| Volume 36 Number 8 |
Subscribe to the Newsletter
Forward this news alert to your family and friends
Helpful Links
Texas Consumer Complaint Center
Credit Reports and Identity Theft
Your Guide to Small Claims Court
Contact Us
1-713-743-2168
The People’s Lawyer’s Tip of the Day
In Texas, there is no wage garnishment except for child support, student loans and certain taxes. A debt collector's threat to garnish your wages when he cannot do so, for example for a credit card debt, violates Texas and federal debt collection laws. Click here for more.
GM Recalls 1.5 Million Cars
GM has issued a recall on nearly 1.5 million cars. The recall includes the 1997-2003 Buick Regal; 1998-2003 Chevrolet Lumina, Monte Carlo and Impala; 1998-99 Oldsmobile Intrigue; and 1997-2003 Pontiac Grand Prix. According to the report, a defect in the cars allows oil to buildup, sometimes resulting in engine fires. Is your car included in the recall? Click here for more.
AIG Sells Auto Insurer for $2 Billion
New York based AIG has agreed to sell its auto insurance unit to Zurich Financial Services for $2 billion in cash, notes and debt assumption. The sale comes after AIG received $182 billion in federal assistance. Under a new CEO, AIG is attempting to cut down its large obligations and streamline operations. How will the move impact your life? Click here for more.
General Growth Properties Files Chapter 11
General Growth Properties ("GGP"), the nation's second largest operator of shopping malls, filed for Chapter 11 protection this week. In recent months, the down economy has lead to the demise of giant retailers like Linens 'N Things and Circuit City. GGP, however, is the biggest casualty to date. Is this an indication that the commercial real estate market is about to crash? Click here for more.
Your Money
How much does your mortgage really cost? Click here for more.
For the Lawyers
Bankruptcy court may set aside balance transfer. The Sixth Circuit has held that a bankruptcy court may set aside as a preferential transfer a debtor's use of convenience checks from one credit card company to pay off another credit card account. The court stated: “The issue this case presents is whether two $5,000 ‘convenience checks’ paid from the debtor’s Chase Bank account to offset the balance on her MBNA credit card account shortly before filing for bankruptcy are preferential transfers within the meaning 11 U.S.C. § 547(b). We conclude that they are avoidable preferential transfers and we affirm the bankruptcy court’s decision Click here for more.