We offer regular updates and thoughts on current issues. Please check back regularly for the latest on legal issues surrounding credit issues, personal finance and bankruptcy.

Personal Bankruptcy Filings Up 30 Pct.
Mar 24, 2006

Personal bankruptcies soared 30 percent to a record high last year as financially strained people rushed to file before new restrictions took effect Oct. 17.

Bankruptcy petitions filed in federal courts totaled 2,039,214 in 2005, up from 1,563,145 in 2004, according to data released Friday by the Administrative Office of the U.S. Courts.

MergerTalk: US card issuers eye aftermath of summer of mergers
Aug 18, 2005

CHICAGO, Aug 18 (Reuters) - It's been a summer of hot deal-making in the U.S. credit-card industry. But with autumn still weeks away, analysts say the consolidation trend may already be cooling.

In recent months, three stand-alone U.S. issuers -- Providian Financial Corp., MBNA Corp. and Metris Cos. Inc. -- have been snapped up by lenders hungry for the fee income and cross-selling opportunities they offer.

Naturally, the flurry of deals has sparked speculation about who might be next, but many analysts say the companies mentioned most frequently -- American Express Co., Capital One Financial Corp. and Advanta Corp. -- are unlikely targets for the near term.

Contempt charges stem from pile of bills
Aug 16, 2005

Experian North America Inc., one of the three large companies that verify consumer credit, will pay $950,000 as part of a settlement with the federal government over charges that it deceived consumers who sought free credit reports.

Under an agreement announced yesterday by the Federal Trade Commission, Experian also will change how it markets credit reports, and offer refunds to qualifying consumers who were misled.

What's in Capital One's Wallet?
Aug 14, 2005

Richard D. Fairbank may be the person most responsible for the boom in consumer debt.Teaser rates. Balance-transfer offers. Blizzards of direct-mail pitches. Credit terms tailored toward almost anyone, regardless of financial status. All those ideas, common now not only in the credit card business, but also in home mortgages and other forms of consumer lending, were first put to use at the company Fairbank co-founded, McLean-based Capital One Financial Corp.

Contempt charges stem from pile of bills
July 28, 2005

The numbingly unglamorous collection of overdue bills will be dissected today in Lincoln Park, in what could be the opening of a wide-ranging investigation into the practices of a Southfield attorney or a case of overheated flapdoodle.

As Debt Collectors Multiply, So Do Consumer Complaints
July 27, 2005

Embarrassing calls at work. Threats of jail and even violence. Improper withdrawals from bank accounts. An increasing number of consumers are complaining of abusive techniques from some companies that are part of a new breed of debt collectors.

Businesses to Visa: 'No more fees
June 23, 2005

WSJ: Merchants call transaction fees charged by banks, Visa, MasterCard price-fixing and collusion.

FTC Suit Against AmeriDebt Going to Trial
June 21, 2005

GREENBELT, Md. -- A class-action lawsuit against AmeriDebt founder Andris Pukke may be sidetracked, but a court has ruled that the Federal Trade Commission's $172 million lawsuit against the company will go forward.

CardSystems May Face Fine
June 21, 2005

The credit card processing company linked to a massive security breach may be slapped with a $500,000 penalty for improperly storing customer data.

Experian Takes Charge of Consumer Data Abandoned in Kansas
June 20, 2005

The credit reporting agency Experian denies it is responsible for the abandonment of thousands of confidential consumer data records but a spokesman says the company has dispatched two employees to Topeka, Kansas, to retrieve the records.

Consumer group opposes WaMu's Providian purchase
June 20, 2005

A consumer-protection group has filed an objection to the proposed $6.45 billion purchase by Washington Mutual Inc. of credit card company Providian Financial.

Is freezing your credit the way to safeguard your ID?
June 19, 2005

Like many victims of identity theft, Steven Comeau learned of the crime when a collection agency called and asked why he wasn't paying his bills. But Comeau's case was anything but typical. Criminals had used his personal information to get a mortgage on a rental property in Brooklyn, N.Y.

MasterCard: 68,000 Customers at High Risk
June 19, 2005

ATLANTA -- Credit card users, don't fret. Only a small fraction of the 13.9 million credit cards accounts at MasterCard exposed to possible fraud were considered at high risk, the company said Saturday.

Starting over is about to get tougher
June 13, 2005

Bankruptcy filings increase before new law takes effect

Bankruptcy Reform Impacts Harshly on Individuals’ Ability to Discharge Overwhelming Tax Debts in Bankruptcy; Debtors Face Oct. 17 Deadline to Avoid New Rules June 1, 2005

Burton J. Haynes, a tax lawyer and former IRS Special Agent, has written a new article explaining how the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 will make it harder for individuals to resolve unmanageable tax debts through bankruptcy after the October 17, 2005, effective date of most of the Act's "reform" provisions. The article was written for publication by the Maryland Society of Accountants in its journal "The Freestate Accountant," and is available at www.bjhaynes.com.

Large Number of U.S. Consumers Continuing To Live Paycheck to Paycheck, According to ACNielsen

NEW YORK - The U.S. is number one when it comes to the percentage of the population that claims to "have no spare cash," according to a new ACNielsen survey of consumers in 38 markets. More than one-quarter (28%) of U.S. respondents said once they have covered their essential living expenses they have no money left over.