Bank of America, JP Morgan Chase and other banks agree to follow bankruptcy law

The New York Timesreports that the four banks faced various lawsuits in Federal Bankruptcy Court over their handling of “zombie” debts — bills which have been legally discharged in bankruptcy proceedings, yet still appear on credit reports. Various lawsuits accused those four banks of deliberately ignoring bankruptcy rulings in order to make extra money by selling bad debt to financial firms…

Up to 1 million Americans are expected to benefit by having zombie debt expunged from their records.

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