May

Blog Posts in May, 2015

  • A jury in Missouri has ordered Portfolio Recovery Associates (PRA) to pay Maria Mejia almost $83 million for violations of the Fair Debt Collection Practices Act (FDCPA) and for malicious prosecution. The majority of the award is based on punitive ...
  • The hidden costs of paying off debt vs. bankruptcy

    Most people want to pay off unpaid bills because they feel it is the morally correct and most responsible thing to do. Financial experts preach messages about staying within one's means, building a safety fund and putting remaining funds toward ...
  • Bank of America, Chase To Change Credit Reporting Practices For Discharged Debts

    According to the New York Times, Bank of America and JPMorgan Chase will be fundamentally changing how they report debts that were discharged in bankruptcy. Within the next three months, BofA and Chase will update consumer credit reports to indicate ...
  • Supreme Court rejects bankruptcy appeal

    A recent decision by the United States Supreme Court regarding a bankruptcy case could have an affect on Illinois debtors who want to file for protection under Chapter 13. The court ruled that a debtor who proposed a bankruptcy plan that was rejected ...
  • How The Sale Of Discharged Debt Thwarts The Bankruptcy Discharge

    BloombergBusiness has published an interesting article about the sale of discharged debts. Many consumers do not know that banks will sell debts that have been discharged in bankruptcy. After all, shouldn't they be worthless? However, many debt ...
  • Credit Invisibles

    The Consumer Financial Protection Bureau's Office of Research recently released a research report regarding credit invisibles--adults that have no credit history that can be scored by any of the three major credit reporting agencies. The report ...
  • Illinois residents have options when it comes to paying off debt and improving their financial situation, according to a book called "The Debt Escape Plan: How to Free Yourself From Credit Card Balances, Boost Your Credit Score, and Live ...