July, 2020

TrueAccord Welcomes Laura Marino, Chief Product Officer, and Charles Deutsch, General Manager of Financial Services

True Accord

As the US is starting to understand the impact of COVID-19 and its aftermath on our economy, more consumers are expected to default and find themselves dealing with debt.

3 Steps Young Families Can Take to Build a Financially Secure Future

Credit Corp

Young families looking to achieve financial stability should consider several foundational steps… Click To Tweet. Young families looking to achieve financial stability should consider several foundational steps early on.

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Beat the Spread: 3 Tips for Managing a Distributed Workforce

NCBA Law Practice Management Blog

With work from home/remote work in full swing, employees may be pleasantly surprised by how productive they can be outside of the office. Meanwhile, law firm managers, who are used to hav ing butts in seats in leased office spaces, wonder what to do next.

Details on the HEROES Act

Debt

When the House of Representative passed the $3-trillion HEROES Act on May 15, it all but guaranteed that a second stimulus check would arrive for Americans in need of financial help for COVID-19. How much that guarantee is worth and when it will be delivered is up to the U.S.

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Which Hotels Have Handled COVID-19 the Best?

Nerd Wallet

The COVID-19 pandemic has turned travel upside down, and the hotel industry has been forced to cope with a constantly changing landscape of traveler expectations.

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The tidal wave of lawsuits is not consumers suing businesses--it's businesses suing consumers

Public Citizen

by Jeff Sovern. The argument that businesses should not be liable to consumers whom they carelessly infect with the coronavirus is based on the claim that if Congress does not outlaw such cases, we will see a tidal wave of lawsuits. Thus far, that argument has no basis in reality. In fact, if anything, consumer claims are getting lost in the undertow.

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Buying a Car Before Buying a House: What’s the Right Order?

Credit Corp

Did you know that buying a car before you buy a home could impact your ability to get a mortgage? A car loan affects your credit in several ways, and it also reduces the amount of income you have that’s not tied up in debt obligations.

Paperless in a Pinch: How to Get There from Here

NCBA Law Practice Management Blog

By now, the vast majority of law firms want to run paperless offices; the problem is often figuring out the logistics -- especially for law firms with decades of history (and files) behind them. T he most daunting question is often how to get started.

The Japanese budgeting system that will change your life

Kasasa

There are dozens of budgeting apps out there these days: Mint, EveryDollar, YNAB, and PocketGuard, just to name a few. While they provide convenience and immediacy, it’s hard not to feel detached when a machine is managing your money for you.

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Brand Building Strategies for Debt Collection Agencies | Arbeit

Arbeit Software

Is brand building important in the debt collection industry? Sean Williams , Principal at Williams, Rush & Associates thinks so, and shares his strategies for building a positive reputation. Collection Agencies

I am good at this career

American Profit

Around this time last year I was in my third month of training. Every day I was thinking, “ What am I doing here? This isn’t the job for me. I don’t think I’ll ever be good at this.”

CFPB Announces Plan to Issue ANPR on Consumer-Authorized Access to Financial Data

Consumer Finance

The Consumer Financial Protection Bureau announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. Press release Innovation Data

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Charged Off as Bad Debt: An Explainer

Credit Corp

Making payments late or missing payments completely spells bad news for your credit rating. When you miss too many payments, your creditor may charge off the debt. When your debt is charged off as a bad debt, don’t fool yourself into thinking it goes away.

Tax Sales Proceeds In Excess Of The Tax Owed Must Be Returned To The Taxpayer

Fraser

On July 17 2020, the Michigan Supreme Court ruled in Rafaeli, LLC v Oakland County (the “County”) that the proceeds for a tax sale in excess of the tax owed must be returned to the taxpayer.

Pell Grants: Dwindling Power to Help At-Need Students

Nerd Wallet

Tuition bills are coming due, and while millions of students across the country are weighing the risks of going back to college in the middle of a pandemic, the most financially strapped students carry an added burden of dwindling aid.

How Real Estate Professionals Can Navigate the Impacts of COVID-19

Arbeit Software

UPDATED 7/21/2020. Note: We will continue to update this article regularly. Real Estate

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13 Ways You Can Make Money

Dear Debt

Right now we’re constantly hearing about “unprecedented times” and “uncertainty”. There are more question marks than answers. Legislation is in limbo. A major concern for many of us is money.… … Related Posts: 10 Signs You Have a Toxic Relationship With Credit.

How Can I Eliminate Tax Debts In Bankruptcy?

