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When you’re constantly bombarded with calls about your debts, signing up with a debt settlement company can seem like the easiest way to handle them. However, Reuters reported that the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Freedom Debt Relief and its co-Chief Executive Andrew Housser this month.
A federal jury in Manhattan found Kansas City businessman Scott Tucker guilty on all counts in a racketeering case. Tucker owned a $2 billion payday-lending business, which prosecutors had argued was built on illegal partnerships and predatory loans. Guilty Verdict’s for Tucker and Muir According to an article on Bloomberg the jury also convicted Timothy Muir, a former lawyer for Mr.
Overpayment of Unemployment Benefits are subject to discharge in both chapter 7 and chapter 13 bankruptcies. The overpayment of unemployment benefits are not given special protections, even if they are owed to the state. An unemployment overpayment is not a debt that is listed as exempt from discharge. Filing for bankruptcy can provide significant relief from the collection efforts of the state.
I ran across this information the other day and wanted to share it. Scam artists are stealing millions of dollars from distressed homeowners by promising immediate relief from foreclosure, or demanding cash for counseling services when HUD-approved counseling agencies provide the same services for FREE.
According to NASA, a total coast-to-coast eclipse of the sun hasn’t been seen in the U.S. in 99 years, so the Aug. 21 event will be a can’t-miss for many of us. A total solar eclipse is caused by a unique set of circumstances. Oddly enough, the sun is 400 times larger than the moon — but it’s also 400 times farther away.
Wells Fargo has been in the news quite a lot over the last few years. In April 2016 Wells Fargo agreed to pay $1.2 Billion for Improper Mortgage Lending Practices. In June 2016 Wells Fargo agreed to pay $185 million in settlements for Aggressive/Fraudulent Sales Practices after being sued by the Consumer Financial Protection Bureau.
I have long suspected that student loan debt would eventually affect the rate of homeownership in the US. It appears that the Federal Reserve Bank of New York agrees. According to a new report from the Federal Reserve Bank, homeownership rates are far higher for those who graduated from college than those who never earned a degree.
I attended a meeting last week and I made the comment that I was seeing more and more consumers who have 8 years car loans. The response was, I have never heard of an 8 year car loan. I began to research how often 8 year car loans are offered and the pros and cons of an 8 year vehicle loan. The consensus seems to be that in order to finance a new vehicle for a monthly payment t ...
Todd Chrisley, the star of Chrisley Knows Best filed a chapter 7 bankruptcy in August 2012. The Chapter 7 Trustee who administered Chrisley’s bankruptcy estate filed an adversary proceeding in February 2014 asserting Chrisley had not disclosed all of his assets and transferred assets to his wife prior to the filing of the bankruptcy.
Seventy-five percent of consumers said debt collectors ignored their requests to stop calling, according to a survey released by the Consumer Financial Protection Bureau, which detailed “troubling” practices in the multi billion-dollar industry. Consumers Still Regularly Harassed by Debt Collectors Consumers told the CFPB that they often felt threatened by debt collectors, that ...
The Consumer Financial Protection Bureau (CFPB) issued warning letters to 44 mortgage lenders and mortgage brokers. The Bureau has information that appears to show they may be required to collect, record, and report data about their housing-related lending activity, and that they may be in violation of those requirements.
The Consumer Financial Protection Bureau (CFPB) has issued a new rule designed to help protect users of prepaid card users and account holders. Prepaid Cards and Accounts Prepaid accounts are one of the newer ways to store and spend your money. These include prepaid cards that you buy in stores or digital wallet accounts that you get online.
The Fair Isaac Corporation (FICO) has changed the way in which they calculate your credit score. The new credit scoring system, called FICO 9, went into effect in 2014. However, it wasn’t until banks starting using the new score in mass that Fair Isaac made the new formula available to consumers. Let’s look at what changed, why it changed and what effect this may have on consumers.
Report on the Economic Well-Being of U.S. Households in 2015 Posted on Jun 27, 2016 By Cynthia Lawson June 27, 2016 by Cynthia Lawson On May 20, 2016, the Board of Governors of the Federal Reserve released their annual survey regarding the financial health of the U.S. Economy. The report is titled the “Report on the Economic Well-Being of U.S. Households in 2015”.
I get asked this question quite a lot. I think clients worry about doing something that will affect their bankruptcy; and most Trustees stress that a client should ask their attorney questions before they do anything financial. Yes, you can open a bank account while you are in a bankruptcy. There is nothing in the Bankruptcy Code or Court Rules that would prohibit a person fil ...
Things to Avoid Before Filing Bankruptcy Posted on May 16, 2016 By Cynthia Lawson May 16, 2016 by Cynthia Lawson Deciding to file bankruptcy can be stressful on yourself and your family. Your attorney will help guide you through the process, but they can only do so much. Make sure to avoid the following actions when going through the bankruptcy process.
Does the Word “Settlement” Imply Legal Action to the “Least Sophisticated Consumer”? Posted on Apr 25, 2016 By Cynthia Lawson April 25, 2016 by Cynthia Lawson The Fair Debt Collection Practices Act (FDCPA) is a federal law which protects consumers from unscrupulous collection agencies. Collection Agencies are prohibited from using unfair, deceptive or misleading means to co ...
Can the Military Off-Set Your Tax Refund While You Are In Bankruptcy? Posted on Apr 05, 2016 By Cynthia Lawson April 5, 2016 by Cynthia Lawson The Bankruptcy Court in the Eastern District of Tennessee just ruled that if you owe a debt to the Military the creditor can off-set or take your tax refund to apply to the debt, but the creditor should obtain relief from the automatic stay first.
About two weeks ago, two separate clients tried to convince me that they needed to keep a particular charge card from their respective bankruptcies. Mind you, it is illegal to intentionally leave a creditor out of your bankruptcy. And even though both of these clients were aware of that, they still felt compelled to plead their case in hopes of keeping this particular debt out ...
It’s been a rough couple of weeks for the rap / hip hop community. First we found out that rapper Kanye West is nearly 53 million dollars in debt and even reached out to Facebook billionaire Mark Zuckerberg for help with his finances. Now comes news that rapper 50 cent, whose real name is Curtis James Jackson, III, is being summoned back to bankruptcy court to explain his recent actions.