Sally Herigstad: Dealing with unethical debt collectors
I have a payday loan. When I took it out, I was on unemployment and Social Security disability. My unemployment ran out, and I could not pay the loan. I am legally blind. Now the payday loan company keeps calling me and telling me that I will be arrested for fraud for not paying the loan, but that was not the case. I am living on $1,500 less a month than I used to make. I can’t afford to pay it, but what can I do? I have filed for bankruptcy, but the loan company says that does not cover the loan. —
The payday loan company representative is telling you lies.
All debts are dischargeable in bankruptcy unless the law specifically excludes them. San Francisco lawyer Jeena Cho says, “Unfortunately for this payday company, such loans are not part of the excluded class of debt. In other words, it is a big fat lie and it is absolutely dischargeable in bankruptcy.”
The only exception to this debt may be if you took it out within a certain number of days prior to filing for bankruptcy, which could be considered as fraud.
Another One And Done Emini Trading Day
We are off to a fantastic start this year with another one and done trading day! With the volatility slowing down I am prudently adjusting my profits back to a point a day – Trade for Income! However, even with low volatility, I left several points on the table the first hour.
My point is this, I don’t know what the market will do. Nobody does. However it’s my job to follow a set of proven rules! My rules still worked as we still made money!
Speaking of jobs… I am reading so many blogs talking about the big drop in unemployment numbers and how better its getting! Well, I am not an expert, however, very few people understand how they calculate that number. While I am not trying to start an argument, I would ask you all to watch this video from CNBC.com with Rick Santelli. He explains these how these unemployment numbers are figured. At the very least you will see that unemployment may appear to be improving, I mean who can argue with a lower number, right?
Read more…
Delaware’s Choice-of-Law Analysis as Provided in a Decision in PMTS Liquidating Corp., Which Partially Granted a Motion to Dismiss
Summary
In a 20 page decision signed July 1, 2011, Judge Shannon of the Delaware Bankruptcy Court partially granted a motion to dismiss, holding that the allegations of fraud in the complaint were insufficiently pled as to one of the defendants. Judge Shannon’s opinion is available here (the “Opinion”). It seems that claims of fraud appear with some regularity in Delaware’s Bankruptcy Court, so this post will focus on the Opinion’s discussion of pleading claims for fraud. Below are links to two recent blog posts concerning opinions in which fraud was discussed:
Decision in DBSI Inc., Holds that the “Particularity” Requirement of F.R.C.P. 12(b)(6) and 9(b) was Satisfied, Notwithstanding the Number of Alleged Fraudulent Transfers
Decision in In Re: Donna K. Brady Holds: Officers Aren’t Contractors
Background
ProxyMed was a Florida corporation that provided services to healthcare companies. It filed f
Know Before You Owe: Consumer Financial Protection Bureau’s New Initiative
This week marks another shift toward greater consumer protection in the credit card industry as the Consumer Financial Protection Bureau (CFPB) launches a new component of the Know Before You Owe project, which aims to simplify credit card agreements and make them easier for consumers to understand.
Building on the Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act) that was passed two years ago, the new Know Before You Owe endeavor attempts to take consumer protection a step further by developing a more straightforward credit card agreement prototype.
“Despite the changes resulting from the CARD Act, credit card agreements still remain long, complicated, and overwhelming to consumers,” said Charles Tran, Founder of CreditDonkey.com, a credit card comparison site. “The new prototype seeks to lessen the burden on consumers by creating a shorter, clearer, more consumer-friendly, and consistent prototype for card agreements. Ultim
Dealing with Credit Card Debt after Death
Dealing with credit card debt is usually not ranked high among people’s favorite activities. But dealing with the credit card debt of a family member after that person’s death can be even more difficult, both financially and emotionally.
Here’s a look at how to handle credit card debts when Chapter 7 bankruptcy is permanently off the table.
Credit CARD Protections for the Deceased
The Credit Card Accountability, Responsibility, and Disclosure Act (Credit CARD) Act of 2009 introduced a number of protections to credit card users in all areas of credit interactions. Among the protections this act introduced involving debt and death are these:
- Timely response for final bills required: After the death of a borrower, states the Credit CARD Act, creditors must provide a timely response to requests for final bills. Please note, though, that someone is responsible for requesting this final bill (in writing). This
Fix Credit with Good Habits: Three Tips
There are several ways to build better credit from scratch, but what if you are already in over your head? Bad credit is a fact of life for thousands of people. Every year, the same consumers forgo lower interest rates, better bargains, and even employment opportunities simply because their credit doesn’t measure up. If this sounds familiar, the time to fix credit mistakes is now. Begin by establishing the good habits below. Changing your everyday practices could lead to an easier lifestyle.
- Create a payment schedule. Credit card debt can do long-term damage to your credit score, especially if you have fallen prey to the traps of making minimum payments. Avoid compounding interest by creating a realistic payment schedule. Review a copy of your last bill, making note of your latest balance and the accruing interest. How much should you pay each month to attack the principal amount and the interest? C