2016

Guest Post: CFPB Seeks Information for Third Party Debt Collection Rules

Consumer Financial Services Law

Editor’s Note: On November 3, 2016, Smith Debnam’s Jerry Myers attended a meeting with the CFPB to discuss the proposed rules for third party debt collection. Below, he shares his thoughts from the meeting. On Thursday November 3, 2016 I joined a group of colleagues for a meeting with the CFPB to discuss its proposed rules for third party debt collection. I was one of four attorney members of the National Creditors Bar Association in attendance.

Should I file BK If My Credit Card Company Fell Off the Map?

Ks Law

I have not heard from the credit card company I owe for a long time. Should I still file bankruptcy? Probably not, although you should make sure that you could file a bankruptcy promptly if the need arises. I spoke with a client earlier this week whose only significant debt is a single credit card. Unfortunately, the balance is so high that she would want to file bankruptcy if the creditor pursues her. She has not heard anything from the creditor for well over a year, though.

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5 Reasons Making a Will Without a Lawyer Is Risky

The McHughes Law Firm

Writing your own will may seem convenient, but a document that fails to address all the legal complexities of an estate in Arkansas could create serious issues after your passing. There are countless online services and software programs that claim they can help you create a will that securely reflects your last wishes. Unfortunately, the cheap price tag on these options can also reflect the quality of a document that is supposed to establish your plans for your estate.

Dec 16, Repair Bad Credit with Collection Accounts

Debt Collection Answers

A Brilliant Way to Rebuild Bad Credit If You Have Collection Accounts

Avoid Debts During X-Mas / New Year Season through Wise spending Habits – Some Tips & Tricks

Firms

Money can matter a lot, especially during festivals and festivities. There are gifts, decorations, food and beverages to buy. For many, travel is impending, to meet up with friends and family. If you want to celebrate, you need money and when you don’t have it, you approach your friends or financial institutions that lend you money. But debt can get you in bigger trouble personally and the thought of it lingers in your mind that fades the happiness of the festivities.

Indiana Consumer Sues Blatt, Hasenmiller, Liebsker & Moore For FDCPA Violation

Indiana Consumer Law Group

PRESS RELEASE. Indiana Consumer Law Group/The Law Office of Robert E. Duff announces the recent filing of a lawsuit against Blatt, Hasenmiller, Liebsker & Moore, LLC, a debt collection law firm based in Chicago, Illinois.

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Delaware Bankruptcy Court Holds LLC Operating Agreement Provisions Placing Sole Power in the Company’s Lender to Prevent a Bankruptcy Filing are Void as Against Public Policy

The Creditors Rights

In an important decision for debtors and creditors alike, the United States Bankruptcy Court for the District of Delaware has ruled that provisions in a limited liability company operating agreement, granting the company’s lender absolute power to prevent the company from filing a bankruptcy petition are unenforceable as against public policy. In re: Intervention Energy Holdings, LLC , 2016 WL 3185576 (Bankr. 2016). The facts involved in the case are straight-forward.

Collect More Money

Tucker Albin

We will collect more money on accident than other agencies do on purpose. That’s a pretty confident statement to make I know, BUT would you want anything less from a commercial collection agency? You’re not there to practice and neither are we! It’s about getting your hard earned money back in your pocket quickly where it belongs.

Bankruptcy and Your Credit Report – Frequently Asked Questions

Debt Free Colorado

How Does a Bankruptcy Affect my Credit Score? If you’ve been doing a great job making payments on your debts, bankruptcy will have a significant impact on your credit score in the short term. However, by the time you start thinking seriously about bankruptcy you’ve probably either started missing payments or are on the verge of doing so.

The “Least Sophisticated Debtor” Is Getting More Sophisticated, And Has An Improved Memory Too

FDCPA Defense

When collectors get sued in an FDCPA action, they face a steep uphill battle. Courts apply the very pro-consumer “least sophisticated debtor” standard when evaluating a collector’s communications, and most violations of the Act are “strict liability” – meaning the debtor can win the case without proving the collector intended to violate the statute.

Law Firm's Garnishment Activities Do Not Violate FDCPA

Consumer Financial Services Law

Courts have long debated the extent to which a debt collection attorney’s representations to opposing counsel or the court during the course of litigation may violate the FDCPA and the results from different circuits have varied greatly. See, e.g., Hemmingsen v. Messerli & Kramer, 674 F.3d 814 (8 th Cir. 2012); O’Rourke v. Palisades Acquisition XVI, LLC, 635 F. 3d 938 (7 th Cir. 2011); Miller v. Javitch, Block & Rathbone, 561 F.3d 588 (6 th Cir. 2009); Sayyed v.

