As you may know, last year Congress passed a law called the Credit Card Accountability Responsibility and Disclosure Act of 2009. This law, nicknamed the CARD Act of 2009, was designed to regulate a variety of unpopular credit card tactics, such as interest rate increases without notice, inactivity fees and unfair interest calculations.
More on New Credit Card Protections Trigger Higher Fees by Card Issuers
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Last month, my friend and colleague, Charleston bankruptcy attorney Russ Demott published an interesting article on his web site entitled "Fired for Filing Bankrutcy? No way!" This article was written by Elyria, Ohio bankruptcy lawyer Bill Balena, who notes that the Bankruptcy Code specifically forbids "employee discrimination" based on a bankruptcy filing if:
More on Afraid that You Could Lose Your Job if You File Bankrutpcy? The Law Says "No," but….
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As you may know, there are both federal and state laws that offer a variety of protections to individuals who are in debt and who are being dunned by debt collectors. The Fair Debt Collection Practices Act offers a variety of protections in cases involving collection agencies (as opposed to the actual creditor). In other words, a credit card company can do and say certain things and remain legal, but if a collection agency does or says the exact same things, those actions would be a violation of the FDCPA and make the collection agency subject to a claim for damages.
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Can you modify your mortgage loan to reduce your principal balance? your interest rate? other terms of your mortgage? Over the past few months, I have heard a lot about mortgage modifications but very few details have emerged and I know of no one who has actually and successfully modified his mortgage.
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Although I am a bankruptcy lawyer, I tell everyone who visits my office for a consultation the same thing: "bankruptcy is a last resort – do not file for bankruptcy unless you have no other choice. It will damage your credit and negatively affect your financial future for months or years to come."
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Over the past few months, my of counsel officemate Susan Blum and I have met with dozens of potential bankruptcy clients for whom bankruptcy may not be the best solution. While it may seem strange that a bankruptcy lawyer would tell you not to file bankruptcy, I advise everyone with whom I meet that bankruptcy is and should always be considered a last resort and that non-bankruptcy alternatives should be part of the discussion.
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When you get married, your accept your spouse "for better or for worse." Sometimes this means that your new husband or wife enters into your marriage with significant debt. Can you as the spouse ever be held liable for this debt.
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My Bankruptcy Law Network colleague Cathy Moran notes that our friends in the credit card industry bought the inside cover of a recent issue of Newsweek to announce the release of their new web site HelpWithMyCredit.org. My heart is truly warmed to know that my friendly credit card issuer is here to help me. After all, "these are tough financial times for millions of Americans. That's why some of the country's major banks and electronic payments networks have come together to create Help With My CreditSM, providing information and resources to assist and educate customers struggling to make their credit card payments."
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Today's AJC reports that Marietta collection law firm Frederick Hanna & Associates has been sued by the Governors' Office of Consumer Affairs following multiple complaints about collection tactics used by the firm. In November, the state consumer office served an investigative demand notice (i.e. a subpoena) on Mr. Hanna's law firm asking for documents about the firm's collection practices. Hanna contends that because his office is a law firm the state agency has no right to this information.
More on Georgia Collection Law Firm Facing Lawsuit from Governors' Office of Consumer Affairs
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My Bankruptcy Law Network colleague Brett Weiss wrote a timely article on the Debt Law Network blog about a type of loan that is almost always a bad idea. Pioneered by the national tax return filing service chains, tax refund anticipation loans are short term loans collateralized by your refund. In exchange for a set up fee, a high interest rate and a two week loan, you too can get your refund 1o to 14 days earlier than you would if you e-filed.
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