| Volume 36 Number 3 |
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The People’s Lawyer’s Tip of the Day
Writing a check when you do not have enough money in the bank is criminal and criminal charges may be filed. Stopping payment on a check because you are dissatisfied with the goods or services purchased is not, provided the money would have been available to pay it if payment had not been stopped. Click here for more.
Consumer Loan Delinquencies Increase
As the economy continues to suffer, more U.S. consumers have fallen behind on loan payments than ever before. The percentage of consumer loans at least 30 days late rose to a seasonally-adjusted 3.22%. As a result, creditors are facing mounting losses, which may ultimately result in a further reduction in the amount credit they release. Click here for more.
Kraft and Frito-Lay Recall Products
Kraft and Frito-Lay are the latest companies to feel the impact of the California pistachio processing plant where salmonella has been found.
The FDA is advising consumers not to eat any products containing pistachios and to discard those on the recall list. Find out which products are included in the recall. Click here for more.
US Tax Policy Changes
As the Obama administration searches for new ways to generate revenue, a new tax reform task force has been established. The group is due to report back to the President by December 4. Currently, many potential changes are on the table. One proposal is to tax corporations that don't currently pay tax on foreign subsidiaries. Other proposals include reviving the estate tax, taxing employee health insurance benefits as "income," and hiking taxes on carried interest. How will the new taxes impact your bottom line? Click here for more.
Your Money
Calculate the true cost of debt. Click here for more.
For the Lawyers
Balance transfer can be set aside in bankruptcy. The Sixth Circuit has held that a transfer of funds made by a debtor's use of balance transfer checks can be set aside in her bankruptcy case as a preference. Click here for more.