One only has to look at industry headlines to know that the business climate and attitude has changed for law firms concentrating their practices in bankruptcy, debt collection and debt collection litigation. While, in many cases, the recessionary period may have seemed like a boom time for collections, it also has forced many practitioners to look at their practices and procedures to optimize efficiency in an effort to compensate for lost clients, or lost revenues streams -- and to look for cost savings measures while they look to increase their bottom line. Law firm and agencies have a window of opportunity to look at their management processes to improve operational and economic efficiencies, even if the times are uncertain. In this article, improvement ideas are presented. Some of t...
Recent legislation restricting access to bankruptcy relief through means testing and other methods has met with unmitigated criticism by bankruptcy scholars. The criticism stems from the traditional view of bankruptcy, as enunciated in Thomas Jackson's seminal work, "The Logic and Limits of Bankruptcy Law," as a welfare-enhancing debt-collection law. Part I of this article will examine the traditional justification that bankruptcy is welfare-enhancing and will explain why the justification does not apply to the present surge in consumer bankruptcy filings. Part II will recap the debate over whether bankruptcy is voluntary or involuntary, and will explain the policy implications of voluntary bankruptcy. Part III will contrast bankruptcy with other forms of social relief by comparing coll...
...The Bankruptcy Abuse Prevention and Consumer Protection Act of 20...[ing] an assisted person … to incur more debt in contemplation of [filing for bankruptcy] … .... proceedings, excessive debt, debt collection pressure, or inability to pay any consumer debt....
In the bankruptcy, collection, and credit businesses, the combination of time and money can act like a lens to focus stress. When client service is initiated from a direction of leadership that teaches, learns from, and empowers the frontline, it has a much greater chance of success. Many firms start with a client survey. After the assessment is completed and some main areas for improvement have been identified, develop a task force to create a client service work plan. Once the plan is in writing, the members of the task force who developed the plan need to champion its introduction in their respective departments. As the plan begins to take affect and change the firm culture, the champions of the plan need to keep a record of its successes and failures in order to keep the plan workin...
...PART 34: DEBT COLLECTION. Subpart D: Collection Adjustments. 34...
Sure. I think there can be silver linings in some of the challenges we face. Difficult times often result in new business models that are more focused, cohesive, efficient and responsive. Challenges give a real opportunity for companies to strengthen teamwork and resolve. It's also important to remember that clients are also facing many of the same challenges we are. They are looking for ways to retain customers while streamlining operations and reducing costs. That's a potential opendoor for new and deeper services with existing clients. We're always looking for ways in which we can improve the regulatory and legislative environment for our members. Obviously, we need to find a cell-phone/autodialer fix and we need a Foti solution to resolve the voicemail catch-22 dilemma. We've been w...
... policy issues facing the credit and collection industry, there has never been a busier time for a..., by attempts to collect legitimate debts. The last change I'll mention is the proliferation... greater certainty, and amending the bankruptcy code so any known thirdparty collection agencies c...
... of competent jurisdiction, including bankruptcy proceedings, whether initiated by the creditor age...
... "cram down option" permitted by the Bankruptcy Code, a Chapter 13 debtor's proposed debt adjustme...' filing automatically stayed debt-collection activity by their various creditors, including the...
...Subpart E: Servicing, Liquidation and Debt Collection Litigation of 7(a) and 504 Loans. : Sba..., such as judicial foreclosures, bankruptcy proceedings and other state and federal insolvency...
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