| Volume 32 Number 2 |
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The People’s Lawyer’s Tip of the Day
If you die without a will, the law determines who will inherit your property. Only if there are no living heirs will it go to the state. In Texas, as a general rule, if you die without a will your community property goes to your spouse, children, parents, brothers and sisters, and so on – in that order. Click here for more.
It's Official - We're in a Recession
In the world of economics, it can take a while to study the trends and market points to determine exactly what is going on. This time, it took one year. During that entire year, as it turns out, we were in a recession. On Monday, economists broke the news that the United States started it's current recession in December 2007. Unlike previous recessions, this one is characterized by dramatic events occurring well into the recession. Specifically, banks have failed, businesses have gone under, and the car companies are seriously pinched. In wake of the news, the stock market plunged. Is the end near? Click here for more.
Automakers Want More Money
It looks like the request from congress will actually top $25 billion. GM is asking for up to $18 billion, Ford wants $9 billion and Chrysler, $7 billion. On Wednesday, auto makers submitted detailed plans to congress. The plans included salary cuts for top executives, the sale of corporate jets, and the elimination of brands. Despite the efforts to make cuts, they are now asking for nearly $10 billion more than originally requested. What can you expect? Click here for more.
Safest Cars for 2009
The Insurance Institute for Highway Safety (IIHS) released its annual list of Top Safety Picks. The big news is that 72 vehicles earned the Institute’s highest ranking this year. Why is this number so impressive? The amount of "safest cars" has doubled in the past year. Find out which brands are included! Click here for more.
Your Money
Should I consolidate my debts? Click here for more.
For the Lawyers
Debt collector did not violate FDCPA. The Seventh Circuit has held that “One who acquires a “debt in default” is categorically not a creditor; one who acquires a “debt not in default” is categorically not a debt collector. It also found that the debt collector’s validation notice does not violate FDCPA. Click here for more.