The Paycheck Protection Program (PPP) originally created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in March of 2020 was a lifeline for many small businesses. As a combination of government shutdowns, consumer caution, and depressed consumer spending threatened the survival of businesses around the country, PPP loans offered companies a way […]
Back in April, we previewed the possibility that a Biden presidency might mean significant changes to the U.S. Bankruptcy Code. Biden had signaled that he would support the bankruptcy plan set forth by Senator Elizabeth Warren, a long-time advocate for bankruptcy reform and increased consumer financial protection. Now, Warren and House Judiciary Committee Chairman Jerrold […]
As a headline without context, “US economy added 245,000 jobs in November” sounds promising. But, it was the slowest month for job growth since the country began to rebound from the initial impact of the coronavirus pandemic. President-elect Joe Biden called the jobs report “grim” and pointed to slowing improvement as a reason to move […]
Statutes of limitations determine how long someone has to file a lawsuit or other legal proceeding. In California, the statute of limitations on most debts is four years. With some limited exceptions, creditors and debt buyers can’t sue to collect debt that is more than four years old. When the debt is based on a […]
The last thing most people facing an uncertain economic environment want is to open the mail or log in to a credit account and discover that a credit card account has been closed or the credit limit significantly reduced. The news can be jarring or seem unfair if you’ve been working hard to keep payments […]
If you’re actually truly prepared for retirement, you’re in the minority in California. A 2019 study from the UC Berkeley Center for Labor Research and Education revealed that nearly half of private-sector employees in the state have no retirement savings. While 46% of those working in the private sector reported that they had some sort […]
Both California law and federal law have long protected a portion of a consumer’s wages from debt collectors. While a judgment creditor can request a wage garnishment order from the court, garnishment can’t exceed 25% of the debtor’s earnings. For many working people, the protection is even greater. That’s because the creditor can only garnish […]
Your retirement account plays an important role in protecting your future. Unfortunately, 401(k)s and other retirement accounts are in short supply in California. According to a 2019 report from the UC Berkeley Center for Labor Research and Education, 54% of private sector employees in California have no retirement savings account or pension plan. That’s especially […]
In the first quarter of 2020, aggregate household debt in the United States reached an all-time high: $14.3 trillion. Q1 2020 was the 23rd consecutive quarter of increasing household debt, but balances took a downturn in Q2. The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit showed a $34 billion […]
Some of the ways debt hurts California families are direct and obvious. Juggling debt and dealing with creditors and debt collectors is stressful and unpleasant. Money going to cover credit card debt and service other debt is money not available to spend as you wish. Sometimes, that means holding off on buying a house or […]
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