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Bankruptcy is a legally declared inability by an individual, or business, to pay their creditors. The declaration is known as seeking bankruptcy protection (from creditors) or initiating a bankruptcy filing. Unsecured debts — like credit card balances — are typically in peril in bankruptcy filings. But recent changes to the U.S. bankruptcy code have seen more consumers forced to file Chapter 13, which requires a debt repayment plan, rather than Chapter 7, which effectively wipes out unsecured debt.
Debt buyer and ARM firm Portfolio Recovery Associates (NASDAQ: PRAA) late Tuesday reported financial results for the first quarter of 2013 with quarterly records in just about every measurable category.
PRA reported net income of $38.6 million ($2.26 per share) in the first three months of 2013, up 52 percent from the first quarter of 2012.
Ezra Zucker has been named Chief Executive Officer of Value Healthcare Services, the first company dedicated to patient bankruptcy receivables.
American InfoSource LP (AIS) today announced the hiring of Alice Whitten as General Counsel at Ascension Capital Group (ACG). ACG is part of the AIS family of financial services companies.
U.S. Congressmen Steve Cohen (D-Tenn.) and Danny Davis (D-Ill.) Wednesday introduced legislation that would treat privately issued student loans the same as other types of private debt in bankruptcy.
This is the fifth time a bill like this has been introduced in the House, but Cohen feels it stands a better chance now given the current focus on student loan debt, including a reported rise in student loan debt among members of Congress.
American InfoSource LP (AIS), a diversified, global financial services firm based in Houston, today announced the hiring of two industry veterans: Kwang Thomas Choi joins as Director of Business Development and Jody Jimerson as Director of Sales.
Value Healthcare Services is the first company of its kind, dedicated exclusively to working with healthcare facilities in the area of patient bankruptcies. Until now, most facilities write off a large percentage of their bankruptcies. These accounts are too valuable to be written off and VHS has assembled a team of bankruptcy professionals to revolutionize the recovery process.
Stock market technical analysis site Seeking Alpha late last week explored the debt buying industry as only it can. In an article primarily focused on Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), the writer revealed some interesting details on the purchasing sector of the ARM industry.
Total bankruptcy filings in the U.S. for November 2012 decreased 12 percent compared to the previous year, with conaumer filings down 11 percent.
Invenio Financial, purchaser of specialized debt portfolios such as deceased/probate, business card, cease and desist/debt management and dismissed bankruptcy in the UK, US and Canada, co-sponsored the debt purchase stream and participated in an authoritative panel discussion entitled “The Role of the Specialist Purchasers” at CSA/DBSG’s annual conference on September 6th in Birmingham, UK.
A federal appeals court Thursday ruled against a student loan debt collector in an FDCPA case over the wording in a collection letter cautioning consumers that student loans are not eligible for discharge in bankruptcy proceedings. A lower court had ruled in the collection agency’s favor, in part, because the consumer specifically noted that the debt was not dischargeable in a previous bankruptcy filing.