Money Issues We Don’t Talk About; But Really Should

Ks Law

We don’t talk about things that make us feel uncomfortable, and many people are very uncomfortable talking about their financial problems. Often, people with such problems will hide all evidence of financial distress. Some people do this with a misguided sense of protecting their loved ones. If I don’t tell my spouse about the problems my business is having, or our income and expense problems, he or she won’t worry. Some people won’t even admit their problems to themselves.

5 Legal Documents Every Small Business Needs in Arkansas

The McHughes Law Firm

Professionally drafted legal documents can protect your small business from liability and ensure that you have the greatest shot at entrepreneurial success in Arkansas. If you plan to launch a successful business in Arkansas, you should begin by surrounding yourself with professionals who can lend their talents and lay a promising foundation for your venture. An experienced attorney who can create small business legal documents is one of these experts you will want in your corner.

Sep 16, Business Credit Cards For Bad Credit

Debt Collection Answers

There are some very good reasons to use business credit cards to pay for purchases you make for your business. Using personal credit cards can put your credit scores at risk and can make tax time a lot more complicated. But what if you have bad credit? Yes you may have options. Here's more about business credit cards for bad credit

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When and How to Hire a Debt Collection Company

Firms

At FIRMS we realize that some of our potential clients have never worked with a debt collection company before. We have found a very insightful and helpful article written by Credit.com that will help guide you through the process and some tips to consider when making your choice. When to hire a collection agency. Most companies send accounts to a collection agency when they are between 90 and 120 days past due. If you wait longer than that, you’re far less likely to recover the debt.

Indiana Consumer Sues Sottile & Barile, LLC for FDCPA Violations

Indiana Consumer Law Group

PRESS RELEASE. Indiana Consumer Law Group/The Law Office of Robert E. Duff announces the recent filing of a lawsuit against the Ohio law firm Sottile & Barile, LLC. The lawsuit, which has been filed in the United States District Court for the Southern District of Indiana, alleges that Sottile & Barile, LLC sent the plaintiff a collection letter on November 6, 2015 that inaccurately advised the consumer of his rights under the Fair Debt Collection Practices Act (“FDCPA”).

National Recovery Agency

Recoverity

National Recovery Agency’s Corporate Values. There is no substitute for experience. When you are a client of ours, we go the extra mile to service your accounts. We perform management audits at each step of the collection process to assure maximum results on each account. We address your specific needs to bring you the highest return possible.

Ninth Circuit Holds that the One-Year Period in Sec. 727(a)(2) is not Subject to Equitable Tolling

The Creditors Rights

Ronald Neff was a dentist against whom his patient, Douglas DeNoce, obtained a judgment for malpractice. After he filed a chapter 13 petition, Neff recorded a quit-claim deed transferring a condominium from himself to a trust. This first chapter 13 case was dismissed, as was a second chapter 13 case filed by Neff. Neff then filed his third bankruptcy case, a chapter 7 proceeding, more than one year following the recording of the quit-claim deed.

Commercial Debt Recovery

Tucker Albin

The number one rule in commercial debt collection is that time is of the essence. The longer you wait to place your past due account the less likely you are to collect. Tucker Albin are the guys who recover your money in five days or less from bandit debtors who refuse to pay you. Contact us to to speak with us about our one of a kind debt recovery program. No fee until debt is recovered! The post Commercial Debt Recovery appeared first on Tucker Albin

Bankruptcy Means Test Median Income by State – After November 1, 2019

Debt Free Colorado

Updated 11/21/2019. Your household income is an important element in determining whether you are eligible for a Chapter 7 Bankruptcy and calculating the payment amount and duration of a Chapter 13 Bankruptcy repayment plan. The bankruptcy means test compares your income to the median income for the same-size household in your state. If you make less than the median, you’re presumed to qualify for a Chapter 7 or you are eligible for a Chapter 13 plan that ends after 3 years of payments.

Consent Order Compliance: Navigating The CFPB’s Unofficial “Rules” Governing Debt Collection

FDCPA Defense

The CFPB has entered into consent orders with major creditors, debt buyers and law firms during the past year relating to key areas of their collection practices. The consent orders impose significant new requirements relating to data integrity, dispute handling, debt substantiation, debt sales, affidavit practices, and litigation practices. The orders are not formal “rules” from the CFPB, nor are they “binding” on anyone, other than those identified in the orders.

