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A piece of bipartisan legislation concerning Chapter 12 of the Bankruptcy Code landed on the President’s desk for signature last week. The Family Farmer Bankruptcy Clarification Act of 2017 was sponsored by Senator Al Franken (D-Minn.) and Senator Chuck Grassley (R-Iowa), and was included as a part of the supplemental appropriations package that the Senate approved 82-7.
Things are starting to look up for U.S. Retailers going through bankruptcy. Recently, more creditors are extending a helping hand and allowing a greater number of retailers to retain their stores and employees. Since 2014, many brick and mortar retail chains such as the Limited and Sports Authority have shut down their operations.
Last week, the Consumer Financial Protection Bureau (CFPB) announced that in January to June of 2017, supervisory actions resulted in $14 million for over 104,000 consumers. “The Bureau’s recent supervision work has returned $14 million to more than 100,000 consumers, and found companies deceiving consumers and violating the law,” CFPB Director Richard Cordray stated.
If you have more debt than you can juggle, it is always wise to seek the advice of a bankruptcy attorney. Bankruptcy may not always be the best course of action, but if it is, here is an overview of the process. Bankruptcy Process Overview Review Your Options Meet with an attorney to discuss what your options may be, whether it is to file bankruptcy or not and if so whether a C ...
As most of us know, one of the joys of home ownership is that the homeowner has to pay property taxes. These taxes help fund things like schools and parks. The amount of tax owed is generally based on the assessed value of the home. Most mortgage contracts require you be current on your property taxes, and many times the mortgage lender will collect the property taxes through r ...
The Federal Communications Commission (FCC) has proposed an $82 million fine against a man who has allegedly made millions of automated sales calls. The FCC has accused Philip Roesel and Best Insurance Contracts dba Wilmington Insurance Quotes, of violating the Truth in Caller ID act. According to the FCC, Roesel and his company made 21 million automated calls, also known as ro ...
As anyone who has planned a wedding knows, the wedding gown is one of the most important- and pricey- decisions the bride will make. Brides around the country are in a panic now that the bridal chain Alfred Angelo has filed for Chapter 7 bankruptcy. The company reportedly closed all 61 of its stores this past Thursday as part of its plan to file bankruptcy.
Takata, the Japanese auto maker who has been embroiled in a deadly airbag scandal, filed for bankruptcy protection in the United States on Sunday. Takata’s airbags are the subject of the largest recall in U.S. history. The airbags have been blamed for at least 16 deaths, and Takata has been hit by more than a billion dollars in penalties and costs.
As you can imagine, the number of bankruptcy filings nationwide is increased in times of economic distress. In 2010, 1.53 million Americans filed for bankruptcy, as many families had to deal with job losses, falling home values, and aggressive creditors following the economic recession and 2008 stock market crash.
I have written before on Puerto Rico’s financial situation and the possibility of a bankruptcy filing. Now, the island has effectively filed for bankruptcy. Earlier this month Puerto Rico sought relief under Title III of a federal law called the Puerto Rico Oversight, Management, and Stability Act, or PROMESA.
Every day, people come to our offices seeking relief from debt collectors. Millions of Americans are contacted by debt collectors each year, many related to medical expenses. In fact, survey results from a January 2017 Consumer Financial Protection Bureau (CFPB) study show that more than 40 million Americans are contacted each year about medical related debt.
If you are part of a student loan forgiveness program that will forgive your students loans after work in public service, you should pay close attention to this emerging story. More than 550,000 borrowers have signed up for the program, but now some are wondering if the government will hold up its end of the bargain or if they will be left with a large amount of unexpected debt.
There are many people in our communities who cannot afford legal representation. Here in Madison County, we are so fortunate to have the Madison County Volunteer Lawyers Program to meet the needs of that population. The MCVLP has a two-pronged mission: Promote equal justice through the delivery of pro bono legal services and Promote volunteerism among attorneys.
Payless Inc. is reportedly discussing a restructuring plan with its lenders. The restructuring plan would involve closings about 1000 of its stores. Currently, Payless operates more than 4400 stores around the country. Shoe Seller May Be Forced to File Bankruptcy According to sources familiar with Payless’ financial situation, the shoe seller might be forced to file bankruptcy ...
Last year, economists at the New York Federal Reserve released an analysis showing that older Americans were significantly more in debt than in previous years. While this might not be that surprising given the aging population in the United States, a source of the debt might be less obvious: student loan debt. The analysis compares average debt per U.S. resident by age in 2003 and in 2015.
I previously blogged about the issues that led ITT Technical Institute to close its doors and file for bankruptcy. Now, five former ITT students have filed a class action complaint against ITT in its bankruptcy proceeding. The class action is filed on behalf ITT students who were harmed by ITT’s conduct.
According to “Student Debt and the Class of 2015’” the latest report from the Project on Student Debt, about seven in 10 (68%) college seniors who graduated from public and private nonprofit colleges in 2015 had student loan debt. The average graduate owed $30,100, which is up 4% from the 2014 report.
After sitting down with your bankruptcy attorney and discussing the pros and cons of filing either a Chapter 7 or Chapter 13, you have decided that it is in your best interest to file a Chapter 7 bankruptcy. You have given your attorneys all the information they need, and you have reviewed and signed your bankruptcy petition.
Navy Federal Credit Union is a Virginia based credit union that limits its membership to people who have been or are currently serving in the U.S. military, Department of Defense employees and contractors, and their immediate family members. It is currently the largest credit union in the United States. Navy Federal has recently been penalized for using improper debt collection practices.
ITT Technical Institute closed down in early September, leaving more than 35,000 students without a school, and leaving thousands of employees without a job. Following the closure, the company filed for Chapter 7 bankruptcy in Indiana. ITT Tech is the second major for-profit college that has filed for bankruptcy in the past two years. Corinthian College filed in May 2015.