Recently, several members of the Bankruptcy Law Network were having a discussion about a payday loan. The payday loan company would loan someone $100, and they would have to pay $115.00 back two weeks later. What is the interest rate? (No, this isn’t a word problem on a math test!)
March 2008
If you’re in financial problems (and even if you’re not) you’ve probably seen the ads for “payday loans.” Sounds good–if you’re short at the end of the month, just borrow a small amount of money, usually $100 or $200, for a short period of time, and then pay it back when you get paid. So [...]
The Fair Debt Collection Practices Act, Section 1692n, deals with the issue of conflicting Federal and State debt collection laws. It provides that the FDCPA does not exempt any person subject to the FDCPA from complying with State debt collection practice laws. There is one exception – if the FDCPA and the corresponding State law are [...]
Mortgage companies routinely ignore Chapter 13 bankruptcy law. You complete your plan payments, believing you are once again current with the mortgage, having accomplished your goal. But then, you get a notice from the mortgage company, claiming you still owe them thousands of dollars. Or, worse still, you just get a notice of a [...]
No. That is what the historical facts show, though the talking heads on TV and local mortgage brokers may tell you otherwise. Historically, going back at least 30 years, lowering of rates by the Fed does not co-relate with a decline in 30 year fixed mortgage rates. There are various reasons. You may have seen [...]
In my last blog, I touched on how Bankruptcy was a “snapshot” in time wherein all information on the bankruptcy petition must be accurate as of the date your bankruptcy petition is actually filed. In this blog, the ramifications of filing a month later is explored. We take the example of filing in April 08 [...]
