How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39011
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

What is the federal Gramm,Leach,bliley Act and why would My

This answer was rated:

What is the federal Gramm,Leach,bliley Act and why would My Attourney use it in my Bankruptcy Case

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.


NOTICE: If you are on a subscription plan, your clicking Accept does not generate any additional charges to your user account. It only indicates your satisfaction with my answer.

Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

Customer: replied 7 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?

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 7 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.

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: and


Hope this helps.

Customer: replied 7 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.

"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 and other Bankruptcy Law Specialists are ready to help you