By BRADLEY D. McCORMACK People love to see patterns in life. Whether it be politics, sports or weather, people want to see if they can spot a recurring theme in everything they see. It is no different in law, specifically in bankruptcy. We attorneys get reports almost every week or month reporting if case filings are up or down. People wonder if these patterns are attached to the stock market, the Fed rates, inflation, government stimulus or any number of other possibilities. One factor people like to examine is whether bankruptcy filing patterns can rise or fall determining what time of year it is. Most know the quote “For every time there is a season.” So, is summer the season of bankruptcy? In true lawyer fashion, the answer is yes and no. Consumer debt is cyclical. People tend to incur more debt in the holiday season than any other time… Read More »
The Kansas City Business Journal recently published an article on the factors leading to the uptick in commercial bankruptcy filings. Sader Law Firm Managing Member Neil Sader spoke to a reporter for the article titled “What you need to know as commercial Chapter 11 filings jump.” Sader noted the number of loans, specifically SBA loans, during and post-pandemic as one of the main causes. “As those business loans mature and come due, they can’t get refinanced for anywhere near what the old rates were,” Sader said in part. “So people are looking at whether they can extend their loan at the current rates. Bankruptcy can play a part in that.” Sader also advocated for preparedness for business leaders and taking a proactive approach to early signals of financial distress. “The biggest regret I hear from clients when it comes to bankruptcy is that they didn’t do it sooner,” Sader said…. Read More »
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The U.S. Department of Education recently announced plans to use a “secret shopping” program aimed at better protecting student borrowers and cracking down on postsecondary institutions deemed to be low-performing or predatory in lending practices. This aims to build on the current administration’s stated commitment to improve federal student loan programs. Detailed in a recent news release, the DOA’s plan calls for the Enforcement Office of Federal Student Aid (FSA) to monitor compliance with existing laws and regulations related to participation in all federal student aid programs. In retail terms, companies often employ “secret shoppers” to pose as a customer in order to evaluate the quality of service. The FSA will be tasked with evaluating recruitment, enrollment, financial aid, and other practices of lending offices in an effort to identify potentially deceptive or predatory practices related to intake and approval of student loan applications. “Secret shopping is another tool in… Read More »
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