The Cramdown Battle Rages
Credit union collectors know the drill: the member buys a dream car, financing it at the credit union. Once driven off the lot, the car depreciates 15%-20% almost immediately, and the member files bankruptcy. Voila! Cramdown shifts the loss to the credit union. When Congress passed the Bankruptcy Ab...
Gespeichert in:
| Veröffentlicht in: | Credit Union Magazine 2008-01, Vol.74 (1), p.56 |
|---|---|
| 1. Verfasser: | |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | |
|---|---|
| container_issue | 1 |
| container_start_page | 56 |
| container_title | Credit Union Magazine |
| container_volume | 74 |
| creator | Williams, Charles L |
| description | Credit union collectors know the drill: the member buys a dream car, financing it at the credit union. Once driven off the lot, the car depreciates 15%-20% almost immediately, and the member files bankruptcy. Voila! Cramdown shifts the loss to the credit union. When Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, it aimed to remedy this type of Chapter 13 abuse. The new rule is somewhere between Sections 1325(a) and 1325(b) of the Bankruptcy Code. The 11th-hour vehicle purchase now does the debtor no good. The credit union's claim now will be paid in full. While debtors' attorneys still try to pull a fast one and cram down your claim at every turn, collections and bankruptcy personnel must recognize this critical new weapon. |
| format | Article |
| fullrecord | <record><control><sourceid>proquest</sourceid><recordid>TN_cdi_proquest_reports_235959564</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>1416694891</sourcerecordid><originalsourceid>FETCH-proquest_reports_2359595643</originalsourceid><addsrcrecordid>eNpjYeA0MDA01DU0MDPjYOAqLs4Cco2MLA04GSRDMlIVnIsSc1Pyy_MUnBJLSnJSFYIS01OLeRhY0xJzilN5oTQ3g6Kba4izh25BUX5haWpxSXxRakF-UUlxvJGxqSUQmpkYE6MGAFoOKDs</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>235959564</pqid></control><display><type>article</type><title>The Cramdown Battle Rages</title><source>EBSCOhost Business Source Complete</source><creator>Williams, Charles L</creator><creatorcontrib>Williams, Charles L</creatorcontrib><description>Credit union collectors know the drill: the member buys a dream car, financing it at the credit union. Once driven off the lot, the car depreciates 15%-20% almost immediately, and the member files bankruptcy. Voila! Cramdown shifts the loss to the credit union. When Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, it aimed to remedy this type of Chapter 13 abuse. The new rule is somewhere between Sections 1325(a) and 1325(b) of the Bankruptcy Code. The 11th-hour vehicle purchase now does the debtor no good. The credit union's claim now will be paid in full. While debtors' attorneys still try to pull a fast one and cram down your claim at every turn, collections and bankruptcy personnel must recognize this critical new weapon.</description><identifier>ISSN: 0011-1066</identifier><language>eng</language><publisher>Madison: Credit Union National Association, Inc</publisher><subject>Bankruptcy ; Bankruptcy Abuse Prevention & Consumer Protection Act 2005-US ; Collateral ; Credit unions ; Debt ; Federal court decisions ; Personal bankruptcy ; State court decisions</subject><ispartof>Credit Union Magazine, 2008-01, Vol.74 (1), p.56</ispartof><rights>Copyright Credit Union National Association, Inc. Jan 2008</rights><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>312,778,782,789</link.rule.ids></links><search><creatorcontrib>Williams, Charles L</creatorcontrib><title>The Cramdown Battle Rages</title><title>Credit Union Magazine</title><description>Credit union collectors know the drill: the member buys a dream car, financing it at the credit union. Once driven off the lot, the car depreciates 15%-20% almost immediately, and the member files bankruptcy. Voila! Cramdown shifts the loss to the credit union. When Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, it aimed to remedy this type of Chapter 13 abuse. The new rule is somewhere between Sections 1325(a) and 1325(b) of the Bankruptcy Code. The 11th-hour vehicle purchase now does the debtor no good. The credit union's claim now will be paid in full. While debtors' attorneys still try to pull a fast one and cram down your claim at every turn, collections and bankruptcy personnel must recognize this critical new weapon.