Creditors Rights

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Changing Credit Card Terms
As more banks fail or seek federal money to stay afloat, consumers are being squeezed by rising interest rates and increased fees on their credit cards. Banks and other credit card issuers are looking for ways to maximize their revenue and reduce their risk as they deal with tremendous losses stemming ... READ MORE

Credit Insurance for Outstanding Account Balances
In February 2009, the U.S. jobless rate reached 8.1%. This is the highest unemployment rate since 1983. Almost two million jobs have been lost in the last three months. You may be concerned about your own job security and how you are going to pay your bills. If you have a lot of credit card debt, you ... READ MORE

Are Credit Card Companies Taking You To the Bank?
It's fast and convenient to use a credit card when buying something rather than having to have cash on hand or write a check. Of course, for that convenience, we're usually charged a fee - either by the credit card companies or the banks issuing the cards. Those fees are sometimes unexpected, high, ... READ MORE

Debit Cards, Credit Cards, Charge Cards, Oh My...
More and more Americans are using their credit cards to pay their bills, and buy morning coffee, and then don't pay them off each month. At one time, there were only charge cards for large department stores that users were required to pay each month. Today, there is a much wider selection of charge, ... READ MORE

New Rules to Protect Credit Card Holders
Related Item A new report explains how the rules adopted under the CARD Act have affected the cost and availability of credit card lending. The Center for Responsible Lending says these rules did not reduce credit card lending by banks. It also says banks did not raise the cost to borrow money on credit ... READ MORE

Creditors' Legal Rights
Collecting business debts can be difficult enough without worrying about whether you've stepped over the line in going about the collection. A little legal knowledge in this area goes a long way. Secured debt means that there is some property ("collateral") that the debtor has pledged to secure payment ... READ MORE

Losing a Job and Your Obligations to Creditors
It can be very stressful to suddenly find yourself out of work and potentially unable to pay your bills. The best thing to do is to contact your creditors about your job loss right away because they may actually be able to help you. You and your lenders should be able to come to an agreement about what ... READ MORE


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Michigan Court of Appeals Refuses to Enforce Photocopied Promissory Note

In an unpublished opinion, the Michigan Court of Appeals in Shaya v. Karam, et. al, Case No. 308905, refused to allow plaintiffs to enforce a promissory note because plaintiffs possessed only a photoc ... Read more

Sixth Circuit Holds Bank’s Loss Payee Coverage Derivative

The United States Court of Appeals for the Sixth Circuit in Westfield Ins. Co. v. Talmer Bancorp, 545 Fed. Appx. 402 (6th Cir. Oct. 30, 2013) held that a secured party’s insurance coverage right ... Read more

Amendments to Michigan Court Rules Regarding Receivership to Take Effect May 1, 2014

On March 26, 2014, the Michigan Supreme Court approved amendments to MCR 2.621 and MCR 2.622 regarding receiverships in Michigan.  Court Rule 2.622 was amended to specifically set forth the proce ... Read more

Junior Creditor’s Assignment of Voting Rights Enforceable in Bankruptcy

The United States District Court for the District of New Jersey upheld the Bankruptcy Court’s ruling that a junior creditor’s assignment of voting rights to a senior creditor under an inte ... Read more

Secured Creditor Setoff Rights Clarified in Garnishment Context in Michigan

The Michigan Court of Appeals, in a 2-1 panel decision, gave some clarity to a question bank lawyers have litigated in Michigan trial courts for years: whether a garnishee bank can trump the garnishin ... Read more

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