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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33551
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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What is the federal Gramm,Leach,bliley Act and why would My

Resolved Question:

What is the federal Gramm,Leach,bliley Act and why would My Attourney use it in my Bankruptcy Case
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 4 years ago.

Gramm-Leach-Bliley requires that financial institutions protect the privacy of their customers. After reviewing to premiere bankruptcy practice guides, I cannot find a single thing in GLB that has any use in a bankruptcy case.

 

So, either you or your attorney is misinformed, or your attorney is fabulously creative, and has thought of something truly "outside the box."

 

Hope this helps.

 

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Customer: replied 4 years ago.
well i have a case with fdic against bank and the bank is under investagtion. banks attourney told fdic that my issues with bank are being heard as part as my bankruptcy case would that have anything to do with it?
Expert:  socrateaser replied 4 years ago.

The bankruptcy court has authority to resolve cases concerning the debtor which affect the bankruptcy estate. So, if you have a claim against a bank, and that claim would bring money to the bankruptcy, estate, then the bankruptcy could can hear the case and stay any other legal action concerning the same issue.

 

The problem, however, is that GLB provides no private right of action for an individual to sue a financial institution. So, while your claim against the financial instituion may be dragged into your bankruptcy case -- no issue directly connected with GLB will be involved, because it cannot be, as a matter of federal law.

Customer: replied 4 years ago.

Need you to explain what you meant by My Attourney being creative and thinking outside the box. who benefit His.

 

Would GLBA help him in anyway lets say He has made mistakes and I busted Him. Now he doesnt even talk to me and Case is still ongoing.

Expert:  socrateaser replied 4 years ago.

By "outside the box," I mean that your attorney must either have some legal theory that no one has ever thought of, or he is blowing smoke. If he has such a theory, then by now I would expect it to be present in the written pleadings to the court. If it's not, then the only person who knows about the GLB theory is the attorney -- because I damn sure don't, and apparently you don't, because if you did, then you would be able to tell me what that theory is, right? Right.

 

Bottom line is that if you suspect that your lawyer has screwed up your case, then you may have a malpractice action against the attorney, as well as a complaint to the North Carolina Bar.

 

For a legal malpractice attorney referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=NC and www.martindale.com

 

Hope this helps.

Customer: replied 4 years ago.
Last thing and I appreciate al info from you. Is a Cramdown Plan used in Chapter 11 this is a ? I asked My Attourney Early in my Case. This is the Last ? regardless I am accepting your responses and again Thank You.
Expert:  socrateaser replied 4 years ago.

"Cramdown," which is not actually defined in the Bankruptcy Code, is a process by which a class of creditors may be forced to accept a debtor's repayment plan, even though the repayment is for less than the original debt.

 

The rules for a cramdown are complex -- at base, however, is the principle that the creditor must receive no less than would have been received in a Chapter 7 liquidation, and that the debtor has offered the repayment plan in "good faith" (i.e., honestly and fairly).

 

Hope this helps.

socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33551
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and 4 other Bankruptcy Law Specialists are ready to help you

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