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Podcast - Panel for Consumer Commission discusses recommendations on BAPCPA's Credit Counseling requirement

Members of ABI’s Commission on Consumer Bankruptcy discuss the recommendations in the Final Report focused on the Code’s credit counseling and financial management course requirements, and asks the question: do the new provisions mak… Read More
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Mack Industries - Agenda for Omnibus Hearing on July 17, 2019

We just posted a copy of the agenda for the upcoming Omnibus Hearing on the Mack Industries avoidance actions filed by our office. The next hearing will take place on July 17, 2019. Click here for to go to our Mack Industries page. Read More
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Categories: News

Notable parallels between the 2008-2009 financial crisis and today's high-risk alternative lending sector

This week, the American Bankruptcy Institute posted an article (which is reprinted below) identifying a growing trend that may impact a large sector of the economy: alternative lenders making risky loans. As many know, the 2008-2009 meltdown en… Read More
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FactorLaw featured in Leading Lawyers Magazine, May 2019

An excerpt: “We are very much a family business, like many of the clients we are representing,” Factor says. “Providing top-notch service to our clients is the glue that holds us together. They’re getting the same service they would g… Read More
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Senate bill would bar Confessions of Judgments, including for Merchant Cash Advances (MCA)

In what may be a response to the Bloomberg article that discussed Merchant Cash Advances or MCAs, Sens. Rubio and Brown introduced federal legislation on December 6, 2018, to prevent confessions of judgments and related instruments. The text of… Read More
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Categories: News

Article from ABF Journal Explains how Courts have Treated Merchant Cash Advances (MCA)

In the November/December issue of the ABF Journal, attorney Jefferey Wurst explains the different types of MCAs and how Courts have ruled regarding the vehicle. According to Mr. Wurst, first there “are MCAs that advance money and get r… Read More
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According to a Recent Businessweek Article - Merchant Cash Advances are Wreaking Havoc on Small Businesses

In an earlier post FactorLaw discussed Merchant Cash Advances, which is a form of financing that appears to be marketed to certain types of small businesses, according to an article dated November 20, 2018 published in Businessweek (the “B… Read More
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Today's deregulation trends have not eliminated consumers' rights against deceptive businesses in Illinois

Even in the midst of trending de-regulation, consumers have protections from shady business practices in Illinois. The Illinois Consumer Fraud and Deceptive Business Practices Act is alive and well, and it allows individuals to bring actions aga… Read More
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5 Mortifying Reasons Mortgage Applications End Up in the 'Reject' Pile

An interesting article in Realtor.com explains why mortgage applications are sometimes denied.  According to the article a recent Federal Reserve study concluded that one out of every eight home loan applications (12%) ends in a rejection.  T… Read More
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Bankruptcy Filings among Elderly Increased Exponentially over Last 25 Years

According to an article posted today in the New York Times by Tara Segal Bernard, “[f]or a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.” Ac… Read More
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