Rule 7004 Service
I’ve been doing bankruptcy work full time for almost five whole months now. As I’ve gotten my feet wetter and wetter in this whole bankruptcy world, one of my main tasks has been motion work. Motions resolve a lot of the practical issues necessary to get a discharge, especially in a Chapter 13 bankruptcy - they value property to determine security interests, avoid liens, resolve automatic stay issues, and who knows what else.
And because we do debtor work, most of my motions are filed against some kind of creditor, and often mortgage companies. In order for a motion to be effective, we must serve the papers on them in accordance with Federal Rule of Bankruptcy Procedure 7004. Normally, this means I have to go dig through the bowels of the Internet to find out who an officer of the requisite creditor is - and in today’s world, that often means digging through records of who bought what company and what the new name is. All this searching has taught me much about these corporate entities.
For instance -
You’ve probably heard of Ditech. (If you have watched TV in the last few years, you will remember Ditech from ads where the evil fat local banker bemoans that he “Lost another loan to Ditech.com” while the blissful customer wallows in happiness. Or the one where they try to convince you that “people are smart” before insulting your intelligence with a poorly animated professorial creature explaining the “advantages” of their rates.) But did you know that Ditech is a business of GMAC, the financing arm of General Motors?
Incidentally, speaking of poor advertising, GMAC was recently forced to change the name of its banking arm to “Ally Bank” in an effort to improve its image.
Did you know that Wachovia was purchased by Wells Fargo? That was in the news, of course, but it gets complicated - you see, Wachovia Bank, N.A., is not a part of Wells Fargo Bank, N.A. They haven’t finished that yet. But Wachovia Bank, N.A. is a part of Wells Fargo Corporation, the mother company who owns an astounding array of entities. And then there’s Wachovia Bank, F.S.B., which used to be World Savings Bank, F.S.B. and now has been almost sort of more or less phased out in favor of new and improved corporate structures.
Speaking of Wells Fargo, did you know that the company called “America’s Servicing Company” is actually just a DBA of Wells Fargo Home Mortgage, Inc.?
It’s nothing short of dizzying. And I haven’t mentioned Citigroup, JPMorganChase, or Bank of America, and countless other entities.
But I digress. All this to say that finding the appropriate contact information for Rule 7004 service can be a challenge.
But the federal government might be making it easier on me. If this goes through, the United States government will own a majority stake in GMAC. So I am given to wonder, will my service list look like this?
GMAC
Attn: Barack Obama, CEO
1600 Pennsylvania Ave NW
Washington, DC 20500
Thoughts?