Debt

News & Analysis as of

CMS Made Payments to Providers with Delinquent Medicare Debts

The OIG has issued a report on its findings that Medicare in some cases continued to make payments to physicians who have delinquent Medicare debts that have been referred to Treasury for collection. ...more

3 Ways to Use Your Tax Refund to Solve Your Debt Problem

It is the time of year when people are gearing up to get their taxes filed. Many will get a nice tax refund check and while what I am about to propose may be some of the least fun things you can do with a tax refund check,...more

Texas Supreme Court weekly orders (2/15)

No. 13-0484, American Star Energy & Minerals Corp. v. Stowers -- This case involves the statute of limitations for a claim that individual partners must satisfy an unpaid contract debt of the partnership. ...more

Director Cordray speaks to the National Association of Attorneys General

As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General. His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers...more

Puerto Rico Debt Recovery Act Ruled Unconstitutional1

On Friday February 6, the Puerto Rico Federal District Court ruled the Debt Enforcement and Recovery Act (the “Recovery Act”) unconstitutional. Franklin Calif. Tax-Free Trust, et al. v. Comm. Of Puerto Rico et al., (D.P.R.,...more

Medical debt collection remains in the crosshairs of the CFPB

The next meeting of the CFPB’s Consumer Advisory Board will take place on February 19 in Washington, DC. The focus of the meeting will be to “discuss trends and themes related to consumer and financial well-being and medical...more

How Does Debt Work in a Divorce?

Divorce includes the division of assets and debts. Frequently, it is easier to divide assets than to divide debts. Both credit (including store) cards and mortgages present unique problems when divorcing....more

Rejecting Market-Based Cramdown Interest Rates, and Making Words Count for Make-Whole Payments

Since the recent period of low interest rates, many borrowers have attempted to use bankruptcy to refinance their high-interest debt. These attempts sometimes run counter to provisions in the underlying loan documents that...more

Proposed Treasury Regulations Eliminate 36-Month Testing Period as a Trigger for Reporting COD Income - Removing the Non-Payment...

On October 15, 2014, the Internal Revenue Service (IRS) and the Department of the Treasury proposed to remove the deemed 36-month non-payment testing period from the list of identifiable events that trigger the requirement to...more

New York Court of Appeals Reaffirms the Separate Entity Rule

On October 23, 2014, the New York Court of Appeals issued an opinion in Motorola Credit Corp. v. Standard Chartered Bank, --- N.E.3d ----, 2014 WL 5368774, 2014 N.Y. Slip Op. 07199 (N.Y. Oct. 23, 2014), reaffirming New York's...more

Top Ten Consumer Debt Myths (#8 Will Surprise You)

A while back I wrote a small e-book that went over the top ten myths I heard repeated over and over by clients coming into my office. As I continue to hear these concerns voiced by clients I thought it would be worth going...more

Debt Collectors are Threatening to Throw Me in Jail! Can they Do That?

After more than a decade in helping consumers with their debt problems I shouldn’t be surprised when I hear of some of the outrageous things debt collectors do. One would think that with all of the regulations out there and...more

IRS Proposes Elimination of 36 Month Discharge of Indebtedness Reporting

Unless a statutory exception applies, when a debt is discharged without payment being made, the debtor will have discharge of indebtedness income under Section 108 of the Code. So that the IRS is alerted to this income,...more

Determining “Value” Given By Good Faith Transferee In Fraudulent Transfer Action

The Bankruptcy Code allows a trustee to recover fraudulent transfers made by the debtor prior to bankruptcy. 11 U.S.C. § 548(a). An innocent recipient of a fraudulent transfer is not without a defense, however. The Code...more

IRS Proposes To Eliminate ‘Confusing’ 36-Month Non-Payment Testing Period for Cancellation of Debt

The Internal Revenue Service recently proposed very well-received regulations under Section 6050P of the Internal Revenue Code (the Code) that would eliminate the requirement for financial entities to treat debt as canceled...more

3 Ways the System is Rigged Against Consumers

The other day I met with a family who was barely getting by – large family, large amount of debt, and underemployed for eighteen (18) months. For eighteen (18) months the husband had toiled at a job he was overqualified for,...more

Florida Litigation Update: Appeals Court Clarifies Procedure to Execute Against Alcoholic Beverage License

On September 23, 2014, Florida’s First District Court of Appeal issued its opinion in VMI Entertainment, LLC v. Westwood Plaza, LLC, et. al. clarifying the procedure to execute against a judgment debtor’s alcoholic beverage...more

How Bankruptcy Stops Arizona’s Wage Garnishment Law Dead in Its Tracks

Imagine losing a full quarter of your paycheck. Terrifying, right? That is what happens when wages are garnished in Arizona. After meeting with thousands of families over the last eleven years I have come to realize that...more

“It’s Just How Business is Done” – Judicial Bias in Junk Debt Buyer Cases?

This particular case was particularly bad as to the complete lack of evidence. The alleged debt had switched hands at least four times and not a single bill of sale identified a single account. The witness for Midland...more

Midland Funding is on my Credit Report? Will They Sue Me?

Long before debt buyers like Midland Funding file a lawsuit they start the whole debt collection process by showing up on your credit report. Soon after you will receive a letter or two entitled the “Pre-Legal Notification”...more

Firm’s collection letter violated Fair Debt Act

A North Attleborough law firm violated the Fair Debt Collection Practices Act when it sent a collection letter which included implied threats to sue that could have confused the debtor as to her statutory right to dispute the...more

Deputy Treasury Secretary Remarks On Student Loans Include Focus On Delinquent Borrower

On September 29, Deputy Treasury Secretary Sarah Bloom Raskin delivered remarks on student loans and their macroeconomic consequences at the National Association for Business Economics. With over $1 trillion in outstanding...more

FTC Announces Settlements Against Debt Collection Practice And Its Principles

On September 23, the Federal Trade Commission released a statement announcing the settlement of claims and a default judgment against a debt collection operation based out of Atlanta and Cleveland and its principles, barring...more

CFPB announces new Project Catalyst project

The CFPB has announced a new project as part of its Project Catalyst initiative, which the CFPB describes as ”designed to encourage consumer-friendly developments in markets for consumer financial products and services.” The...more

Federal Appeals Court Upholds District Court Order Barring Telemarketers From Selling Mortgage And Debt Relief Programs

This month, the U.S. Court of Appeals for the Sixth Circuit issued a decision to uphold the District Court of Northern Ohio’s earlier ruling prohibiting the defendants from selling false mortgage assistance and debt relief...more

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