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!)

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 why [...]

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 foreclosure sale [...]

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 [...]

With the advent of the new Bankruptcy laws in 2005 came a plethora of new changes and requirements, most of which require numerous substantiating documents which also coincide with strict time frames. Failing to supply such documents and/or abide by the new time frames might mean something as slight as continuation of your case to [...]

         The tax stimulus law went into effect on February 13, 2008 when it was signed by President Bush.  The law gives a rebate to all taxpayers who file returns for 2007 and who made $3,000 or more.  It gives a rebate of $600 to the filer, $600 to the filer’s spouse [...]

April 1, 2008, is the last day for citizen comment on an important regulation! The date may be full of irony but this deadline is no joke. The US Trustee has submitted a proposed rule that includes specific requirements for the credit counseling “briefing” required of all individual debtors by 11 USC §109(h)(1). [...]

Probably not.  The Fair Debt Collection Practices Act provides two locations where a consumer may be sued by a debt collector.  Section 1692i(a)(2)(A-B).  If the action is not to enforce an interest in real property securing the consumer’s obligation, then a debt collection action against a consumer may only be brought in:

The judicial district where [...]

In a March 30th article by reporter Kevin G. Hall of McClatchy Newspapers, he recounts the struggle of distressed homeowners seeking the relief promised by the Bush Administration and mortgage lenders.
The lesson learned from Hall’s subjects – Chris Jennings and Julie Mickley – is that homeowners must be bold and relentless in dealing with their [...]