pay total of $17,111 in penalties.Individual penalty range is $52 to $1,824;median is $256. 2of2
11 hours ago