CFPB Achieves $1.275 Million Dollar Settlement

The Consumer Financial Protection Bureau received a settlement on behalf of consumers for the amount of $1.275 million in their lawsuit against the Specialized Loan Servicing (SLS), a Colorado based mortgage loan servicer. In 2014, the CFPB discovered that SLS has breached Real Estate Settlement Procedures Act (RESPA) and Regulation X. In this case, each of these were violated by the SLS as they were taking forbidden foreclosure actions against mortgage borrowers who initially had protection from being foreclosed on. This is also a violation to The Consumer Financial Protection Act of 2010. Consumers who were victims of these practices will receive a collective $750,000 in restitution.

Do you feel that you are a victim of foreclosure fraud? Contact our offices at 816-524-4949 or visit our website at Hoorfarlaw.com to schedule an appointment to speak to one of our attorneys today.

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JCPenney To File for Bankruptcy

JCPenney is facing financial troubles amid the outbreak and the shutting down of their department stores. Sephora stated recently that they would not reopen their doors after the pandemic and that they would stop restocking in store products.  Sephora’s products have been the major source of income for the department store. With this threat in place, JCPenney had to pursue a restraining order on April 27th to prevent Sephora from closing its inside store locations.

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JCPenney did win this order and forced Sephora to reopen its doors with the department store. Sephora is countersuing the company in order to end their in-store contract in April of 2021. However, JCPenney may still be forced into bankruptcy. The company currently owes roughly $4 billion and were expected to make a payment of $12 million that was deferred for 30 days April 15th.

Foreseeing bankruptcy past the pandemic? We are here for you. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an consultation.

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Injured in an Accident? We can help!

You may have heard on the radio, but the Law Office of Camron Hoorfar will help you handle personal injury matters! We have even launched a new site to help navigate your personal injury needs mykclawyer.com. Personal Injury Law is an important facet of the Law Office of Camron Hoorfar’s continued strive to help those in need.

If you or a loved one has been hurt in an accident call our office at 816-524-4949 or visit our new personal injury website at mykclawyer.com today!

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City of Fairfield, Alabama Files for Bankruptcy

The small city of Fairfield, Alabama is set to file for Chapter 9 Bankruptcy, which is quite rare, especially for a municipality of merely 12,000 residents. Prior to the pandemic, Mayor Eddie J. Penny stated that the city had drained all its funding and exhausted alternatives to bankruptcy. Since the start of COVID, the city profits have depleted even further, forcing the hand of the city into bankruptcy proceedings. Liabilities in Fairfield are reported as high at $10 million and roughly 20% of its residents are currently living under the poverty line.

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Chapter 9 bankruptcy is unique to municipalities and does not force liquidation of any assets. Public employees, as such, should not fear for their job as the city does not expect to lay off any workers.

Considering bankruptcy? Contact our office at 816-524-4949 to set up a consultation or visit our website at hoorfarlaw.com.

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Treasury Turns Small Business Loans into Grants

The Treasury Department rolled out a program for small business loans, however, there has recently been minor changes to the original program. The original guidelines for the small business loans required a rehiring of staff and any additional loan amount be used on rent or utilities. The problem with this original guideline is that many small businesses who applied for the federal loans remain closed. Also, many employees turned to unemployment options prior to their employer receiving the loans and found it more beneficial to continue getting the unemployment than to go back to work. In recognition of these small business challenges, new loan guidelines were issued in order to convert the loans to grants for struggling businesses.

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In addition to those changes, government officials and lawmakers are considering giving businesses more flexibility in the grants. The government extended the loan spending time to 8 weeks, meaning that the loan can be taken out to cover business costs for 2 months opposed to original shorter time frames for spending the approved loan amounts. However, to some businesses such as restaurants, and even hair salons, these guidelines are not easy to come by. These trying times have people having a hard time rehiring their employees due to an uncertainty in future business success and the ability of a loan to keep the business afloat.

Is your business struggling due to coronavirus? Do you have questions about your PPP loan application or forgiveness? Call our office at 816-524-4949 or visit our website at hoorfarlaw.com to schedule a consultation today.

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Fannie Mae and Freddie Mac Pause on Foreclosures

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Mortgage loan company Fannie Mae and Freddie Mac have extended their delay on mortgage foreclosures through June. With the plan of initially deferring homeowners’ payments until May 17th, the plan was changed and may even be deferred for as long as a year if supported by Fannie, Freddie, or a Federal Agency.

Are you struggling financially? We are here to help. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Neiman Marcus Group Inc., Files for Bankruptcy

Neiman Marcus Group Inc., became America’s major extravagance retailers when they were granted access to Texas Oil 100 years ago. The popular retailer has stated they are now facing bankruptcy due to the coronavirus outbreak and the precautions they are required to take. It has also been said the company had plans to transform the debt they were in prior to the pandemic. They are looking to get at least $4 billion of the $5.1 billion disregarded. Currently, they are not planning to close any stores.

Facing bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment

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Gold’s Gym International Inc., to File Bankruptcy

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Gold’s Gym International Inc., announced Monday they are filing for Chapter 11 bankruptcy. They were forced to close 30 corporate owned stores due to the outbreak of the coronavirus. While this was a difficult decision, the company’s plan to be debt free is set to be no later than August. In the course of this plan, they will continue to assist their vendors and suppliers. They have also decided to continue to operate their 700 gymswhile working closely to abide by the correct protocol for the coronavirus guidelines. 

Considering bankruptcy? Contact our office at 816-524-4949 or you can visit our website to schedule an appointment at hoorfarlaw.com

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Small Business Loan Accepters May Face Debt

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Small business owners that are receiving Paycheck Protection Program assistance could soon experience some difficulties staying afloat. While the Treasury Department is managing the loan fund, the banks are having difficulties proving that the loans met the ever-changing government requirements. This is creating a potential larger amount of debt on businesses who thought these amounts would be forgiven after the slow of COVID. Banks are now seeing just how complicated things are and will continue to be after numerous businesses are planning to ask for their eight-week loan forgiveness.

Are you struggling financially? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment so we can help.

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Tuesday Morning Corp. Contemplates Bankruptcy

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Upon closing 700 stores in 39 states due to the pandemic, Tuesday Morning Corp., a home goods store is up against potentially filing for bankruptcy. With no clear plan or final decision, the company is facing difficult decisions on what the next move is. Just like other companies, the company is preparing for a decline connected to the closing of their stores. They are especially worried given a lack of online shopping availability.

Do you or someone you know need to file for bankruptcy? We can help. Just contact our office at 816-524-4949 or you can schedule an appointment by visiting our website at hoorfarlaw.com.

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