| Volume 48 Number 13 |
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The People’s Lawyer’s Tip of the Day
The Texas Deceptive Trade Practices Act requires full disclosure by sellers. If a seller intentionally withholds material information, he could be responsible for three times the consumer's damages, plus court costs and attorney's fees. Click here for more.
Supreme Court Victory for Investors
Mutual fund investors won a big decision this week before the Supreme Court, which over-turned a lower court decision and affirmed a decades-long standard for assessing the fairness of mutual fund fees. According to the ruling, fees can't be so large that they bear "no reasonable relationship to the services rendered." What was the alternative standard proposed by a lower court? What does this ruling mean for you? Click here for more.
Toyota: Fixing Brand Damage
Over the past few months, no business has sustained greater brand damage than Toyota. From high profile run-away vehicles to millions vehicles subject to recall, the Toyota name has become the punchline of many jokes. How do Toyota executives plan to fix the company image? Click here for more.
Canceled Debt is Taxable
Did you have debt forgiven in 2009? Whether credit card, mortgage, or other debt, forgiven debt is taxable, just like your income. When debt collectors settle a consumer debt, they often must file with the IRS and send a copy to the consumer. For example, if you settle a $40,000 debt for $1,000, you will likely owe taxes on the forgiven $39,000. Have you received a 1099-C? How can you cope with the tax? Click here for more.
Your Money
Can a renovation project add value to your home? If so, how much? Click here for more.
For the Lawyers
Bankruptcy Court may restructure student loan. The United States Supreme Court ruled in favor of a loan delinquent who used the bankruptcy laws to restructure his debt. The Court said a bankruptcy court order that forgave part of the debt was valid even though the student did not show at an adversary proceeding that repayment would pose an "undue hardship." Click here for more.