Home / Daily Digest / Daily Digest – January 9. District Court Rules Fully Undisputed Claim Necessary For Involuntary BK; Financial Service Groups Request Federal Data Security Law

Daily Digest – January 9. District Court Rules Fully Undisputed Claim Necessary For Involuntary BK; Financial Service Groups Request Federal Data Security Law

The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.

 

DISTRICT COURT RULES CREDITOR MUST HAVE FULLY UNDISPUTED CLAIM TO PETITION FOR INVOLUNTARY BANKRUPTCY

  • A District Court judge in Nevada has ruled that a creditor must have a fully undisputed claim in order to be a “qualified creditor” that can petition for involuntary bankruptcy. The decision delves into the nuances and inner workings of the bankruptcy code, but the ruling is important because, according to one legal opinion, “involuntary bankruptcies are a powerful tool” for creditors and this ruling may give creditors pause before filing for an involuntary bankruptcy if there is a chance that the claim might be subject to a bona fide dispute.

 

FINANCIAL SERVICE GROUPS REQUEST FEDERAL DATA SECURITY LAW

  • A group of nearly two dozen financial services trade groups, but none of the ARM industry associations, have submitted a letter to the Chairman of the House Energy Committee and the chairman of the Subcommittee on Digital Commerce and Consumer Protection, requesting federal data breach and data security legislation. The letter is a response to several recent data breaches within the financial services industry.

 

CITY OF JOLIET LOOKS TO LAW FIRM TO HELP IMPROVE COLLECTION EFFORTS

  • The city of Joliet, Ill., has hired Linebarger Goggan Blair & Sampson as the third collection agency to help it recover unpaid parking tickets, ambulance fees, water bills, and other assorted fines, according to a published report. The city’s finance director said its biggest problem is locating the individuals with the unpaid debts, and hopes that the national presence of a firm like Linebarger will help in that area.

 

CONSUMER CREDIT HAS BIGGEST MONTHLY JUMP IN 16 YEARS

  • The amount of consumer credit outstanding in the United States had its highest one-month gain in 16 years in November, according to data released Monday by the Federal Reserve Board. The total amount of consumer credit, including credit cards, auto loans, and student loans, increased by more than $27 billion from October to November, which was more than $7 billion more than economists were expecting.

 

WORTH NOTING: When you’re running late for a job interview, you do what you have to, which, in this case, means running across some airport runways … For those who didn’t stay awake, the college football championship had quite the ending last night/this morning … Changes in how mortgage lenders use credit scores could be on the way, which would open up the housing market to more people … Why 99% of people choose the wrong career path … You’ll never accomplish goals that you really don’t care about … Economists want the country to give every baby a bond worth $20,000 that they can access when they turn 18 … The coolest tech gadgets from CES … The states where populations are shrinking … The flu season is shaping up to be one of the worst in years … The S&P 500 index has hit a record every day of 2018, the first time that has happened in more than 50 years.

A device that turns your smartphone into a laptop

A TV that unrolls like wrapping paper

The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.

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