| Volume 96 Number 5 |
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The People’s Lawyer’s Tip of the Day
How you complain makes a difference. Electronic messages are taken more seriously than a phone call, but a certified letter is taken more seriously than anything electronic.
For more general information about the law, check out my website.
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Lawsuits Will Test GM's Immunity
When General Motors came out of bankruptcy in 2009, it was literally a new company. In order to sort out affairs and make the company profitable, assets and liabilities were split between the "old" GM and the "new" GM. The GM company that emerged from bankruptcy court was to be free and clear of claims against the old company. Giving GM immunity, along with streamlining the company's line, helped keep the company afloat and back on the road to profitability.
Now, five years out of bankruptcy, it has come to light that the "old" GM knew about, and opted not to fix, a serious and deadly problem with its ignition switches for over ten years. Armed with new information, attorneys and clients are going to try to bring new life to old claims. For years, they've had no legal recourse. Although GM still believes consumers who had accidents before 2009 have no claim against the company, many consumers are planning to move forward anyway. According to one bankruptcy attorney, because GM did not specifically list the ignition problem as a potential liability, it could be on the hook for older claims.
What could recent discoveries about the "old" GM mean for the future of the "new" GM?
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Tax Tips for Those Approaching Retirement
Are you approaching retirement years? If so, you probably already know about the many ways you can take advantage of free tax preparation services. However, for those reaching retirement, there's much more to tax season than finding a free or discounted tax preparation service.
Are social security benefits taxable? How can seniors take advantage of better tax breaks for medical and dental expenses? How much more can seniors receive by taking the standard deduction?
From retirement funds to medical expenses, many tax laws are different for senior citizens. This tax season, find out how you can take advantage of the law to keep the most money in your pocket!
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Your Money
What are your Stretch IRA distributions?
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For the Lawyers
Under the Credit Repair Organizations Act, a person need not actually provide credit repair services.
The Ninth Circuit reviewed the language of the CROA, and concluded that a company that advertised it would provide a service for the purpose of assisting a consumer in improving the consumer's credit record, history, or rating was within the scope of the CROA.
"From the plain language of the statute, it is clear that under the CROA, a person need not actually provide credit repair services to fall within the statutory definition of a credit repair organization. Instead, the person need only represent that it can or will sell, provide, or perform a service for the purpose of providing advice or assistance to a consumer with regard to improving a consumer's credit record, credit history, or credit rating."
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