The Consumer Financial Bureau (“CFPB”) arose in the aftermath of the 2008 economic crisis (the “Great Recession”), as a response to what was perceived to be over-reaching by the consumer finance industry. While various legal protections existed...
Read moreAUTOMOBILE TITLE PAWNS AND BANKRUPTCY
Title pawns have become an ever-growing percentage of consumer debt, as they are marketed as a short-term “quick fix” to a budget deficit. Presumably, these loans will allow the consumer to bridge the gap until payday, at which time the loan...
Read moreEVOLUTION OF DEBT IN CONSUMER BANKRUPTCY CASES OVER THE LAST 20 YEARS
Having practiced bankruptcy law in Augusta for over 20 years, I have had the opportunity to witness firsthand how consumer debt has changed during that time. While the primary causes that lead to bankruptcy have not changed significantly during...
Read moreA Consumer’s Post-Foreclosure Liabilities
There are various reasons that may cause a homeowner to default on their home loan. Divorce, separation or unemployment may deprive a consumer of the income necessary to service the home loan, which will eventually lead to the foreclosure of the...
Read moreWhat Consumers Need to Know About Their Post-foreclosure Liabilities
Check out this article about the aftermath that consumers are facing after foreclosure: http://www.msn.com/en-us/money/news/americans-face-post-foreclosure-hell-as-wages-garnished-assets-seized/ar-BB9dmPO
Read moreA Glimpse into the World of Modern Debt Collection and the Unfortunate Debtors Who are Targeted
Consumer debt collection is a highly profitable industry. This New York Times magazine article excerpt by Jake Halpern gives a glimpse into the dark world of debt collection...
Read moreDebt Collection Statistics Released: Common Reasons for Debts to Go into Collection
A recent study concluded that one out of every three adult Americans has at least one debt that has been turned over for collection. However, Georgia had one of the highest rates, with 40% of its adult residents having at least one collection...
Read morePOTENTIAL BANKRUPTCY CLIENT PRIVACY PROTECTION
Most bankruptcy attorneys offer a free consultation, and during that consultation they will have the opportunity to review financial documents of the potential client. This usually will include tax returns, pay stubs, bills and bank...
Read morePersonal Internet Loans: Convenience vs. Consequences
Internet lending is very commonplace nowadays, as many mortgage and auto lenders may rely substantially on information submitted via the internet to process loan applications. This reduces the amount of face-to-face time which may be necessary...
Read moreLoan Modifications and Short Sales: The Hidden Costs
Bankruptcy is often used as a method of foreclosure prevention, especially in Georgia where the foreclosure process is expedited compared to other states. However, over the last few years, more lenders have been willing to negotiate the terms of...
Read moreAutomobile Repossession: What You Need To Know
The threat of a vehicle repossession is a common motivator for a consumer to seek bankruptcy relief, as a Chapter 13 bankruptcy will prevent the repossession and allow the consumer to repay the vehicle loan over time through a court-supervised...
Read moreWho Can Seize Your Income Tax Refund?
This is a frequent question at this time of the year, when financially distressed taxpayers are confronted with a variety of collection efforts. While many creditors will threaten “seizure” of an income tax refund, there are usually only a...
Read more