Collection Industry News

SEPTEMBER 23, 2020

. • Debt collection cases have claimed an increasing share of the civil docket, making up about 30% of the civil court caseload in the one state where comprehensive data was available. • The dollar value of claims filed annually by debt buyers increased from $6 billion in 1993 to $98 billion in 2013. Finding flaws in the claim.

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Troutman Sanders

AUGUST 9, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. s emergency debt collection bill. You may access this interactive tool at [link]. On August 3, the Washington, D.C.

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FDCPA Defense

FEBRUARY 3, 2019

2013) (“Unfortunately, the FDCPA does not define ‘debt collection,’ and its definition of ‘debt collector’ sheds little light, for it speaks in terms of debt collection.”) (citations omitted); Gburek v. to pay money,” non-judicial foreclosure is not covered under FDCPA) (citations omitted), pet. LLC , 704 F.3d

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Sawin & Shea

MAY 2, 2024

Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. When Bankruptcy Makes Sense In some situations, bankruptcy provides much more powerful debt relief than any alternative.

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Sawin & Shea

NOVEMBER 15, 2023

However, it is important to note that before bankruptcy is declared, lenders can still come after you to get you to pay off the unsecured debt. They may use collection agencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home).

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Debt RR

DECEMBER 13, 2019

trillion worth of debt. When faced with mounting debt, it’s inevitable that someone will come to collect. Many people are facing a debt collector threatening to serve papers. When courts get involved, debt collection gets serious. Of course, ignoring a process server doesn’t make the debt or lawsuit go away.

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Troutman Sanders

JULY 7, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors.

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Collections Law

APRIL 1, 2020

The reach and apply injunction will allow you to collect the debt directly from the third party; Wage garnishments : As the name indicates, these apply to salaried or hourly individuals, and the employer has to withhold a specific non-exempt part of the debtor’s income to be paid to you the judgment creditor.

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The McHughes Law Firm

AUGUST 29, 2016

However, the cost of not collecting on debts is much higher and can impact the amount of money you have on hand for day-to-day operations. When you work with a debt collection attorney, the majority of funds collected still end up back in your ledger. 5: Debt Collectors Hound Debtors and Make Threats.

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Troutman Sanders

MARCH 29, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On March 22, the CFPB released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA).

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Debt Free Colorado

MARCH 3, 2023

For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. Are you at risk of falling into foreclosure, being evicted, or having your utilities cut off?

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. On August 31, 2020, the state legislature enacted the COVID-19 Tenant Relief Act of 2020.

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Troutman Sanders

JULY 27, 2023

Examiners found some servicers engaged in blanket cross-collateralization by accelerating and requiring payments from consumers on unrelated debts, such as credit cards, before consumers could reclaim their repossessed vehicles.

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Troutman Sanders

APRIL 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here. State Activities: On April 14, Illinois Governor J.B.

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Troutman Sanders

JUNE 15, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link].

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Troutman Sanders

JANUARY 25, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. Initially, the moratorium was set to expire on February 1. For more information, click here.

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Troutman Sanders

JULY 26, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Any attempt to garnish or otherwise seize these funds to collect or attempt to collect a debt violates the AG’s Debt Collection Regulations.”

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Troutman Sanders

AUGUST 31, 2020

On August 27, 2020, the Federal Housing Finance Agency announces it would extend the eviction moratoriums on single-family foreclosures and real estate owned (REO) properties from August 31, 2020 to December 31, 2020. Pritzker extended Executive Order 2020-25, which includes limits on garnishments and wage deductions.

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Troutman Sanders

NOVEMBER 7, 2023

The AG’s office alleged that the company used “deceptive methods” to solicit homeowners facing foreclosure and failed to provide the services they promised. Per the settlement agreement, the company allegedly sent mailers that offered foreclosure prevention services and access to “housing counselors,” but failed to deliver on its services.

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