Collection Industry News

APRIL 2, 2021

The number of people seeking bankruptcy fell sharply during the pandemic as government aid propped up income and staved off housing and student-loan obligations. Bankruptcy filings by consumers under chapter 7 were down 22% last year compared with 2019, while individual filings under chapter 13 fell 46%, according to Epiq data.

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Bankruptcy Student loans Student Loans Foreclosure 40

UK debt collections

APRIL 28, 2021

The company was incorporated in 1995 but after 11 years of trading, the company became insolvent due to increased running costs and a highly competitive market. Goldberg’s ban originally started on 11th September 2018 whilst the Rossi Brothers disqualifications were effective from February 2019. About disqualification.

Trade 72

Trade Bankruptcy Creditors Government 72

UK debt collections

FEBRUARY 11, 2024

500 buy-to-let mortgaged properties were taken into possession in Q4, 11 per cent greater than the previous quarter. This compares with nearly 2,000 in Q4 2019 before the pandemic. We would urge the government to consider how it can step in to help those in financial difficulty now and in the near future.

Repossession 93

Repossession Lender Government Banks 93

Fico Collections

AUGUST 16, 2021

As the UK was only just coming out of lockdown in June 2020, this rise in spend is unsurprising, but the fact that average spending was 3.5% (£23) above 2019 levels suggests that, for those who have been able to save through the pandemic, there is confidence in their future financial stability. Missed payment rates remain low. Looking ahead.

Lender 52

Lender Government Retail Loans 52

PBWT

AUGUST 24, 2020

I don’t know if Congress foresaw, when it enacted new Subchapter V of Chapter 11 of the Code [1] in the Small Business Reorganization Act of 2019 (“SBRA”), that debtors in pending cases would seek to convert or redesignate their cases as Subchapter V cases when SBRA became effective on February 19, 2020, but it was foreseeable.

Debtor 65

Debtor Bankruptcy Creditors Government 65

Credit Corp

MARCH 21, 2023

The following are some consequences of going into default: The entirety of the loan and the interest is due immediately You lose the ability to obtain additional federal student aid It will harm your credit score The state with the highest borrower delinquency rate, `per the Federal Reserve of New York, is Maryland at a rate of 11 percent.

Student loans 98

Student loans Student Loans Loans Education 98

Credit Corp

NOVEMBER 9, 2020

In 2019, the FTC received 75,200 complaints about debt collectors —down from 84,500 in 2018. FTC 2019 Annual Report: Types of Debt Collection Complaints Reported by Consumers. Percentage of complaints: 45% in 2019. Percentage of complaints: 18% in 2019. Percentage of complaints: 12% in 2019. Communication Tactics.

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Collection Agencies Collections Agency Credit Bureau Collections 106

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. On October 11, the Securities and Exchange Commission (SEC) informed the U.S. On October 11, B25-0449 was signed by Mayor Muriel Bowser (D).

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

ABI

JANUARY 26, 2023

1] In In re Szczyporski, the United States Court of Appeals for the Third Circuit held that the shared responsibility payment is a tax entitled to priority under Title 11 of the United States Code (the “Bankruptcy Code”). [2] 3] The IRS filed a proof of claim against the Debtors for unpaid taxes and interest, including a $927.00

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Bankruptcy Debtor Healthcare Government 40

Fico Collections

NOVEMBER 15, 2022

Tue, 07/02/2019 - 02:45. Tue, 11/15/2022 - 11:25. It provides end-to-end governance, risk & compliance solution including: . . FICO is transitioning its Siron ® compliance business to IMTF, a Swiss global leader in regulatory technology, and a partner in the Siron business for more than 20 years. FICO Admin.

Trade 52

Trade Government Banks 52

Credit Corp

AUGUST 4, 2021

of 15-year-old girls wanted to be teachers and 11% of girls wanted to be doctors when they grew up. Trucking is a vital part of the economic distribution network in America and it’s expected to grow about 2% between 2019 and 2029, so you could land a job for life. Demand for LPNs is expected to grow roughly 9% between 2019 and 2029.

Student loans 98

Student loans Student Loans Law Firms Healthcare 98

UK debt collections

MAY 23, 2022

It predicts the US will post insolvency increases of 8% in 2022 and 23% in 2023, while China will record 1% in 2022 and 11% in 2023. One-in-three countries will reach their 2019 insolvencies level in 2022 and one-in-two in 2023, according to the research. Business Insolvencies rise shines a light on macro challenges.

Trade 59

Trade Construction Government 59

ABI

JANUARY 20, 2020

In general, a debtor may reject an executory contract subject to court approval under section 365 of title 11 of the United States Code (the “Bankruptcy Code”). 3] On January 24, 2019, PG&E announced their intent to file a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. [4] 1] In In re PG&E Corp.

