We are dealing with the problem of credit reporting on bankrupt accounts. Our reporting is done at the loan level therefore non bankrupt co-borrowers are affected. Can we just suppress reporting?
Can a financial institution be forced to open a DIP account?
An existing client files bankruptcy. DDA has no ODP or LOCs attached. Can their existing debit card be closed due to the bankruptcy filing? Bank is in Louisiana.
What is considered actually receiving a bankruptcy notice to trigger the automatic stay and internal procedures in place for bankruptcy? We noticed one of our customers had filed bankruptcy in a county bulletin that the bank subscribes to. To date we have not received any formal notice from the bankruptcy court. Does the public record trigger the stay even though no formal notice has been received by the bank?
Our bank charged off an overdrawn account in 2009 and reported it to the credit recovery service and ChexSystems. The customer is now coming in and stating we should not have reported this since she filed bankruptcy. Is that correct?
Can I return checks for insufficient funds that are presented against a debtor in possession account, or are there any ramifications if they bounce checks on the account?
Can I close a checking account after a Chapter 7 discharge and charge off $2,300?
This is a follow-up to the Q & A: <a href="http://www.bankersonline.com/operations/guru2009/gurus_op071309e.html">Debt Cancelled - 1099-C Filing</a>. Do we have to send 1099C's on debt cancelled through a bankruptcy?
One of our mortgage lenders would like to place an ad in the classified portion of the local newspaper. The ad reads: Have you filed bankruptcy or had your home foreclosed on in the past two years? Call [name] to get your credit checked. You may be eligible to purchase a home. Numerous programs available to be a homeowner again. Then she lists her name and cell phone. The bank is not mentioned. Does it need to be? Would this ad be considered compliant? What would make it compliant? Is this a bad idea?
What are the new rules concerning tax deductibility when advertising home equity products?