February

Blog Posts in February, 2013

  • Another good reason to consider filing for bankruptcy

    Over four years ago, the American economy took a sharp nosedive, as did the economies of several other western, industrialized nations. Thankfully, the U.S. economy has been steadily rebounding for some time. New commentary among financial experts ...
  • The Fair Debt Collection Practices Act (FDCPA) states that when a Plaintiff brings a case in bad faith and with the purpose of harassment, that Plaintiff will be liable for the Defendant's attorney's fees and costs. The Federal Rules of Civil ...
  • One of the reasons why Illinois has such a famously long foreclosure timeline is because our state's judicial foreclosure process puts procedural and statutory "speed bumps" into place. For example, once a judgment of foreclosure and sale is entered ...
  • Illinois Supreme Court Rule 114 establishes a new procedural requirement in Illinois mortgage foreclosure cases -- the loss mitigation affidavit. Although the National Mortgage Settlement prohibits Bank of America, JPMorgan Chase, Wells Fargo, ...
  • Newly implemented Rule 99.1 establishes standardized requirements for mortgage foreclosure mediation programs. Judicial circuits that currently have a mediation program (like Will County) will have until June 1, 2013 to bring their programs into ...
  • The Consumer Financial Protection Bureau issues bulletins for many purposes, one of which is to notify the industries that it regulates about upcoming changes in regulations. This practice allows regulated industries to (hopefully) prepare for the ...
  • According to a recent report by the FTC, 26% of credit reports contain an error, but 95% of those errors do not affect on the individual's credit score. However, the report also notes that what may impact a credit score can vary from report to ...
  • Illinois Foreclosures are Down! Or Up!

    "There are three kinds of lies: lies, damned lies, and statistics." -- Mark Twain ( or possibly Benjamin Disraeli ) Today, I found two different articles about the rate of foreclosure activity in Illinois. According to WBEZ, foreclosure filings and ...
  • When I go to the courthouse, I often see consumers appearing in court pro se who make truly poor choices when speaking to the judge. I also see people who are facing a judgment based on prior oversights and decisions. Here is my list of absolute ...
  • Debt Buyer Lawsuits

    In my experience, debt buyer lawsuits lack significant pieces of information that establish a prima facie case. Because debt buyers often receive very little information about the debts being purchased, it may be difficult to demonstrate what I ...
  • FTC Releases Report on Debt Buyers

    The Federal Trade Commission has released a report on the debt purchasing industry. This report is the first of its kind and takes a critical look at the structure and practices of the debt buying industry. As most consumer rights lawyers are ...
  • Naked Capitalism is running a series of posts describing the ugly truth behind the now-defunct Independent Foreclosure Review. Whistleblowers from within Bank of America have exposed massive harm to borrowers and an attempt to cover up the harm and ...