Remove 2020 11
article thumbnail

CFPB Reports On Impact Of Pandemic On Low Income And Minority Households

Collection Industry News

The report states that “11 million renter and homeowner households were significantly overdue on their regular housing payments as of December 2020, placing them at heightened risk of losing their homes to foreclosure or eviction over the coming months.”

article thumbnail

Individual Bankruptcy Filings Fall During Pandemic

Collection Industry News

After holding above 50,000 filings a month in 2019 and in the first quarter of 2020, bankruptcy filings have remained below 40,000 a month since last March when the pandemic hit. Household spending also dropped as people stayed home, canceled travel and socially distanced to avoid the coronavirus.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr Forman

As 2020 comes to a close, it would be an understatement to say that the COVID-19 pandemic has significantly impacted the way we conduct business and live our everyday lives. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices. State Responses.

article thumbnail

What Is a 1099-C Form and How Does It Affect Your Credit?

Credit Corp

Bankruptcy Title 11 B. Foreclosure election E, Debt relief from probate or similar proceeding F. For example, if your debt is reduced through a restructuring of your mortgage or in connection with a foreclosure, it may be excluded. However, you can only amend 2020, 2021, and 2022 returns in this manner. By agreement G.

article thumbnail

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

State Activities: As of October 1, commercial landlords in Oregon may enforce their right to collect debt from a commercial tenant, failing to pay rent during Oregon’s emergency period — April 1 through September 30, 2020. For more information, click here. Enacted in June, the rule arose in response to the COVID-19 pandemic.

article thumbnail

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. A temporary rule, created in response to COVID-19, has been in place since June 2020 and is set to expire on February 17, 2021.

article thumbnail

As Chapter 11 Bankruptcy Filings Surge, Here’s What Creditors Need to Know to Protect and Enforce Their Rights

Fraser

economy officially entered a recession in February, 2020, one month before COVID-19 shut down much of the economy. As chapter 11 bankruptcies continue to increase (many analysts are forecasting the “ wave ” of filings to grow), more businesses and individuals will be impacted by the fallout. The Petition Date. First Day” Motions.