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As discussed in an earlier post called “ Moving Up: Bankruptcy Code Dollar Amounts Will Increase On April 1, 2019 ,” various dollar amounts in the Bankruptcy Code and related statutory provisions were increased for cases filed on or after today, April 1, 2019. This information sheet has a list of all of the dollar amount changes now in effect. The official bankruptcy forms have also been revised to reflect these new dollar amounts.
In personal finance, we’re always looking ahead. So often we think “I’ll be happy when I’m debt-free.” or “I’ll be happy when I have X net worth.” We can become… Related Posts: Dear Debt, You Make Me a Bitter Betty. Dear Debt, We're Getting Divorced. Financial Literacy Matters, Especially for Women. What the Worst Year of My Life Taught Me About Money.
Debtors who have filed for bankruptcy and received their Discharge often continue to receive collection letters and phone calls from their creditors. Some creditors even go so far as to sue on these discharged debts or garnish wages and bank accounts. Such actions may result in severe penalties, sanctions and damages. This article goes over the basics of the Bankruptcy Discharge and the importance of having measures in place to avoid violations.
For many, the term “debt collection” calls to mind threatening letters and harassing, late-night phone calls. There’s no doubt that many debt collection practices involve aggressive and unseemly tactics used to collect credit card and other unpaid debts, and, as a result, Congress stepped in to curb these practices by passing the Fair Debt Collection Practices Act (“FDCPA”).
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
More than five years after it issued its Advanced Notice of Proposed Rulemaking, the CFPB appears poised to issue its proposed debt collection rules. The first hint that this was imminent came in the fall of 2018 when the CFPB announced it anticipated issuing a Notice of Public Rule Making in the spring of 2019. Since then, there have been several other public statements concerning the highly anticipated rule making.
A decade ago, lawyers had just one option for office space: a traditional lease. That’s a costly option, of course, and can be a barrier to entry, especially for young lawyers, looking to start new law firms. It’s also a scary, long-term commitment, potentially for up to f ive years, for any law firm. Fortunately, there are now more office space options than you can shake a stick at.
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A decade ago, lawyers had just one option for office space: a traditional lease. That’s a costly option, of course, and can be a barrier to entry, especially for young lawyers, looking to start new law firms. It’s also a scary, long-term commitment, potentially for up to f ive years, for any law firm. Fortunately, there are now more office space options than you can shake a stick at.
When customers fail to pay your company for products or services they received, this can have a negative impact on the cash flow of your business. If you've been unsuccessful in collecting the funds, it may be a more effective use of your time to hire an. account receivable collections. agency to focus on collecting the past-due fees for you. In 2016, debt collection agencies were able to recover roughly $78.5 billion in debts.
Few things are more fundamental in the law than the principle that a lawyer owes a duty of loyalty to the client, a duty to be vigorous advocate within the bounds of the law, and a duty to maintain the client’s confidences and preserve the attorney-client privilege. Clients expect this of their attorneys, as they should. These core legal principles have slowly been under attack, however, by an amorphous creation called the “meaningful attorney involvement” doctrine.
In Stolt-Nielsen S. A. v. Animal Feeds Int’l Corp. , the Supreme Court held in 2010 that a court may not compel arbitration on a class-wide basis when an agreement is “silent” on the availability of class arbitration. The court recognized in Stolt and later cases that class arbitration fundamentally changes the nature of the “traditional individualized arbitration” envisioned by the Federal Arbitration Act, and that “a party may not be compelled under the FAA to submit to class arbitration un
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
By: Zachary K. Dunn Attempting to collect on time-barred debt without informing the consumer that a payment may renew the applicable statute of limitations creates an “informational injury” sufficient to confer Article III standing, a district court in Illinois has ruled. In Navarroli v. Midland Funding LLC , 2019 U.S. Dist. LEXIS 34704 (N.D. Ill. Mar. 5, 2019), the defendants Midland Funding, LLC, Midland Credit Management, Inc. and Encore Capital Group, Inc.
If you’re a solo lawyer , it doesn’t make sense to invest in a phone system. But, you don’t want your clients to have your personal phone number, either. What if they start texting you? So, what’s a thrifty solo lawyer to do? Enter Google Voice , which is the answer to your prayers. i f the answer to your prayers is finding a better way to answer your phone when your clients call.
With the fluctuating economy, consumers are having more and more trouble paying their bills. It has been estimated that at least 70 million people across the United States were contacted by a debt collection services company in 2016. If your business needs to reach out to people to get the money they owe you, there are ways to make that process go better.
Jonathan M. Robbin, Diana M. Eng , and Namrata Loomba. In Kolbasyuk v. Capital Management Services , LP , No. 18-1260 (2d Cir. 2019), the Second Circuit recently held that a debt collector’s letters informing a consumer of the total present amount of debt owed satisfies Fair Debt Collection Practices Act (“FDCPA”) requirements. The Second Circuit’s decision clarified that, under the FDCPA, collection letters are not required to inform consumers of the debt’s constituent components, or the rates
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
When a creditor is notified that a debtor has filed for bankruptcy, the creditor should be careful to determine whether it needs to file a Proof of Claim in the case to preserve its rights to receive payments from the bankrupt estate. This article goes over the importance of a creditor acting in a timely and proper fashion and preserving its rights in the bankruptcy process.
By Caren Enloe and Anna Claire Turpin A recent District Court decision serves as a reminder to both Plaintiffs and Defendants to properly scrutinize a complaint for well-pleaded factual allegations. In Walker v. Lyons, Doughty & Veldhuis, P.C., et. al, No. 1:18-cv-513, 2019 U.S. Dist. LEXIS 42180 (S.D. Ohio Mar. 15, 2019), the Southern District Court in Ohio held that the Plaintiff did not include well-pleaded factual allegations in her Complaint and therefore granted the Defendants’ 12(b)(6
Attorneys seeking inspiration or advice on reconfiguring or revising their business practices often seek out colleagues or friends for advice. Most attorneys maintain other attorneys as colleagues and friends. So, when they’re seeking business advice, they’re getting it from other attorneys. There are a couple of problems with relying on that strategy, however.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
The initial stage of a Chapter 11 filing is the most crucial and debtors must be ready for the tactics of aggressive creditors and stakeholders jockeying for priority in the restructuring proceedings. As part of this phase, “first day motions” are typically filed on the first day of a case. These motions are to obtain permission to take certain actions necessary to maintain the debtor’s business operations that cannot be taken unless the court first issues an order authorizing the debtor to take
A gasoline retailer defaults on its obligations under an ongoing Franchise Agreement that it has with a brand name in the oil & gas industry. What steps are available to the franchisor to protect its economic interests in that particular station or station(s)? How about if the franchisee/retailer files for bankruptcy protection? As the Energy Capital of the World, this is issue is particular relevant in Texas, home to thousands of retailers and dozens of the world’s top brands.
Business growth is what everybody wants; but, it’s not easy to manage. Managing people brings with it new duties, and added headaches. Of course, it’s the only way to scale your business beyond yourself. Fortunately, for law firms owners, there are more staffing options now, than you can shake a stick, even if you’re not ready to make the move to hiring an employee.
The phrase ipso facto is Latin for “by the fact itself.” Ipso facto clauses are sometimes included in lease and purchase contracts, and they assert that if the lessee or purchaser becomes insolvent, or files for bankruptcy protection, then the contract has been breached. In other words, under such a clause the very act of filing for bankruptcy protection constitutes a breach of contract that absolves the other party of any further contract obligations.
Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.
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