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Author Archives: Robert A. Kraft

Tips for the Suddenly Unemployed

Published on March 10, 2010 by Robert A. Kraft

As the national economy slowly recovers, jobs are lagging badly. People who have lost their jobs over the past year are still having a difficult time finding new employment. The McClatchy-Tribune News Service recently ran an article with tips for the unemployed. In the article was a list of Web sites that seem helpful.
The threat [...]

Categories: Consumer Law News Comments (0) »

Obama May Compromise on Consumer Agency to Pass Financial Regulation

Published on March 1, 2010 by Robert A. Kraft

The Obama administration is no longer insisting on the creation of a stand-alone consumer protection agency as a central element of the plan to remake regulation of the financial system, according to an article in the Washington Post. The article is lengthy, but interesting and important. Here are the opening paragraphs:
In hopes of quick congressional [...]

Categories: Consumer Law News Comments (0) »

New Credit Card Rules Take Effect Today

Published on February 22, 2010 by Robert A. Kraft

As many people know, today is the effective date of the largest section of the new federal law regarding credit cards, and especially the parts governing what the credit card companies can do and say. This excellent page of official information is from the government Web site of the Federal Reserve:
The Federal Reserve’s new rules for [...]

Categories: Consumer Law Basics, Consumer Law News Comments (0) »

Will New Credit Card Rules Increase Bankruptcies?

Published on February 7, 2010 by Robert A. Kraft

Jonathan Ginsberg, Atlanta Bankruptcy Attorney, has an interesting post at the Bankruptcy Law Network blog. His theory is that the new credit cards rules taking effect later this month may cause personal bankruptcy filings to rise. This in spite of the fact that the purpose of the new rules is to benefit consumers. Please read the [...]

Categories: Bankruptcy News Comments (0) »

Dealing With Bill Collectors

Published on January 10, 2010 by Robert A. Kraft

Dallas Morning News business columnist Pamela Yip published an excellent article about dealing with debt collectors. We recommend you read the entire article if you are having debt collection problems, but here are a few highlights. We will be glad to answer any questions you have in this area.
No one likes to be dogged by [...]

Categories: Fair Debt Collection Comments (0) »

Limited-Time Offer — Free Consultation With Consumer Law Attorney

Published on January 10, 2010 by Robert A. Kraft

The lawyers and staff at Kraft & Associates have been helping Texas consumers for more than 30 years with their personal injury and Social Security disability claims. But we have only recently added an experienced bankruptcy and consumer law attorney to our team. So for the early part of 2010 we are going to offer [...]

Categories: Consumer Law Basics Comments (0) »

Bankruptcies Jumped 32 Percent in 2009

Published on January 5, 2010 by Robert A. Kraft

As Dallas bankruptcy lawyers, we were not surprised by any of the facts reported today by the Associated Press, but the story is interesting. Consumers and businesses filed so many bankruptcy petitions in 2009 that it became the seventh-worst year on record, with more than 1.4 million petitions filed. This is an increase of 32% [...]

Categories: Bankruptcy News Comments (0) »

Beware Credit Card Changes As You Charge Into Holiday Shopping

Published on December 10, 2009 by Robert A. Kraft

As Dallas bankruptcy lawyers we see far too many clients who have gotten into financial trouble by misusing their credit cards. Pamela Yip, the personal finance columnist for the Dallas Morning News had an excellent article recently on the hazards of using credit cards for holiday shopping. The gist of the article is that there [...]

Categories: Consumer Law Basics, Consumer Law News Comments (0) »

Arbitration Awards in Jeopardy After AAA, NAF Withdrawals

Published on July 24, 2009 by Robert A. Kraft

In a blog at Lawyers USA, Sylvia Hsieh wrote, “In a stunning turn of events, the kingpin of consumer debt arbitration, the National Arbitration Forum, has been knocked out of the consumer debt business amidst allegations of consumer fraud, throwing into jeopardy hundreds of thousands of arbitration awards.” The ink “was barely dry on the [...]

