| Volume 108 Number 10 |
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The People’s Lawyer’s Tip of the Day
In Texas, a debt collector has 4 years to sue on a debt. If a debt is older than 4 years, it may be that the time has passed and the creditor can no longer sue on the debt. Despite this, many shady debt collectors threaten lawsuits to collect stale debt. If debt collectors are attempting to collect on a debts from 2011 or earlier, their legal rights to sue for the debt should have passed.
Here is a link to the Federal Trade Commission's website on old debt, which has some good information and suggestions:
Click here for more.
Students of Failed For-Profit Schools Take Action
Student debt is one of the largest growing sectors of our economy, and the problem is not just that the cost of education keeps rising. Some for-profit schools provide worthless degrees in return for real debts, and others take and keep student's federal loan money despite the fact that they go out of business. Read here about how some students are taking action to protest these practices. Click here for more.
Your Money
Did you turn 70 and 1/2 last year and have an individual retirement account? If so, April 15 isn’t the only tax deadline you need to pay attention to this time of year. With a traditional IRA, you must begin taking money out of your account after age 70 and 1/2 — what’s known as a required minimum distribution (RMD). And you must take your first RMD by April 1 of the year after you turn 70 and 1/2. After that, the annual RMD deadline is December 31. After years of tax-deferred growth, you’ll face income taxes on your IRA withdrawals. Click here for more.
For the Lawyers
A plaintiff’s failure to timely assert its contractual right to arbitration resulted in its waiving that right. The plaintiff commenced a lawsuit, vigorously prosecuted it, and attempted after months of litigation to pursue arbitration. The First Circuit held that the plaintiff’s conduct waived its right to arbitrate. The court found that the defendant had been prejudiced by plaintiff’s conduct, including that defendant had incurred substantial fees in litigation and faced postponement of resolution of the underlying controversy if plaintiff was permitted to start over in a new forum. Joca-Roca Real Estate LLC v. Brennan, 772 F.3d 945 (1st Cir. 2014) (No. 14-1353). Click here for more.