2020 11 
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. 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.
Burr Forman
DECEMBER 4, 2020
Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.
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Credit Corp
APRIL 26, 2024
Some of the items on this list include: Canceled amounts that were gifts or inheritances Certain student loans and student loan discharges Qualifying purchase price reductions If you ultimately need to claim the income, you must incorporate the 1099-C into your federal tax filing and report the canceled debt as “other income”.
Troutman Sanders
OCTOBER 13, 2020
Small Business Administration, in consultation with the Treasury Department, released an updated loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. Small Business Administration (SBA) released guidance on required procedures for changes of ownership in an entity that obtained a PPP loan.
Troutman Sanders
JANUARY 11, 2021
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.
Fraser
JUNE 25, 2020
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.
Consumer Finance Watch
JULY 22, 2020
On July 2, 2020, the Florida Supreme Court issued its written opinion [i] in Jackson v. Specifically, the issue concerned whether the predicates were met for admissions of records into evidence under the business records exception to the hearsay rule during the course of a bench trial in a residential foreclosure case. 3d 1170 (Fla.
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