CFPB Hones Its Fair Lending Agenda for 2017

Consumer Financial Services Law

A recent blog post from the CFPB indicates it will focus its Fair Lending efforts in three directions in 2017. According to the post, the CFPB will increase its focus on: (a) redlining; (b) mortgage and student loan servicing; and (c) small business lending. Redlining. The Bureau’s has shown a renewed interest in redlining claims in the past two years. In 2017, the Bureau “will continue to evaluate whether lenders have intentionally avoided lending in minority neighborhoods.”

Can I Take Out Debt Before Filing Bankruptcy?

Ks Law

I attend a lot of seminars and educational programs dealing with bankruptcy and related issues. Usually the information is valuable to my practice and to my clients, but I recently attended a seminar where an attorney stated to the audience that we should never advise our clients to incur debts while we are planning on filing their bankruptcy case. I disagree.

What to Look for in a Last Will and Testament Attorney

The McHughes Law Firm

A professionally drafted last will and testament is essential if you want your final wishes to be followed to the letter. Finding an experienced attorney who understands Arkansas estate planning laws and regulations is the first step toward deciding how you will be remembered. It is invaluable to have an experienced last will and testament attorney at your side when it comes time to decide how your possessions and assets will be distributed after you pass away.

Sep 16, Best rated cash advance cards for 2016

Debt Collection Answers

When you’re looking to pay down debt, one of the best things you can do is transfer your balance from a high-interest credit card to one that offers a temporary (the longer, the better) 0 percent introductory offer. This allows you to pay down your debt without tacking on additional interest fees. Additionally, you can look for cards that have no balance transfer fees or that offer 0 percent on purchases for a period of time

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What our clients say about FIRMS.

Firms

At FIRMS we take great pride in our customer satisfaction. We originally got started in the debt collection industry because we knew that FIRMS would make an impact on the debt collection industry in a very crucial way. We knew we would work harder and smarter than any one of our competitors. . Let me ask you a question. How is your current debt collection company working for you? Are they available for you when you need them?

CFPB Introduces Its “Consumer Credit Trends” Tool

Consumer Financial Services Law

Roughly eighteen months ago, the CFPB introduced its Monthly Complaint Reports which provide monthly summaries of complaints received in the complaint portal against financial service providers regarding a number of financial service products. Each month, the CFPB issues a report summarizing the information. This week, the CFPB introduced a new research tool, its Consumer Credit Trend Tool. According to the CFPB, the new tool’s purpose is to track originations of various consumer credit products.

Offer of Judgment Coupled with Deposit of Funds Does not Moot Claims

Consumer Financial Services Law

A district court in Illinois has slammed the door on an attempt to moot a class action by coupling an offer of judgment with a motion under Rule 67 to deposit funds with the court. In Wendell H. Stone Co. Metal Partners Rebar, LLC, the plaintiff filed a putative class action seeking damages for violations of the Junk Fax Prevention Act. Wendell H. Stone Co. Metal Partners Rebar, LLC, 2016 U.S. LEXIS 167574 (N.D. 5, 2016).

CFPB Consent Orders Serve as a Reminder to Mortgage Industry on Advertising Practices

Consumer Financial Services Law

A recent series of CFPB consent orders should remind the mortgage industry to carefully monitor its advertising practices. The MAP Rule prohibits deceptive and misleading commercial communications regarding any term of any mortgage credit product. 12 CFR Part 1014. The three orders, which were entered into with reverse mortgage companies, include almost $800,000 in civil penalties and remediation. Each of the consent orders will remain in place for five years.

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PreCollect Letters Spell Trouble for Creditor under FDCPA

Consumer Financial Services Law

Creditors and debt collectors who utilize pre-collect practices should pay close attention to a recent opinion from the Eastern District of Michigan. In Parker Burns v. Ross Stuart & Dawson, Inc., 2016 U.S. LEXIS 165587 (E.D. 1, 2016), the collection agency agreed to provide the creditor with demand letter services which involved a series of three letters per debt account. Each letter contained a remittance slip, return address and telephone number provided by the creditor.

CFPB Issues Fall Agenda

Consumer Financial Services Law

The CFPB published its Fall 2016 Rulemaking Agenda last week. The Agenda, which is a federal requirement, was issued in the “early fall” and therefore does not take into account the effect the election may have on the CFPB or its current configuration. While the Agenda is worth monitoring and provides insight into the CFPB’s hot button issues, there is no certainty as to what the next six months will hold. Payday Lending: As most know, the CFPB published its proposed rule on July 22, 2016.