FFGN COLLECT NY

JANUARY 10, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. Over 700,000 New Yorkers have medical debt.

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Sawin & Shea

NOVEMBER 15, 2023

In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something.

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Collection Industry News

MARCH 17, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. Over 700,000 New Yorkers have medical debt.

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Garnishment Collections Debt collector Student loans 40

Debt Free Colorado

DECEMBER 9, 2021

Chapter 7 bankruptcy is appropriate for unsecured debtors. Complete protection from creditors – This includes wage garnishment and debt collection. The lender protects the borrower against foreclosure. A mortgage or car loan secures the lender’s interest in your house. Disadvantages of Chapter 7 Bankruptcy.

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Debt Free Colorado

MARCH 10, 2021

UpRight’s delay resulted in a creditor garnishing more than $6,000 of the debtor’s wages. In the other case, UpRight obtained payment of its attorney’s fees by advising the debtors to participate in an improper scheme whereby they surrendered their vehicle to an out-of-state towing company.

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Sawin & Shea

MARCH 6, 2024

You still owe everything you owed before– you just have a new lender to repay. We regularly see people who have lost time, money, and points on their credit score only to get sued and be faced with garnishments while in these programs. However, it’s important to remember that this does not eliminate debt.

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Taurus Collect

MARCH 5, 2024

Creditors may take legal action to recover the debt, which might result in wage garnishment or a lien against your property. Persistent Contact: Debt collectors may contact debtors through phone calls, emails, letters, or even personal visits. Legal Actions: Ignoring debt collectors can potentially lead to lawsuits.

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Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed.

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Collection Industry News

JULY 20, 2020

Sherrod Brown, D-Ohio, has sponsored legislation that prevents debt collectors from engaging in a variety of practices, such as disconnecting utility services or garnishing wages, until 120 days after a major disaster or emergency such as the current coronavirus crisis. All of this has the industry deeply concerned.

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Collection Industry News

JUNE 1, 2023

This presents a substantial opportunity for debt collection agencies to assist lenders in recovering unpaid debts and managing default risks. These technologies enable debt collectors to automate repetitive tasks, streamline workflows, analyze data more effectively, and personalize communication with debtors.

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Debt Free Colorado

MARCH 3, 2023

For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment.

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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. Bankruptcy law was created to give debtors a true fresh start and pathway to rebuilding wealth.

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Credit Corp

AUGUST 31, 2021

Judgments may give collectors additional collection powers, such as access to the money a debtor has in their bank account or the ability to garnish wages to collect the judgment. If the debt was sold by the original lender at 6 years, and you made a payment with the new debt buyer, it could restart the clock.

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Troutman Sanders

MARCH 29, 2021

On March 25, Senators Chris Van Hollen and Sherrod Brown, along with Representative Chuy Garcia, announced legislation to repeal the Office of the Comptroller of the Currency’s True Lender Rule through the use of the Congressional Review Act. For more information, click here. On March 22, Washington D.C.

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Debt RR

DECEMBER 13, 2019

There are two other conditions that must be met for a creditor to serve papers on a debtor. The ability to sue a debtor depends on the whether they have a registered address in the court’s geographic jurisdiction. It was found some mortgage lenders used a process dubbed “ robo-signing” to falsify many county records.

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Better Credit Blog

AUGUST 31, 2020

The Fair Debt Collection Practices Act is the federal law that sets rules for how debt collectors can contact debtors, protecting consumers from unethical or inaccurate collection attempts. Threatening to garnish wages without a court order. How The FDCPA Protects You. What Is the Fair Debt Collection Practices Act (FDCPA)?

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Better Credit Blog

AUGUST 31, 2020

Debt collectors either purchase debts at a discount from lenders and service providers, or they work for the company to collect the debt, earning a percentage of the payment. In some states, they may try to garnish your wages. This act restricts debt collectors from overstepping and harassing debtors.

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Debt collector Collections Agency Collection Agencies Third-party Debt Collectors 52

FDCPA Defense

FEBRUARY 3, 2019

1992) (emphasis added, citation and quotation marks omitted) (personal loan from friend used to start software business not a “debt” under the Act: “Neither the lender's motives nor the fashion in which the loan is memorialized are dispositive of this inquiry.”). 2012) (intent of debtor at time of purchase controls). System, Inc.,

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Credit Corp

MAY 1, 2024

Debt forgiveness is when a lender reduces or eliminates the amount you owe. Chapter 13 is for debtors who don’t meet the requirements to qualify for Chapter 7 relief. Bankruptcy also allows you to avoid wage garnishment in the future. Here’s what you need to know about this option for managing your finances.

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Taurus Collect

JANUARY 23, 2023

Lastly, creditors may be more willing to negotiate payment plans and lower interest rates during tax season due to increased competition among lenders and increased consumer confidence levels. If approved, any funds remaining after offset notices are taken out will be sent directly to the qualifying debtor.

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Better Credit Blog

AUGUST 17, 2020

That’s because Cavalry isn’t actually a lender or service provider. Instead, it’s an agency that purchases debts from companies, for pennies on the dollar, then collects payments from debtors. If a debt collector attempts to garnish your wages or bring a lawsuit against you, they’ll have your back, too.

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Debt collector Fair Debt Collection Collections Agency Collection Agencies 52

Debt Free Colorado

DECEMBER 23, 2024

This means the lender can take no property, like a house or car if you do not pay. Instead, lenders rely on your promise to pay back the money. To qualify for Chapter 7 bankruptcy, debtors must pass a means test that compares their income to their state’s median income. What is Unsecured Debt?

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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

OCTOBER 26, 2020

Notices of foreclosure will only be accepted if the lender or servicer certifies that they notified the borrower of their right to request a forbearance. For more information, click here. On October 16, the Virginia General Assembly voted to amend VA Code § 8.01-512.4

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Troutman Sanders

JUNE 22, 2021

On June 14, the CFPB released a report analyzing the differences in lending patterns for lenders below and above the 100-loan, closed-end threshold set by the 2020 Home Mortgage Disclosure Act (HDMA). While the CFPB’s analysis is preliminary, the report shows some differences in lending patterns for lenders above and below the threshold.

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