</description><subject>Bankruptcy</subject><subject>Bankruptcy Abuse Prevention & Consumer Protection Act 2005-US</subject><subject>Collateral</subject><subject>Credit unions</subject><subject>Debt</subject><subject>Federal court decisions</subject><subject>Personal bankruptcy</subject><subject>State court decisions</subject><issn>0011-1066</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2008</creationdate><recordtype>article</recordtype><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>AZQEC</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNpjYeA0MDA01DU0MDPjYOAqLs4Cco2MLA04GSRDMlIVnIsSc1Pyy_MUnBJLSnJSFYIS01OLeRhY0xJzilN5oTQ3g6Kba4izh25BUX5haWpxSXxRakF-UUlxvJGxqSUQmpkYE6MGAFoOKDs</recordid><startdate>20080101</startdate><enddate>20080101</enddate><creator>Williams, Charles L</creator><general>Credit Union National Association, Inc</general><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>883</scope><scope>885</scope><scope>8AO</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>F~G</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M0F</scope><scope>M1F</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PYYUZ</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>20080101</creationdate><title>The Cramdown Battle Rages</title><author>Williams, Charles L</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-proquest_reports_2359595643</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2008</creationdate><topic>Bankruptcy</topic><topic>Bankruptcy Abuse Prevention & Consumer Protection Act 2005-US</topic><topic>Collateral</topic><topic>Credit unions</topic><topic>Debt</topic><topic>Federal court decisions</topic><topic>Personal bankruptcy</topic><topic>State court decisions</topic><toplevel>online_resources</toplevel><creatorcontrib>Williams, Charles L</creatorcontrib><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>ABI/INFORM Trade & Industry (Alumni Edition)</collection><collection>Banking Information Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>ABI/INFORM Trade & Industry</collection><collection>Banking Information Database</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ABI/INFORM Collection China</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>Credit Union Magazine</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Williams, Charles L</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The Cramdown Battle Rages</atitle><jtitle>Credit Union Magazine</jtitle><date>2008-01-01</date><risdate>2008</risdate><volume>74</volume><issue>1</issue><spage>56</spage><pages>56-</pages><issn>0011-1066</issn><abstract>Credit union collectors know the drill: the member buys a dream car, financing it at the credit union. Once driven off the lot, the car depreciates 15%-20% almost immediately, and the member files bankruptcy. Voila! Cramdown shifts the loss to the credit union. When Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, it aimed to remedy this type of Chapter 13 abuse. The new rule is somewhere between Sections 1325(a) and 1325(b) of the Bankruptcy Code. The 11th-hour vehicle purchase now does the debtor no good. The credit union's claim now will be paid in full. While debtors' attorneys still try to pull a fast one and cram down your claim at every turn, collections and bankruptcy personnel must recognize this critical new weapon.</abstract><cop>Madison</cop><pub>Credit Union National Association, Inc</pub></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0011-1066 |
| ispartof | Credit Union Magazine, 2008-01, Vol.74 (1), p.56 |
| issn | 0011-1066 |
| language | eng |
| recordid | cdi_proquest_reports_235959564 |
| source | EBSCOhost Business Source Complete |
| subjects | Bankruptcy Bankruptcy Abuse Prevention & Consumer Protection Act 2005-US Collateral Credit unions Debt Federal court decisions Personal bankruptcy State court decisions |
| title | The Cramdown Battle Rages |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-16T02%3A59%3A54IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=The%20Cramdown%20Battle%20Rages&rft.jtitle=Credit%20Union%20Magazine&rft.au=Williams,%20Charles%20L&rft.date=2008-01-01&rft.volume=74&rft.issue=1&rft.spage=56&rft.pages=56-&rft.issn=0011-1066&rft_id=info:doi/&rft_dat=%3Cproquest%3E1416694891%3C/proquest%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=235959564&rft_id=info:pmid/&rfr_iscdi=true |