More than 323K Borrowers with Disabilities to Receive Automatic Student Loan Forgiveness

Posted on September 3, 2021 by Camron Hoorfar

The Biden administration announced that it would set up more than 323 thousand borrowers with a total and permanent disability (TPD) for $5.8 billion in automatic federal student loan forgiveness. The Education Department announced that it would no longer make those classified as totally and permanently disabled apply for their federal student loans to be discharged. Instead, borrowers with TPDs will be able to receive automatic forgiveness thanks to a new rule allowing student loan servicers to match customer data with the SSA. Federal law allows student borrowers with TPDs to seek forgiveness of their federal student loans on the grounds that they would not be able to make enough to pay them off. The Education Department previously arranged a similar automatic loan forgiveness program with the Department of Veterans Affairs, but the new rule will allow nonveterans with TPDs to skip the application process.​​

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July Home Sales Up 1% as Prices Reach Unprecedented Levels

Posted on September 2, 2021 by Camron Hoorfar

New homes sales rose a mere 1% in July after a string of declines. New home prices are soaring to record levels. Sales fell April, May, and June as builders faced surging lumber prices and a shortage of workers. The median price of a new home sold in July was $390,500, up over 18% from one year earlier. The average sales price also hit a new record, up more than 17% from a year ago. Even with the modest increase in sales in July, new home sales are 27.2% below the pace of a year ago.

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Two Men Charged in Scheme to Obtain Fraudulent Loans

Posted on September 1, 2021 by Camron Hoorfar

Federal authorities announced that two men have been charged in connection with their alleged roles in a scheme that used stolen identities to obtain more than $450,000 in disaster loans from the Small Business Administration. Roughly $250,000 of that was used to purchase iPhones for resale. These men were arrested and charged with conspiracy to commit wire fraud. Hector Garcia has also been charged with aggravated identity theft. Prosecutors claim that Garcia opened a fraudulent banking accounting using the stolen identity of a U.S. citizen. This bank account was linked to other fraudulent accounts that were set up to receive the SBA loans. Edwin Acevedo, the other man being charged, then distributed debit cards linked to those accounts to other accomplices. These cards were then used to launder to the loans through the purchase of the iPhones, which were resold. Authorities says that Garcia also wired a portion of the funds to the Dominican Republic.

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LeClairRyan Founder Likely to Be Named in Lawsuit Over Firm’s Bankruptcy

Posted on August 31, 2021 by Camron Hoorfar

Gary LeClair, founder of LeClairRyan, is expected to be revealed as an additional defendant in the $128 million lawsuit targeting UnitedLex over its role in the firm’s bankruptcy. U.S. Bankruptcy Judge Kevin R. Huennekens ruled to allow chapter 7 trustee to make an amendment to her complaint. Chapter 7 trustee, Lynn Tavenner, is seeking to hold an unnamed attorney partially responsible for the failure of the firm’s joint venture with UnitedLex. Tavenner claims that the individual played an integral part in the New Law provider’s “scheme to loot [LeClairRyan] of its valuable assets.” Although this individual remains unnamed, their counsel filed a notice of appearance earlier this month indicating LeClair was their client. Tavenner alleges that UnitedLex’s actions, including putting nonlawyers in control of the firm’s affairs and prioritizing payment to UnitedLex over the firm’s other financial obligations, cost the law firm at least $41.7 million. She is seeking treble damages.

Considering 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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Supreme Court Ends CDC Eviction Moratorium

Posted on August 30, 2021 by Camron Hoorfar

A coalition of landlords and real estate trade groups in Alabama and Georgia challenged the latest extension of the CDC’s moratorium, which was supposed to last through October 3, and won. The Supreme Court ultimately declared that while it is in our nation’s best interest to help slow the spread of COVID-19, Congress should be the entity to decide whether further action should be taken in this instance. On one side, there are claims that the moratorium was unfair to “mom-and-pop housing providers.” The other side argues that it is dangerous to the public to end this moratorium because of high transmission rates of the Delta variant.

If you’re struggling financially as a result of the COVID-19 pandemic, we can help. Call us at (816) 524-4949 or visit our website.

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President Biden Urges Some States to Extend Unemployment Benefits

Posted on August 29, 2021 by Camron Hoorfar

President Biden is encouraging states with higher unemployment rates to use federal aid to extend benefits for unemployed workers after they are set to expire soon. Enhanced benefits like the $300 weekly supplement will only be available through the first week of September, and President Biden still plans on this being the case. However, he is focused on getting states that need them to use relief funds to prolong other expanded benefits like additional weeks for long-term unemployment.

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Mistrial Declared in California Embezzlement Case

Posted on August 28, 2021 by Camron Hoorfar

Attorney Michael Avenatti, who represented Stormy Daniels in her lawsuit against then-President Donald Trump, is charged with embezzlement for stealing nearly $10 million of settlement money from his clients. He is accused of negotiating and collecting settlements on their behalf, keeping the money for himself and not telling his clients what happened to the money. Avenatti was granted a mistrial on technical grounds that federal prosecutors failed to turn over relevant financial evidence to him. This follows another separate trial in July in which Avenatti was sentenced to two and a half years in prison for a $25 million extortion case in New York.

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Sen. Wyden Announces Bill that Addresses Current Housing Concerns

Posted on August 27, 2021 by Camron Hoorfar

Senator Wyden of Oregon has started rolling out legislation which is geared toward making housing more affordable for Americans, calling on other lawmakers to “enact 21st century housing policies that adequately address 21st century challenges.” The bill seeks to house everyone experiencing homelessness within five years using housing vouchers. This legislation would strengthen the low-income housing tax credit and create new tax credits for developers who house middle-income tenants as well as property owners who rent to low-income tenants. It would also establish a tax credit for first-time homebuyers. This announcement came a week after the Senate passed a budget resolution to allow Democrats to pass a wide-ranging spending bill later this year without any need for Republican votes.

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U.S. Weekly Jobless Claims Hit 17-Month Low

Posted on August 26, 2021 by Camron Hoorfar

The number of Americans filing new claims for unemployment benefits fell to a 17-month low last week, pointing to another month of job growth. Increases in COVID-19 infections, however, still pose a risk to the labor market recovery. The weekly unemployment claims report from the Labor Department on Thursday August 19, showed that the number of people on state jobless rolls dropped in early August to levels last seen in mid-March 2020. Claims for state unemployment benefits fell 29,000 to a seasonally adjusted 348,000 for the week ended Aug. 14. The fourth straight weekly decline pushed claims to their lowest level since mid-March 2020. Claims have been decreasing, with employers hanging on to their workers amid a labor shortage as vaccinations allow the economy to fully reopen.

Struggling financially? Please contact our office at 816-524-4949, or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Illinois Attorney Found Guilty of Bankruptcy Fraud

Posted on August 25, 2021 by Camron Hoorfar

An attorney from Illinois, who practiced bankruptcy law, has been convicted on four counts of bankruptcy fraud charges. Each charge carries a maximum sentence of five years in federal prison and a fine of up to $250,000 or twice the gross gain/loss that resulted from the offense, whichever is greater. Sentencing is set for Nov. 22, 2021.

If you are considering bankruptcy, give our office a call at (816) 524-4949 or visit our website at Hoorfarlaw.com.

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