As this article states, Debtors Prisons were abolished in America in the 1800's. Collection companies are now using courts as their personal debt collection agencies by having debtors thrown in jail based on contempt charges for missing hearings. The rub? The collection companies are effecting this by failing to give debtors notice of the hearings! The question I have? WHY AREN'T THE JUDGES SUFFICIENTLY VETTING THE NOTICE ISSUE?! One solution? We have elections coming up. Find out … [Read more...] about The Return of Debtor’s Prisons
The Death of Your Financial Privacy
It died with the passage of the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487). Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation's domestic laws (think Switzerland), well the foreign financial institution is … [Read more...] about The Death of Your Financial Privacy