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Banking

Recovery of Surplus Money after Foreclosure

  • March 16, 2020
  • by Admin

For property owners in Michigan facing foreclosure, the prospect of being entitled to money can seem like a hard-to-believe reality. But the truth is, many property owners are not aware of a clear, yet under-utilized, statutory provision that could help some redeem their homes. As […]

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WILL THE SUPREME COURT KILL THE CFPB?

  • March 16, 2023
  • by John Stoddard

As part of the administration’s push to curb excessive fees, the Consumer Financial Protection Bureau is proposing drastic reductions to fees charged to consumers by credit card companies.  If approved, the unintended consequences of higher interest rates, lower credit lines, and fewer new cards being […]

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IS A BANK’S COLLAPSE A SIGN OF THINGS TO COME?

  • March 11, 2023
  • by John Stoddard

Almost a year ago, I wrote about businesses and their creditors preparing for a possible recession.  If we judged the economy solely by the cryptocurrency industry, we would have said it tanked long ago.  But we don’t, and here we are, still tiptoeing around the […]

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A STATE AWASH IN WEED . . . AND AN INDUSTRY AWASH IN DEBT

  • March 10, 2023
  • by John Stoddard

Michigan voters approved medical marijuana in 2008 and its recreational use in 2018.  The Great Lakes State is purportedly the third largest market for cannabis in the country, after California and Colorado. There are at least three major problems facing the industry, including too much […]

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Navigating the Crypto Crisis

  • July 6, 2022
  • by John Stoddard

I recently commented on the threat to cryptocurrency owners if their exchange files for bankruptcy protection.  Needless worry?  Recent headlines suggest the answer is NO. Nearly four months have now passed in the 180-day period given to federal agencies in a March 2022 executive order […]

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Preparing for a Possible Recession

  • June 23, 2022
  • by John Stoddard

Charlie Scharf says there is “no question” we’re headed into an economic downturn and likely a recession. Jamie Dimon says to “brace yourself” for an economic hurricane.  Elon Musk has a “super bad feeling” about the economy.  (Even though Elon thought we’d have zero Covid cases […]

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Is Your Cryptocurrency Safe if Your Crypto Exchange Files for Bankruptcy?

  • May 26, 2022
  • by John Stoddard

Cryptocurrency has been around for almost 15 years, and it keeps landing in the headlines—but not always for good reasons. Now, crypto owners are worried about exchange bankruptcies. Most crypto owners hold their assets in custodial wallets, or on an exchange. This is because the customer […]

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Will Upcoming Changes from Credit Reporting Agencies on Medical Debt Actually Make Things Worse?

  • March 29, 2022
  • by John Stoddard

Equifax, Experian, and TransUnion, the three major consumer credit reporting agencies, recently announced that as of July 1, 2022, they will make changes to the way medical collection debt is reported. These changes may provide some initial benefits to consumers. But it’s unclear whether they […]

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How to Get Your Business Ready for the Next Round of Financial Distress

  • March 4, 2022
  • by John Stoddard

I’ve written previously about the likely increase in delinquencies and bankruptcies coming this year, but the numbers have yet to back up that prediction.  In 2021, according to the American Bankruptcy Institute, consumer bankruptcies decreased by 24%, commercial bankruptcies decreased by 31%, and Chapter 11s […]

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A Surge of Collections and Bankruptcies in 2022?

  • January 17, 2022
  • by John Stoddard

Many of us who monitor the economy for signs of repayment distress were certain in early 2020 that the pandemic would result in a dramatic increase in consumer and commercial collections and bankruptcy filings.  Some bankruptcy firms even hired additional lawyers in anticipation of the […]

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Homeowners’ attempt to declare foreclosure proceeding untimely fails

  • November 27, 2020
  • by Admin

  Most if not all mortgage agreements contain a debt acceleration clause. That clause allows the bank to declare the entire balance due upon the occurrence of an event—like the failure to make a payment. In Akouri v. Comerica Bank, one of the questions addressed […]

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The attorneys of Dalton & Tomich, PLC have the experience and the knowledge to work with you to develop a legal solution that helps accomplish your goals. Our collaborative approach has helped leaders like you grow businesses and banks, develop and expand churches, and build nonprofit organizations nationwide.