Bankruptcy 40

Bankruptcy Debtor Government 40

CICM

AUGUST 17, 2021

What will happen as Government support reduces? Current Government support. From 1 July 2021 – the Government will pay 70% and employers pay 10%. · For August and September 2021 – the Government will pay 60% and employers 20%. · Economy continues to grow. Restriction on winding up a company.

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Government Creditors Credit Management 40

ABI

JANUARY 24, 2024

11] Thus, the bankruptcy court held that PSE&G’s amended proof of claim sought an amount that was more than what was in the original proof of claim and denied the motion for leave to amend the proof of claim. [12] 11] Id. [12] 12] In May 2017, the Debtors’ liquidating plan was confirmed. [13] at slip op. 10] Id. at slip op.

Bankruptcy 40

Bankruptcy Debtor Creditors Government 40

Fico Collections

APRIL 3, 2023

FICO is proud to be part of the groundbreaking research at ZIB that is helping to drive greater efficiency for governments, and solve both business problems and some of the biggest challenges we face as a society. Mathematical optimization is one of the foundation technologies for AI-powered decision management.

Education 97

Education Financial services Government 97

Collection Industry News

APRIL 6, 2023

The class action at issue in the new case was filed in 2019, seeking to require the government to reduce the backlog. As of April 11, the government told the Supreme Court, 78,000 borrowers in the first group had received discharges. billion owed by 560,000 borrowers who attended Corinthian Colleges.)

Student loans 40

Student loans Student Loans Loans Education 40

Troutman Sanders

JANUARY 19, 2021

On January 11, the Federal Reserve Board announced preliminary results indicating that the Reserve Banks provided for payments of approximately $88.5 billion from 2019, primarily attributable to a $27.1 For individuals interested in learning how to spot government imposter scams, click here. For more information, click here.

Financial services 52

Financial services Garnishment Foreclosure Government 52

Burr Forman

AUGUST 20, 2020

Grossman dismissed the Seven Stars bankruptcy case [1] based on the debtor’s election to proceed under Subchapter V of Chapter 11 [2] after the expiration of the statutory deadlines for filing a plan and holding a status conference. 14]. (“Seven Stars”) filed its Chapter 11 case on June 5, 2019.

Debtor 40

Debtor Bankruptcy Creditors Government 40

Burr Forman

APRIL 26, 2021

On March 11, 2021, President Joe Biden signed his $1.9 Inns, bakeries, brewpubs, tasting rooms, taprooms, breweries, microbreweries, wineries and distilleries must now prove that at least 33% of their 2019 gross receipts came from onsite sales of food and beverage to the public. Background. Application Period.

Government 40

Government Loans Banks 40

Fraser

MARCH 25, 2021

This is now allowed under the American Rescue Plan Act (“ARPA”), which was enacted on March 11, 2021. While it appears to be allowable, we are anxiously awaiting updated government guidance and clarification. However, be cautious. ARPA changes the rules for Emergency Paid Sick Leave (“EPSL”) and Emergency FMLA Extension (“EFMLA”).

Lawyers 76

Lawyers Banks Government 76

ABI

MARCH 9, 2020

5] Acis was named as an alleged debtor in an involuntary petition for relief under chapter 11 of the Bankruptcy Code. [6] 11]. (“Highland”) was an insider of Acis and provided management to services to Acis pursuant to a Shared Services Agreement. [5] 11] See id. 11] See id. 1] In In re Acis Capital Mgmt.,

Bankruptcy 40

Bankruptcy Debtor Collateral Construction 40

Fico Collections

APRIL 6, 2021

According to the Treasury, the green shoots of are all around us, with Britain expected to be back at 2019 GDP levels by this time next year. The government-backed Furlough Scheme has now been extended until the end of September. grocery) to find early indicators of financial stress.

Lender 52

Lender Creditworthiness Government Bankruptcy 52

Burr Forman

JANUARY 11, 2021

Beginning January 11, 2021, Borrowers who seek a First Draw PPP Loan under the new law can apply through community financial institutions exclusively allowed to make First Draw PPP Loans. times average monthly payroll costs (capped at $100,000 per employee annually in 2019, 2020, or the year prior to the loan. PPP Loan Amounts.

Loans 52

Loans Financial Institution Trade Government 52

Burr Forman

MARCH 11, 2021

The ARP was then sent to President Joe Biden’s desk and officially signed into law on March 11, 2021. Of the total amount available in the Fund, $5 billion will be available to eligible entities with gross receipts of not more than $500,000 during 2019. Eligible Entities. The Fund provides $28.6

Construction 52

Construction Loans Trade Government 52

Katabat

NOVEMBER 5, 2021

The Wall Street Journal carries that headline for their article reporting that “Consumer prices rose at the fastest pace in 30 years in September while workers saw their biggest compensation boosts in at least 20 years, according to new government data.” The article suggests that the rising figures could result in the U.S.

