As reported in the New York Times today, the newly-created Consumer Financial Protection Bureau is proposing rules that would empower the Bureau to regulate the biggest consumer collection agencies, law firms and debt buyers, as well as big credit reporting companies. The proposed regulation does not impose any new regulations on these entities; it sets the stage for future regulations by specifying what large collection companies will be subjected to its future regulation.
I can report that, based upon reliable sources of information, it appears that Paul R. Warren, Esq., the Clerk of the Bankruptcy Court for the Western District of New York, will shortly be appointed the next bankruputcy judge for the Rochester Division of the Bankruptcy Court. Mr. Warren attended the chapter 13 plan confirmation hearings last Thursday in Rochester, something he would not need to do as Court Clerk. I have received other confidential information that would colaborate this information.
Rochester's Channel 13 news interviewed me two days ago on the issue of student loans and bankruptcy. Here's the link. As I have stated in previouys blogs, we (bankruptcy attorneys) do not have much to offer student loan debtors. A hardship discharge in bankruptcy is extremely difficult to obtain; it pretty much requires permanent disability. People going into school should be very clear-eyed about the potential to generate income at the other end sufficient to pay off whatever loans are incurred to finance the education.