Why Nobody Went to Jail During the Credit Crisis Credit Writedowns
Transcript
Jim Puplava: Joining me on the program is Professor William Black. He is a Lawyer and an Associate Professor of Economics and Law at the University of Missouri, Kansas City. He was a Director of the Institute for Fraud Prevention from 2005 to 2007. He taught at the LBJ School of Public Affairs at the University of Texas. He was also a Litigation Director for the Federal Home Loan Bank Board. He is also author of the book “The Best Way to Rob a Bank Is to Own One.”
And Professor, you played a critical role during the S&L crisis in exposing congressional corruption. During that period of time, a lot of corruption was exposed; a lot of people in the financial sector went to jail, including Charles Keating. I wonder if you would contrast that to the last credit crisis, let us say from 2007 to 2009 where a lot of money was lost, a lot of things went wrong, but nobody went to jail. Instead of going to jail, they walked out instead with multi-million dollar bonuses. What was the difference, what was behind this in your opinion?
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Bankruptcy Law In Texas
Texas Bankruptcy Law Information For State Residents
Consumer bankruptcies continue to rise every year and last year was no exception in this difficult economy. State residents have high debt loads. Should these become unsustainable, they may want to learn more about Texas bankruptcy law.
The liquidation Chapter 7 and reorganization Chapter 13 filings have been increasing, despite the 2005 federal law restrictions intended to reduce recourse to this remedy. In Texas, bankruptcy law complies with federal laws and statutes, which establish a national standard. However, there are additional state specific details to be aware of.
However, qualification is not always possible. Applications can be denied for various reasons. An unexceptional reason is income that exceeds the median income prerequisite for qualification under Chapter 7. The ongoing decline in median income in this recession means that this condition is becoming harder to meet. If even after including the deductions allowed, this condition is not reached, filing for a Chapter 13 bankruptcy could be the remaining choice. But, even this chapter has qualification requirements that must be met.
Amongst reasons for failure, procedural mistakes may also be the cause. Failure to get credit counseling before beginning this remedy is a reason for denial. Failing to list any property can be a reason as well. The process cannot be started without paying the required processing fee. Other possible mistakes include excessive spending before a filing.
Liquidation may be sought by businesses and individuals alike. With this remedy, the proceeds of liquidated property are fairly distributed amongst creditors. The property that can be included in the process is not subject to a federal or state exemption. Unsecured debts not reaffirmed may also be discharged in the process. It should be kept in mind that some debts are not subject to removal in this manner.
State exemptions permit some of the following items to be exempted from liquidation. Your home and its furnishings, business partnership property, a certain fair market value worth of personal property for individuals and family may be kept aside. Farmers and ranchers may keep certain possessions. These possessions include certain vehicles and implements. Personal possessions that may be retained include sporting equipment and tools of your trade. Burial plots and Health Aids are also exempt. Government provided compensation and benefits including Social Security are exempted. Child support and alimony, retirement plans and life insurance proceeds are excluded.
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