July 2011

31 Jul Consumer Wins Big FDCPA Verdict!

InsideARM, a accountsreceivablemanagement blog reported today that during the past week, a consumer was awardeda $1.26 Million verdict in a Fair Debt Collection Practices Act (FDCPA) lawsuit in New Mexico. The consumer, a "Lucinda Yazzie", had brought the lawsuit after the debt collector had attempted twice to garnish wages for a debt that the consumer had disputed with the debt collector.
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27 Jul At-Will Contracts Are Not Executory Contracts

Executory contracts get special treatment in bankruptcy. They are roughly defined as a contract where both parties still have to perform - think lease - unlike a loan where the lender's obligations ended when the loan was made. Executory contracts need to be listed in Schedule...

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25 Jul Three Bankruptcy Traps for Small Businesses

Perhaps you're self-employed. Or maybeyouown a small corporation or LLC. Times are hard. Time to see a bankruptcy attorney. You might be surprisedto realize that thesetwo items are considered assets: accounts receivable and unbilled work in progress. A trustee can try to take these by telling...

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