Sader Law Firm Blog - Kansas City Bankruptcy Attorney Blog

Kansas car dealer liable for $14.8 million for falsified loans, highlighting consumer risk in debt accrual leading to repayment issues

Posted on November 27, 2023 by Sader Law Firm

In a recent lawsuit against a Kansas car dealership, an independent arbitrator found the dealership to be liable for more than $14.8 million in damages for customers whose information was falsified on their credit applications. For these customers, this resulted in higher loan payments and increased financial stress. In a report from Missouri Lawyers Media, the lead attorney for the 31 claimants, Ken McClain, said that the dealership was falsifying the information on the applicants’ credit applications. Information like income and job titles were inflated to ensure the applicants would qualify for larger loans, likely loan amounts that these customers would have trouble making repayments on. For example, McClain described that one claimant who works as a front desk clerk at a hotel was described as a ‘front end logistics specialist’ on the credit application submitted for her. With this falsified information, customers were receiving larger loans, which the dealership…
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Neil Sader Named to Missouri/Kansas Super Lawyers List for 18th Consecutive Year

Posted on November 14, 2023 by Sader Law Firm

Sader Law Firm, LLC is proud to announce that Managing Member Neil Sader has earned recognition once again in Missouri/Kansas Super Lawyers. It’s the 18th straight year the Thomson Reuters business has highlighted Sader’s work. In this year’s edition, he is recognized for his work in (1) Bankruptcy: Business; (2) Real Estate: Business; (3) Business Litigation; (4) Creditor Debtor Rights: Business; and (5) Bankruptcy: Consumer. Each year, no more than 5% of the lawyers in the state are selected by the Super Lawyers research team for inclusion on the Super Lawyers list. Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. The result…
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Banks Report Continuing Issues with Commercial Real Estate Loans

Posted on November 13, 2023 by Sader Law Firm

Banks continue to see an increase in delinquencies on commercial real estate (CRE) loans as interest rates continue to rise and work-from-home policies create empty workspaces. As demand for office space decreases, borrowers have begun to default on their loans, forcing banks and lenders to sell their loans at significantly lower rates or engage in other potentially costly and time-consuming workouts. In reports for the third quarter of 2023, many banks show significant losses, largely due to CRE loans. Morgan Stanley reported setting aside $134 million for credit losses, stating that this was primarily due to “deteriorating conditions in the commercial real estate sector,” according to an article from Yahoo!, Other institutions, like Bank of America, have reported that their loans increased as well. Bank of America’s nonperforming loans increased to nearly $5 billion in the third quarter from $4.27 billion in the second quarter. They attributed this increase to…
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