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Multiple state and federal agencies strictly regulate the debtsettlement industry. All types of debt relief programs come with negative consequences, including non-profit credit counseling and bankruptcy, and will directly or indirectly negatively impact your credit score. Options for Consumers Seeking Debt Relief.
On November 11, prominent cryptocurrency exchange FTX abruptly filed for Chapter 11 bankruptcy and founder Sam Bankman-Fried resigned as CEO. John Ray III, a well-known bankruptcy attorney who administered now-defunct energy giant Enron’s 2001 Chapter 11 restructuring, will replace Bankman-Fried as CEO of FTX.
for which there was little to no chance for borrowers to discharge in bankruptcy. Beyond the student loan and mortgage context, state attorney generals have advanced this theory in their investigations of auto lenders [4] and debtsettlement companies. [5]. However, this concern seems to be evolving into additional products.
Resolution plans describe the company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure. For more information, click here. Following a state Supreme Court ruling issued earlier in the year, the bill’s prospects for passage might be different this time around.
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