Unsecured Debt 52

Unsecured Debt Banks Credit Card Debt Government 52

Katabat

NOVEMBER 5, 2021

The Wall Street Journal carries that headline for their article reporting that “Consumer prices rose at the fastest pace in 30 years in September while workers saw their biggest compensation boosts in at least 20 years, according to new government data.” The article suggests that the rising figures could result in the U.S.

Unsecured Debt 52

Unsecured Debt Banks Credit Card Debt Government 52

Credit Corp

AUGUST 4, 2021

of 15-year-old girls wanted to be teachers and 11% of girls wanted to be doctors when they grew up. Trucking is a vital part of the economic distribution network in America and it’s expected to grow about 2% between 2019 and 2029, so you could land a job for life. Demand for LPNs is expected to grow roughly 9% between 2019 and 2029.

Student loans 52

Student loans Student Loans Law Firms Healthcare 52

Burr Forman

NOVEMBER 16, 2021

from what the state otherwise would have received, and the federal government will no longer participate in reimbursement to providers for uncompensated care furnished to patients who would otherwise have been covered under Medicaid expansion. Reprinted with permission from Birmingham Medical News (Published November 11, 2021).

Healthcare 59

Healthcare Government 59

Fico Collections

JUNE 14, 2021

Missed payments were still below historical trends, probably due to increased savings and government support, which continues to blur the picture of card users struggling with debt issues, making it more difficult for lenders to manage. The figures include a 12 percent rise in card spend and more customers exceeding their card limit.

Retail 52

Retail Government Credit Card Debt Lender 52

Consumer Financial Services Law

JULY 21, 2021

The bankruptcy court order held mortgage servicer Newrez, LLC (“Newrez”) and the holder of the mortgage note at issue in civil contempt for failing to abide by the terms of the individual debtors’ confirmed chapter 11 plan (the “Plan”). 1795 (2019). Newrez, LLC v. Beckhart , No. 7:20-cv-00192-BO, 2021 U.S. LEXIS 125293, at *1 (E.D.N.C.

Bankruptcy 40

Bankruptcy Debtor Creditors Loans 40

BN Lawyers

MAY 28, 2019

With the recent uptick in energy-related bankruptcies expected to continue for the foreseeable future (in one prominent example, industry giant Weatherford has just filed for Chapter 11 protection), oil and gas royalty owners need to be on alert. In re First River Energy, LLC , 2019 WL 1103294 (United States Bankruptcy Court, W.D.

Bankruptcy 40

Bankruptcy Collateral Creditors Debtor 40

Troutman Sanders

AUGUST 22, 2022

On August 11, the CFPB published a circular, answering the question “Can entities violate the prohibition on unfair acts or practices in the Consumer Financial Protection Act (CFPA) when they have insufficient data protection or information security?” For more information, click, here. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

In the Red

MAY 21, 2019

v Tempnology, LLC case: Whether, under §365 of the Bankruptcy Code, a debtor-licensor’s “rejection” of a license agreement—which “constitutes a breach of such contract,” 11 U.S.C. After various disputes over the Agreement, Tempnology filed Chapter 11. Last August, I wrote about how the case could be headed to the Supreme Court.

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Bankruptcy Debtor Manufacturing Law Firms 100

Troutman Sanders

APRIL 16, 2021

” [11]. Troutman Pepper’s Securities, Corporate Governance, and D&O Defense Litigation team stays current in legal and market conditions to provide our clients the most relevant and timely counsel available. 3d 1046, 1053 (9th Cir. citing Northstar Fin. Advisors, Inc. Schwab Invs. , 3d 821, 828 (9th Cir. Jones & Co.,

Trade 52

Trade Government Banks 52

Collection Industry News

APRIL 12, 2021

WASHINGTON — As the government urges the unbanked to open accounts to deposit pandemic relief funds, some experts highlight a somewhat obvious challenge for the effort. The agency’s last unbanked survey in 2019 reported that just over 7 million households lack access to a bank. Source: site. The Federal Deposit Insurance Corp.

Financial Institution 40

Financial Institution Banks Financial services Government 40

Troutman Sanders

DECEMBER 12, 2023

Department of Housing and Urban Development (HUD) announced an extension of the public comment date for its Notice of Proposed Rulemaking that would remove criminal conviction restrictions for fair housing testers by nine days, to January 11, 2024. For more information, click here. billion in student loan debt relief for 80,300 borrowers.

Financial services 52

Financial services Banks Collection Agencies Collections Agency 52