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• BLN Members

  • Illinois Rings In 2008 With New Gift Card Law
    Beginning January 2008 retailers selling gift cards and gift certificates in the state of Illinois are required to honor those cards for a minimum of 5 years and businesses are not allowed to assess fees or charges against the card balance.  In a typical gift card transaction, a business receives payment upfront in return for a promise to supply a good or service to the card holder at some time in the future.  This new law, HB 369, Public Act 095-0525, requires businesses to honor that promise and to provide full value for a period not less than 5 years.  In the past, some merchants charged a fee or forfeited the remaining amount on the card if the entire balance was not used at the time of the purchase.  Other merchants charged a monthly fee on the unused balance of the card.  In those examples, merchants received full payment in exchange for the card, but did not provide full value to the consumer.  Under the new law it is a consumer fraud and deceptive business practice act violation to sell a gift card in violation of the above terms.  The law does make an exception for cards issued for food products, telecommunication cards and cards issued for redemption by multiple sellers.  Violations of the law should be brought to the attention of the Illinois Attorney General or your Illinois consumer law attorney.
  • Tax Refund May Be At Risk in Bankruptcy
    If you plan on filing bankruptcy after January 1 of next year or of any year, you need to speak with your lawyer regarding whether your income tax refund can be protected. If you overpaid your taxes and are due a refund, that refund becomes your property on January 1, even if you have not yet filed your return. (...)
  • Bill Collectors Have Blogs
    Here at theBKBlog, I focus on bankruptcy issues, creditor abuse issues and information that can benefit those considering bankruptcy. Did you ever wonder about the other side. Yes, bill collectors have blogs as well, and it makes for interesting reading because bill collectors blog about areas of concern to them - avoiding lawsuits for unfair or deceptive practices, educated debtors, whether or not to use email when contacting debtors. (...)
  • Countrywide Customers: Mortgage Help is on the Way for Many
    CNN.Money.com is reporting that Bank of America has announced a plan to cut mortgage payments on loans held by its Countrywide division. The program targets holders of subprime adjustable rate mortgage (ARMs), subprime fixed rate loans and option ARMs, but prime and Alt-A borrowers, who did not document their income, will be eligible as well. (...)
  • Don't Assume You Can File Chapter 7 and "Start Over"
    Over the past few days, I have received several calls and emails from potential clients who comprise a very different profile from my traditional client base. These folks are solidly middle class to upper middle class families, often earning $100,000+ and living in $400,000 houses. Here is an example of the type of correspondence I have been getting and my response thereto: Jonathan: I desperately need your advice. I work in sales at XYZ company and last year I earned more than $200,000. I am married with 2 kids. This year I'm on track to earn about $120,000. My house is worth $425,000, but the first and second mortgage combined equal to about $435,000. I am also financing a Mercedes - the monthly payment is $725 per month and the payoff is $37,500. I also have $35,000 in credit card debt. I am not behind on anything and I have borrowed twice against my 401(k) to keep afloat. My wife and I have made the decision that we are prepared to give up the house and the car and move into an apartment. I would like to file Chapter 7 and walk away from everything - when can I schedule an appointment? (...)