Los Angeles Collector

State Supreme Court Dismisses AG Suit Against Collection Law Firm…Again

admin — Fri, 18 May 2012 16:13:40 +0000

The Arkansas Supreme Court Thursday dismissed a lawsuit filed by the state’s attorney general against a debt collection law firm on the grounds that the statute the AG sued under did not cover practices of law. It is nearly identical to a decision the Court handed down just two months ago involving similar parties.

Read the entire article here.

Foreclosures Show No Sign of Decline

admin — Thu, 17 May 2012 15:55:28 +0000

The percentage of American homeowners behind on their mortgage payments fell during the first quarter to the lowest level since the end of 2008. But the share of loans in foreclosure remains stubbornly high, according to a survey Wednesday.

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Jailed for $280: The return of debtors’ prisons

admin — Tue, 24 Apr 2012 22:34:30 +0000

How did breast cancer survivor Lisa Lindsay end up behind bars? She didn’t pay a medical bill — one the Herrin, Ill., teaching assistant was told she didn’t owe. “She got a $280 medical bill in error and was told she didn’t have to pay it,” The Associated Press reports. “But the bill was turned over to a collection agency, and eventually state troopers showed up at her home and took her to jail in handcuffs.”

Although the U.S. abolished debtors’ prisons in the 1830s, more than a third of U.S. states allow the police to haul people in who don’t pay all manner of debts, from bills for health care services to credit card and auto loans. In parts of Illinois, debt collectors commonly use publicly funded courts, sheriff’s deputies, and country jails to pressure people who owe even small amounts to pay up, according to the AP.

Read the entire article here.

Local Man Who Made False Statements About Earnings Faces Jury Trial

admin — Fri, 30 Mar 2012 20:41:35 +0000

A Half Moon Bay resident who falsely stated the amount he earned under penalty of perjury will face a jury trial next month, the San Mateo County District Attorney’s Office said.

As part of the proceedings for a divorce, John Fotinos, 47, wrote on a document that he was presently unemployed, had no income and had not been able to find work in the preceding 12 months. Fotinos filled out the paperwork on Dec. 23, 2010.

Read the entire article here.

U.S. Consumers Paid Down Debt in 2011

admin — Mon, 06 Feb 2012 18:52:07 +0000

According to an Equifax’s December National Credit Trends Report, U.S. consumers were much more diligent about paying their debts in 2011, resulting in significant declines in delinquency rates among the majority of tracked lending sectors.

Not only did U.S. consumers do a better job of paying their bills on time in 2011, but total consumer debt declined to $11.1 trillion. This represents a nearly 11 percent decline in debt from its peak of $12.4 trillion in October 2008.

Read the entire article here.

Polo Club Founder Adopts Girlfriend Amid Civil Suit Over DUI Death

admin — Thu, 02 Feb 2012 18:12:14 +0000

A wealthy Florida polo club founder has adopted his longtime adult girlfriend in what attorneys believe may be a legal maneuver to protect his financial assets–which he estimates as “several hundred million dollars”–as he faces a trial for a drunk driving incident that killed a 23-year-old.

John Goodman, 48, formally adopted Heather Laruso Hutchins, 42, in October 2011. The couple started dating in 2009. Goodman is the founder of the International Polo Club Palm Beach in Wellington, Fla.

West Palm Beach Judge Glenn Kelley wrote in a court order that the twists in the case “border on the surreal and take the Court into a legal twilight zone.”

Read the entire article here.

Commercial Bankruptcy Filings Are Predicted to Increase in 2012

admin — Tue, 31 Jan 2012 18:57:17 +0000

Poll suggests business bankruptcy filings will increase by more than 10 percent in 2012.

According to a report released by the American Bankruptcy Institute on Jan. 19, 2012, the results of an ABI Quick Poll show that a majority of respondents believe that business bankruptcy filings will increase by more than 10 percent in 2012. Sixty-eight percent of respondents agree that business filings will increase by more than 10 percent while 25 percent of respondents disagree that filings will increase by 10 percent in 2012. Five percent did not know or had no opinion on the subject.

For calendar year 2011, the total commercial filings fell to 74,142, representing a 19 percent decline from the 92,070 business filings recorded in 2010. However, the fallout from the recent recession continues to take a toll on U.S. businesses as access to credit remains tight and debt levels are elevated.

Judge Orders Former NBA Star Allen Iverson’s Wages Garnished

admin — Tue, 31 Jan 2012 04:49:07 +0000

A Georgia judge commandeered the bank account of former NBA star Allen Iverson in order to pay out a substantial debt for an unpaid jewelry bill in a summary judgement on Monday.

The judge will garnish Iverson’s earnings to allow Aydin and Company Jewelers to collect $859, 896.46 for the jewelry bill, court costs, interest and attorney fees, according to a TMZ.com report.

Read the entire article here.

Consumer Confidence Continues to Improve

admin — Tue, 03 Jan 2012 19:46:49 +0000

The Conference Board Consumer Confidence Index, which had improved in November, increased further in December. The index now stands at 64.5 (1985=100), up from 55.2 in November. The Present Situation Index increased to 46.7 from 38.3. The Expectations Index rose to 76.4 from 66.4.

“After two months of considerable gains, the Consumer Confidence Index is now back to levels seen last spring (April 2011, 66.0),” said Lynn Franco, director of The Conference Board Consumer Research Center. “Consumers’ assessment of current business and labor market conditions improved again. Looking ahead, consumers are more optimistic that business conditions, employment prospects and their financial situations will continue to get better. While consumers are ending the year in a somewhat more upbeat mood, it is too soon to tell if this is a rebound from earlier declines or a sustainable shift in attitudes.”

Read the entire article here.

National Default Rates Increased in November

admin — Tue, 03 Jan 2012 19:46:04 +0000

First mortgage and bank card default rates rose to 2.17 percent and 4.91 percent in November, from 2.08 percent and 4.85 percent in October, respectively, according to the latest S&P/Experian Consumer Credit Default Indices. Second mortgage and auto loan default rates decreased slightly. Second mortgages moved down from 1.29 percent in October to 1.26 percent in November, and auto loans from 1.22 percent to 1.17 percent. The increases in first mortgage and bank card rates, however, caused the national composite to rise from 2.15 percent to 2.22 percent.

Read the entire article here.