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Why a Chapter 7 Bankruptcy Should be Your First Option and Not a Last Resort

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A good friend of mine recently wrote about a subject that is near and dear to my heart. Michael Bovee discussed the greater impact of doing the right thing when getting out of debt. It’s a topic I’ve harped on about for years. For me, the greater question to answer before diving into how to deal with your debt is ... Read More »

    Morgan Drexen Kicked in the Nuts Some More by Court

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    Well if you are going to get bad news you might as well get it all at once. On the heals of a judgment against Morgan Drexen, an asset freeze, and filing bankruptcy, Morgan Drexen also lost an appeal to have the Consumer Financial Protection Bureau declared to be unconstitutional. I’m not sure what made me curious about what Morgan ... Read More »

      CFPB Lines Up Crosshairs on Walter Ledda

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      The Consumer Financial Protection Bureau (CFPB) is not holding back after their recent victory with a default judgment and asset freeze against Morgan Drexen. Now they are going after Walter Ledda personally to recover money. After reporting the recent bankruptcy filing of Morgan Drexen the CFPB filed this long discourse why Walter Ledda should be made to pay for the ... Read More »

        Student Loan Assistance Companies Bitch Slapped by Attorney General

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        If anyone in the debt relief industry didn’t see this coming, they are stone-cold blind. Student loan assistance has become the next wave of profitable debt relief services to sell with horrible advice. In an atmosphere that is ripe for picking off consumers for these services, the companies know better and should have learned lessons from the problematic debt settlement ... Read More »

          Debt Settlement Giant – Morgan Drexen – Ironically Files for Bankruptcy

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          Things have taken a substantial turn for the worse for California based debt settlement wannabe giant, Morgan Drexen. On April 21, 2015 the court awarded a default judgment in favor of the Consumer Financial Protection Bureau. More on that here. Then on April 30, 2015 the court found there was substantial danger and “good cause to believe that immediate and ... Read More »

            Did This Court Action Just Kill Morgan Drexen?

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            Thanks to a comment from a reader I discovered on April 21, 2015 the court ruled against Morgan Drexen in it’s suit by the Consumer Financial Protection Bureau. Let is suffice to say Morgan Drexen is none too pleased. It’s opposition document filed is short and sweet. April 30, 2015 – Morgan Drexen files for bankruptcy protection. Click here for ... Read More »

              Nonprofit Credit Counselors Charged With Laundering Drug Money Get Prison

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              In 2013 the U.S. Government brought charges against individuals associated with a credit counseling operation. At that time the U.S. District Attorney of Kansas said, “Two people have been charged with laundering cash from marijuana trafficking through a non-profit credit counseling agency in Kansas City, U.S. Attorney Barry Grissom said today. Mendy Read-Forbes, 37, Platte City, Mo., and Laura Shoop, ... Read More »

                NC Senator Michael Lee Article Ruffled Some Debt Collection Feathers

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                Yesterday I published this article about proposed changes to pursing debtors in North Carolina over purchased debt. That would have been the story, done and dusted. But today I awoke to find InsideARM, an accounts receivable trade publication leveled some objections at my opinion piece. InsideARM said, “Rhode calls Lee’s bill, “idiotic,” and “ill-advised, ill-conceived and unwarranted.” Other than potentially ... Read More »

                  Court Halts Mortgage Relief Operation that Targeted Homeowners Facing Foreclosure

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                  Some People Lost Their Homes: Paid Defendants Instead of Making Mortgage Payments At the Federal Trade Commission’s request, a federal court halted a sham operation that allegedly told financially distressed homeowners it would help get their mortgages modified, but instead effectively stole their mortgage payments, leading some to foreclosure and bankruptcy. The FTC seeks to permanently stop the scheme and ... Read More »

                    NC Senator Michael Lee of Wilmington Might Be a Debt Collection Idiot

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                    North Carolina is trying to pass legislation which will roll back protections for consumers who have bad debt purchased by debt buyers. Senator Michael Lee from Wilmington, North Carolina is the sponsor of S.B. 511, titled Proof Required for Debt/Fees, which efforts to rollback the requirement the bad debt buyer must have detailed information about where and when the debt ... Read More »

                      Less Demand for Debt Relief Help in 2015

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                      The latest bankruptcy filing statistics are out from the United States Courts and add support for a continued softness in the demand for debt relief help. Bankruptcy filings fell 12 percent when compared to the same period last year and the downward trend continues. In March, 2015 Chapter 7 bankruptcies accounted for 64 percent of filings while Chapter 13 filings ... Read More »

                        Did World Law Debt and Orion Processing Really File Bankruptcy?

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                        Under the heading of ironic debt relief outcomes, one of the major debt settlement players, World Law Debt and Orion Processing, recently filed a Chapter 11 bankruptcy proceeding. I guess their debt issues were beyond settling. This matter came to light when a reader asked me to look at a notice they received in the mail. According to court documents, ... Read More »

                          Hummingbird Credit Counseling Sues the United States of America

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                          Hummingbird Credit Counseling and Education has filed suit against Attorney General Eric Holder, Department of Justice, and Executive Office of United States Trustee. This suit asks for a declaratory judgment and injunctive relief. This case caught my attention because it’s not often you see a credit counseling company suing the USA and it appears this is yet another debt relief ... Read More »

                            Can You Discharge Private Student Loans in Bankruptcy?

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                            There’s a big misconception that private student loans can never be discharged in bankruptcy. People have repeated that statement so often they believe it to be a fact. The only problem is it’s not quite true. Some private student loans are clearly eligible to be wiped away in a consumer bankruptcy. Even in a Chapter 7 bankruptcy, it takes only ... Read More »

                              Federal Court Rules Affiliate Marketing Network and its Parent Company Must Turn Over $16 Million They Received From Deceptive Marketing Scheme

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                              FTC and State of Connecticut Charged LeadClick Media with Operating A Network That Used Fake News Sites to Promote Diet Pills A U.S. district court has ruled that LeadClick Media, an affiliate marketing network, and its parent company, CoreLogic, Inc., must turn over $ 16 million in ill-gotten gains they received from a deceptive marketing scheme that sold purported weight-loss ... Read More »

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