Consolidate debt credit card

He looked deeper into this head-scratcher. The only evidence provided in discovery was a spreadsheet with little more than his client’s name and some dollar figures. And he found that no judge had given so much as a side glance at the debt buyer’s lawsuit. A clerk simply processed the creditor’s claim based on a document stating little more than this person owes us this much, and the fact that she was served with the suit, then entering judgment after it went unchallenged. (Benshoof’s client had never heard of the company pursuing her and considered the various contacts junk mail or spam.) … [Read more...] about Debt-buying industry and lax court review are burying defendants in defaults

Although this approach is preferable to recasting the debt as equity in the flow-through entity, it nonetheless may give rise to serious tax issues. For example, if the partner is a domestic corporation and the putative debt holder is a non-U.S. person, then “interest” payments on the putative debt instrument may be recast as U.S.-source dividends and, if so, may be subject to withholding. It is unclear who would be the “withholding agent” required to remit the withholding to the IRS in this case. The Regulations also take the position, challenged by some commentators, that an instrument recast as equity under the Regulations is treated as equity, and produces dividends, for purposes of U.S. tax treaties. … [Read more...] about Controversial Debt-Equity Regulations Finalized With Limited Fixes, Concessions and Reservations by Government

Thus, for example, if a foreign corporate parent purchases notes issued by a securitization that is treated as a partnership, and the corporate parent’s two wholly owned domestic subsidiaries purchase 80% of the residual certificates in the aggregate, then the new regulations potentially treat the foreign corporate parent as exchanging its notes for additional stock in its subsidiaries. Any interest payments on the notes are treated as received by the subsidiaries (instead of the parent), and the subsidiaries are then treated as paying dividends to the parent in an amount equal to the interest payments. The dividends generally would not be deductible by the subsidiaries, and would be subject to U.S. withholding tax to the extent paid out of the subsidiaries’ earnings and profits. … [Read more...] about Application of New Debt-Equity Regulations to Securitizations

I’m involved in women’s professional organizations. We’ve put on all kinds of programs about how to start your own business and develop a business plan, and do so with student loans. And to conquer those issues, if you are receptive to trying to find some time to make opportunities for volunteering there are lawyer-dominated volunteer efforts like CASA and Wheels for Heroes Foundation, even Food From the Bar. The point of making that time—even though you’re already looking for jobs and consumed by that kind of issue—the fact is when you’re making that time and you’re volunteering activities include other lawyers, you’re making those connections to try to advance your career forward. And your most established lawyers are always happy to sit down and talk with you about what worked for them if you’re willing to make the time to listen and connect with them. … [Read more...] about How lawyers can dig themselves out of debt and plan for a future (podcast with transcript)

Limits on parent PLUS loans were eliminated by Congress in 1993, the researchers said. And in 2014, eligibility for the loans was expanded to parent borrowers with weaker credit histories. Since then, at least 370,000 parents — who would have previously been denied the loans because of adverse credit — have been approved, according to the researchers. … [Read more...] about The Latest Victims of the Student Debt Crisis — Parents