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Mar 2015

Biggest Bank in America Lies in Bankruptcy Cases

Posted by / in Weekly Posts /

JP Morgan Chase Lies in 50,000 Bankruptcy Cases

JP Morgan Chase today admitted they lied in 50,000 bankruptcy cases.

Chase filed sworn statements in 50,000 bankruptcy cases, signed by people who had no idea what they were signing.  Some were “signed” by people who no longer worked at Chase!

You’d think big banks want to protect their reputation for telling the truth.

After all, when they send you a bill, they want you to pay it.  So they want you to believe that they have calculated the bill honestly.

Sadly, we can’t count on them.  

Last spring, the Justice Department went after Chase for lying to the bankruptcy court–and Chase admitted they did.  Fifty thousand times!  (Chase agreed to a $50 million dollar settlement–that’s $1000 for each lie.)

What were they lying about?

Chase admitted to lying to the bankruptcy court in Chapter 13 bankruptcy cases.  Chapter 13 is a catch up plan under the bankruptcy court.  Chapter 13 can give people three years, or five years, to catch up mortgage payment that are behind.  Now three years is a long time.  And over three years, people’s mortgage payments usually change.  (Mostly because of changes in real estate taxes; sometimes because of interest rate changes.)  So people need to know what their monthly payment is supposed to be.

Bankruptcy Rule 3002.1 requires Chase (and all banks) to tell the court and the homeowner when there are changes.

JP Morgan Chase lies in 50,000 bankruptcy cases

JP Morgan Chase today admitted lying to the bankruptcy court in 50,000 bankruptcy cases. Filing sworn statements by people who had no idea what they were signing.

Chase sent at least 50,000 change statements that were NEVER checked for accuracy by the person who “signed” for them.

These were not just monthly bills.  These were statements sent to a court, under a court order, signed under penalty of perjury.   If nobody actually checks those, you gotta figure nobody actually checks anything.



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Robert Weed has helped fifteen thousand people file bankruptcy in Northern Virginia. Robert Weed is a frequent panelist and speaker at the meetings of the National Association of Consumer Bankruptcy Attorneys. He is one of Northern Virginia’s most experienced personal bankruptcy lawyers. As an expert on changing consumer bankruptcy laws, Robert Weed has been interviewed on local and national TV and quoted in newspapers across the country.