Categories: Consumer Law News, Fair Debt Collection Comments (0) »

Democrats Step Up Fight for Consumer Financial Protection Agency

Published on July 23, 2009 by Robert A. Kraft

The Wall Street Journal reports Democrats “are stepping up the fight” over the proposed Consumer Financial Protection Agency “amid evidence that business groups are making headway in their campaign against the proposal.” Top White House officials and congressional Democrats “pressed their case” for the new agency on Wednesday, “hoping to refocus the debate on the [...]

Categories: Consumer Law News, Uncategorized Comments (0) »

Arbitration Abuses ‘Deeply Disturbing,’ Kucinich Says

Published on July 23, 2009 by Robert A. Kraft

Bloomberg News reported, “A congressional staff investigation into the biggest U.S. consumer debt-collection arbitrator found ‘deeply disturbing’ abuses, U.S. Representative Dennis Kucinich said” yesterday at a hearing before a House subcommittee he chairs. “A report on the investigation, released yesterday, claims that the National Arbitration Forum, a Minnesota company that handled most consumer debt-collection arbitrations [...]

Categories: Consumer Law Basics, Fair Debt Collection Comments (0) »

White House Sends Congress Draft Bill for Consumer Financial Protection Agency

Published on July 1, 2009 by Robert A. Kraft

The Financial Times reports the Obama Administration “has sent Congress draft legislation for a new consumer financial protection agency, setting out the fine details it wants to see in the body responsible for regulating products such as credit cards and mortgages.” The agency “would have power over any company that sells financial products to consumers, [...]

Categories: Fair Credit Reporting, Fair Debt Collection, Mortgage Dispute Topics Comments (0) »

Change to Foreclosure Law to Benefit Renters

Published on June 23, 2009 by Robert A. Kraft

The House and Senate have each passed bills providing that any current lease survives a foreclosure unless the new owner intends to live in the property. Currently, in many states, a landlord has no obligation to notify tenants of pending foreclosure actions, and a renter’s lease becomes void the moment a foreclosure sale is completed. [...]

Categories: Consumer Law News, Mortgage Dispute Topics Comments (2) »

Obama Administration to Propose Creation of New Consumer Financial Protection Agency

Published on June 17, 2009 by Robert A. Kraft

McClatchy news bureau reported, “The Obama administration is proposing the broadest changes in financial regulation since the Great Depression, calling for the elimination of some bank regulators and giving the Treasury Department and Federal Reserve vast new authority.” Among the changes, the administration “will propose creating a special commission that would regulate consumer credit, watching [...]

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1st Quarter 2009 Wiped Out $1.3 Trillion for Americans

Published on June 12, 2009 by Robert A. Kraft

Today’s Washington Post has a rather frightening article about the effect, to date, of the recession on U.S. consumers. Here are the opening paragraphs of the story:
The brute force of the recession earlier this year turned back the clock on Americans’ personal wealth to 2004 and wiped out a staggering $1.3 trillion as home values [...]

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Collection of Time-Barred Debts

Published on June 11, 2009 by Robert A. Kraft

“Time-barred” debts are debts so old they are beyond the point at which a creditor or debt collector may sue you to collect. State law varies as to when a creditor or debt collector may no longer sue you. In most states, the period is from three to 10 years, and in Texas, the limit [...]

Categories: Fair Credit Reporting, Fair Debt Collection Comments (0) »

Credit Card Bill Signed Into Law by President Obama

Published on May 23, 2009 by Robert A. Kraft

On May 22, 2009, President Obama signed into law an act designed to protect consumers from surprise credit card charges. Although opposed by many financial companies, Obama strongly endorsed the bill, and it passed Congress with board bi-partisan support.
Obama made it clear that he did not back the changes with the intention of assisting those [...]

Categories: Consumer Law News, Fair Debt Collection Comments (0) »

Credit Card Charge-Offs Hit Record High

Published on May 1, 2009 by Robert A. Kraft

According to the debt research firm CreditSights, the number of credit card loans deemed uncollectible and delinquent has reached record levels. In March 2009, uncollectible and written-off accounts reached an 8.6% annual rate, compared to 5.3% a year earlier. Delinquent loans reached 6%.
The rise in uncollectible debt is tied to the unemployment rate, which reached [...]

Categories: Consumer Law News, Uncategorized Comments (0) »