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Senate Bill Would Bar Confessions of Judgments, Including for Merchant Cash Advances (MCA)

January 27th, 2019
In what may be a response to the Bloomberg article that discussed Merchant Cash Advances or MCAs, Sens. Rubio and Brown introduced federal legislation on December 6, 2018, to prevent confessions of judgments and related instruments. The text of the b… Read More
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Categories: News
Tags: FTC, small business

Article from ABF Journal Explains how Courts have Treated Merchant Cash Advances (MCA)

January 24th, 2019
In the November/December issue of the ABF Journal, attorney Jefferey Wurst explains the different types of MCAs and how Courts have ruled regarding the vehicle. According to Mr. Wurst, first there “are MCAs that advance money and get repaid sol… Read More
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Categories: For Debtors, For Debtors, Interesting Links, News
Tags: ACH, banking, loans

Merchant Cash Advances are Wreaking Havoc on Small Businesses

December 27th, 2018
In an earlier post FactorLaw discussed Merchant Cash Advances, which is a form of financing that appears to be marketed to certain types of small businesses, according to an article dated November 20, 2018 published in Businessweek (the “BW Art… Read More
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Categories: Interesting Articles, Interesting Links, News
Tags: bankruptcy, chapter 11, Merchant Cash Advances

Are Health Savings Accounts Exempt from Creditor Claims in Illinois and Elsewhere?

November 18th, 2018
Congress created Health Savings Accounts (HSAs) in 2003. 26 U.S.C. § 223. In the past fifteen years, Illinois courts have not issued any published decisions indicating whether funds held in a debtor’s HSA are exempted from a debtor’s bankruptcy… Read More
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Categories: For Debtors, For Debtors, Illinois Bankruptcy
Tags: Exemptions, Health Savings Accounts, HSA

Today's deregulation trends have not eliminated consumers' rights against deceptive businesses in Illinois

November 8th, 2018
Even in the midst of trending de-regulation, consumers have protections from shady business practices in Illinois. The Illinois Consumer Fraud and Deceptive Business Practices Act is alive and well, and it allows individuals to bring actions against… Read More
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Categories: Interesting Articles

Ariane Holtschlag testifies before House Judiciary Committee

October 4th, 2018
FactorLaw is proud to announce that our Partner, Ariane Holtschlag, testified on September 27, 2018, before the House Judiciary Committee. Ariane testified as a member of the American Bankruptcy Institute’s Commission on Consumer Bankruptcy and… Read More
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Categories: Uncategorized
Tags: house of representatives, testimony

The Absolute Priority rule is alive and well for Chapter 11 cases

August 29th, 2018
I. Explanation of absolute priority rule Consumer debtors that do not qualify for protection under Chapter 7 or Chapter 13 of the Bankruptcy Code, are left with filing under Chapter 11, where they will come face-to-face with the absolute priority rul… Read More
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Categories: For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, For Debtors, Illinois Bankruptcy
Tags: bankruptcy, bankruptcy code, chapter 11

Discharge of debts in Chapters 7 and 13; important differences you should know

August 23rd, 2018
Through a Chapter 13 payment plan, a debtor may discharge multiple types of debt that cannot be discharged in a Chapter 7 bankruptcy (a liquidation). Thus, if you qualify for a Chapter 13 bankruptcy, and your debts would be nondischargeable in a Chap… Read More
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Categories: For Debtors, For Debtors, Illinois Bankruptcy
Tags: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
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5 Mortifying Reasons Mortgage Applications End Up in the 'Reject' Pile

August 13th, 2018
An interesting article in Realtor.com explains why mortgage applications are sometimes denied. According to the article, a recent Federal Reserve study concluded that one out of every eight home loan applications (12%) ends in a rejection. The causes… Read More
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Categories: For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, Illinois Bankruptcy, Interesting Articles, News
Tags: credit history, mortgage

Bankruptcy Filings among Elderly Increased Exponentially over Last 25 Years

August 5th, 2018
According to an article posted today in the New York Times by Tara Segal Bernard, “[f]or a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.” According… Read More
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Categories: For Creditors, For Creditors|Illinois Bankruptcy, For Debtors, For Debtors, Illinois Bankruptcy, Interesting Articles, Interesting Links, News
Tags: bankruptcy, retirement, senior citizen
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