Debt consolidation for bad debt

His pro bono client’s life had been seized up in such fear that she pawned her wedding ring to feed the maw of a default judgment against her in Los Angeles County Superior Court, obtained by one of the nation’s biggest debt buyers.It was too late to undo the judgment, but Benshoof sued the debt buyer, alleging that its repeated phone calls to the woman were harassing and illegal. The company turned over phone recordings in discovery that showed the calls weren’t as heated as the woman thought.“I still think they crossed a line,” says Benshoof, a partner and big-firm commercial litigator in the Los Angeles office of Alston & Bird.The debt buyer settled, discharging the debt of $5,000, which included interest on the original $3,500 loan, and gave back $2,600 the woman had managed to pay on the judgment.But Benshoof remained curious. His client still insisted she’d never taken out a loan, though she once might have co-signed one. The bank that … [Read more...] about Debt-buying industry and lax court review are burying defendants in defaults

Economic development needs an evolved legal system that can support and complement it. The need for refined corporate case resolution with the rise in complexity of investments and global market integration was one of the intentions of a consolidated comprehensive law on corporate insolvencies and bankruptcies in India. This took the shape of the Insolvency and Bankruptcy Code, 2016 (IBC). Now, it is critical to note that the IBC was championed as a legislation which would also look at the debt market as a separate investment strategy option and enable the Indian economy to overcome the era of writing of debt as the only way to manage a situation where a debtor is unable to pay or a company malfunctions.Given the complexity of the economic makeup with different types of the investment engines that have become available, investment through debt instruments and intercompany arrangements with external commercial borrowings have also found their place in the market. The IBC, on its own has … [Read more...] about Writing Of Debt And Debt Restructuring: Another Conundrum With The Ordinance Amendment To The Insolvency Bankruptcy Code

If you haven’t heard, today is Love a Lawyer Day. Oh, it’s not a federal holiday — it’s a day chosen by the ABA’s Law Practice Counsel to celebrate attorneys on the first Friday of November every year.Here’s the ABA resolution on the special day: WHEREAS, Lawyers have consistently been the target of verbal bashing, derogatory portrayals and literature is rife with lawyer bashing dated back hundreds of years; and WHEREAS, A 2013 Pew Research Center survey found lawyers last among ten professional categories for “contributions to society”; WHEREAS, According to a 2014 Gallup survey, the public perception of lawyers on honesty and ethics is an unsatisfactory 21%; and… WHEREAS, The portrayal of lawyers in American popular culture, including on television and cinema, is largely negative, which promotes a negative stereotype of lawyers in society… NOW, THEREFORE, BE IT ENACTED by the American Bar Association Law Practice … [Read more...] about Why We Love Lawyers Every Day

On September 9, 2013, the U.S. Court of Appeals for the Second Circuit issued a decision in  AmBase Corp. v. United States , No. 12-3563 (2d Cir. 2013), affirming that the U.S. District Court for the District of Connecticut (District Court) had subject-matter jurisdiction over the taxpayer’s case based on the taxpayer’s use of a protective refund claim. BackgroundA taxpayer must satisfy a number of hurdles before commencing a tax refund action against the United States.  Even a small foot fault can deprive the refund forum, such as the district court with subject-matter jurisdiction.  Subject-matter jurisdiction in a refund forum is premised on two separate filings by the taxpayer.  First the taxpayer must file an administrative claim for refund with the Internal Revenue Service (IRS).  Once that claim for refund is denied (or six months has passed after the filing of the claim), then the taxpayer can file a refund suit in the District … [Read more...] about Second Circuit Reaffirms Taxpayer’s Use of Protective Refund Claims

NA Standing Committee concludes 29th meeting NA Chairwoman Nguyen Thi Kim Ngan (centre) addresses the NA Standing Committee's session on December 11 The National Assembly Standing Committee wrapped up its 29th session on December 11, completing all items on the working agenda of the two-day meeting.   The committee gave opinions on the outcomes of the NA’s sixth plenum and preparations for the seventh, and discussed amendments to the programme on building laws and ordinances in 2019 and the purchase of additional rice for national reserve as well as the provision of more money to buy animal medicine for stocking. They also evaluated the outcomes of the implementation of the committee’s external relations and international cooperation in 2018, while deciding the programme for the activities in 2019, along with the committee’s working plan for 2019. NA Chairwoman Nguyen Thi Kim Ngan asked the NA General Secretary to note all opinions of the … [Read more...] about Government News 12/12