The Senate Permanent Subcommittee on Investigations, following up on prior hearings and recommendations, has released a bipartisan report critical of credit counseling industry practices. The report also calls for a number of reforms. "Over…
"Home foreclosure" is the phrase probably most feared by homeowners in financial distress. Repossessed cars can be explained away as sold, totaled or loaned. Repossessed appliances discreetly disappear, spirited quickly away by a couple of …
This month's Update contains excerpts from a synopsis of S. 256, prepared by Thomas J. Yerbich, vice chair of ABI's Consumer Bankruptcy Committee. The excerpt covers changes made to chapters 7, 11 and 13, debtor's duties, exemptions, exclus…
State Debt Collection Laws The federal Fair Debt Collection Practices Act (FDCPA) applies to debt-collection practices throughout the nation, even those that are purely intrastate in nature, and thus it essentially is a "uniform" law in eve…
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 1 (Reform) mandates pre-filing credit and budget counseling for consumers seeking bankruptcy protection under both chapters 7 and 13. This provision has remained consistent…
Questions concerning what relief the Bankruptcy Code affords to persons seeking to discharge their government-related student loans are, in all likelihood, a common topic of discussion between most potential debtors and their bankruptcy cou…
In October 1991, the fishing boat Andrea Gail and her six-man crew were headed to the fertile fishing grounds of the North Atlantic seeking the "big catch." Focused on the catch and the cash, the crew was unaware that three different storms…
The provisions of 11 U.S.C. §1327(a) clearly state: The provisions of a confirmed plan bind the debtor and each creditor, whether or not the claim of such creditor is provided for by the plan, and whether or not such creditor has objected t…
Self-insured retentions (SIRs) and deductibles serve the same purpose, allotting a portion of the risk to the insured. The method chosen has a distinct impact on the insurer's obligations and also impacts determining creditor status when an…
Consumer protection laws regulating debt collection practices are a complex minefield of potential liability for creditors and other debt collectors. Large damage awards, provisions for recovery of attorneys' fees and increased awareness an…