Sawin & Shea

One of the things that people hear about bankruptcy is that it usually doesn’t discharge some debts owed to the government, like taxes. Even if you have a large burden of tax debt that is making it extremely difficult to reconcile your finances, bankruptcy can’t always help.

This Time With Feeling: Empathetic Leadership is Essential for Law Firms Now

NCBA Law Practice Management Blog

We are l i ving through unprecedented times, for sure. There are multi-fronted crises overtaking the American landscape, including those related to reopening of cultural institutions and business, like law firms. Of course, the issue of reopening, and the speed with which it occurs, have become deeply personal questions. Just because your law firm office can be open, you need to decide whether it should be, to what extent it will be, and what you will require of your employees in that context.

Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

Every month, you face a mound of credit card and bank statements (or your inbox fills up with them, and you have to write a separate check (or perform an individual internet transfer) for each of them. All the while, you feel like you’re no closer to zeroing out your balance on any of those debts.

Smart Money Moves When Cash Is Tighter Than Time

Nerd Wallet

Lots of people have more time than money nowadays. If you’re one — maybe you’re taking a staycation or you freed up commuting hours by working from home — optimize that extra time by making smart financial moves that won’t cost a dime. “If If you have time but no money, it’s time to become the.

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Second Round of Stimulus Checks

Debt

There are controversial aspects to the $1 trillion HEALS Act (Health, Economic Assistance, Liability protection, Schools), which was unveiled by Senate Republicans as part of the newest coronavirus relief economic package.

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RIP Medical Debt Gets Thumbs Up From HHS OIG To Buy Directly From Providers

Account Recovery

Hospitals and healthcare organizations have been given permission by the Department of Health & Human Services’s Office of Inspector General to sell their debts directly to RIP Medical Debt without having to go through a third-party, according to an advisory opinion released last week.

Redesignation to Elect SBRA Is On a Roll

PBWT

Our February 26 post [1] reported on the first case dealing with the question whether a debtor in a pending Chapter 11 case may redesignate it as a case under Subchapter V, [2] the new subchapter of Chapter 11 adopted by the Small Business Reorganization Act of 2019 (“SBRA”), which became effective on February 19. [3]

Production Number: Is There an Alternative to Legal Services?

NCBA Law Practice Management Blog

Legal consumer habits are shifting under the feet of attorneys ; and , law firms, rooted in tradition, are feeling the pressure to reduce prices and overhead, while increasing service. Part of this legal consumer revolution involves the rise of DIY clients, who want to do more, without the involvement of lawyers, because they’re cost-sensitive. Law firms responding to these pressure points are doing so in a number of ways.

How Often Can You File for Bankruptcy in Ohio?

Luftman, Heck & Associates.

People suffering under too much debt often choose to file for bankruptcy to get a fresh start. But what happens if you suffer additional setbacks, acquire more debt, and need additional help? Can you file for bankruptcy more than once in Ohio?

New Report: Consumer Debt in the Age of COVID-19

True Accord

Today, TrueAccord released Consumer Debt in the Age of COVID-19 , a report exploring how debt repayment and other consumer behaviors have changed throughout the coronavirus crisis. Based on aggregated, anonymized data from 12 million U.S. consumers, the report highlights that consumers cho?se se to pay off debt when provided with an infusion of cash, even during a time of unprecedented economic uncertainty. Despite an initial slowdown as the crisis worsened in the U.S,

Positive Language: The Secret To Collecting More On Delinquent Accounts

PDC Flow

Speaking to consumers about their delinquent accounts can stir up many (oftentimes negative) emotions. This can have a big impact on your debt collection calls. Retraining yourself and staff to replace negative or neutral phrases with positive language can produce the best call outcome possible. .

Back-to-School Shopping in 2020: How to Save Amid Uncertainty

Nerd Wallet

Back-to-school shopping is an expensive chore in a normal year; this year is anything but normal. But with August upon us, stores are putting out back-to-school displays in anticipation of children needing to learn, whether in the classroom or at home.

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Stimulus Acts and Student Loans: What You Need to Know about CARES, HEROES, and HEALS

Credit Corp

As of February 2020, student loan debt in the United States reached a record total of $1.6 trillion. Many people are struggling to pay student loans and taking part in various deferment and other assistance programs.

Recent Amendments Place Creditors in a Stronger Position to Defend Against Chapter 11 Bankruptcy Preference Lawsuits

Fraser

As the bankruptcy wave continues to build, more businesses are being forced to deal with bankrupt customers. What’s worse—and which often comes as a big surprise—is when a business gets sued by the debtor or bankruptcy trustee seeking to recover payments made by the debtor before the bankruptcy.