Sawin & Shea

AUGUST 24, 2020

Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.

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Sawin & Shea

MAY 26, 2021

This means each spouse is only responsible for their partner’s debt if they have voluntarily joined the debt, for example by co-signing on a loan. If you opt for Chapter 13, an automatic co-debtor stay prevents creditors from hassling either you or your spouse about shared debts. This is good news for Indiana residents.

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Debt Free Colorado

FEBRUARY 21, 2022

Consumer debts include credit card debts, vehicle loans, medical costs, and school loans. What can debtor collectors do to you under the FDCPA: Contact other people to find out where you live, your current telephone number, or where you work, but they can’t contact anyone more than once or tell anyone you owe a debt.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do? Automatic Stay Violations.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do? Automatic Stay Violations.

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Sawin & Shea

JUNE 7, 2023

Co-signers are beneficial for those seeking to obtain loans and credit cards. If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. Plus, being a co-signer can help a debtor build credit.

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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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Stevens Lloyd

SEPTEMBER 27, 2018

These include Writs of Execution, Bank levies, and Wage garnishments. The sheriff can essentially put a bank garnishment into effect from the debtor company’s bank or seize property. We recommend that your commercial collection attorney file with the court as soon as possible in order to effectively seize the debtor’s assets.

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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. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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Debt Free Colorado

DECEMBER 9, 2021

Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. Chapter 7 bankruptcy is appropriate for unsecured debtors. Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt.

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Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Common examples of secured debts include: Home loans Car loans Cash loans secured by other personal property Judicial Liens Tax Liens.

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Sawin & Shea

APRIL 3, 2024

Bankruptcy Code Section 525(a) states that: “…a governmental unit may not deny, revoke, suspend, or refuse a license, permit, charter, franchise, or other similar grant to…a person that is or has been a debtor under this title or a bankrupt or a debtor under the Bankruptcy Act.”

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Credit Corp

DECEMBER 14, 2020

Whether you have medical debt, credit card debt or unpaid student loans , getting calls or letters from debt collection companies can be frustrating. Judgments may give collectors additional collection powers, such as access to the money a debtor has in his or her bank account or the ability to garnish wages to collect the judgment.

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Sawin & Shea

SEPTEMBER 27, 2023

Chapter 7 is also known as liquidation bankruptcy because in exchange for receiving a discharge of most kinds of debts, the debtor has to give up non-exempt assets. Debtors have rights and protections under these laws to prevent harassment, false representations, or unfair practices by debt collectors.

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Sawin & Shea

JULY 20, 2022

Doctors, hospitals, shops, mail-order businesses, and occasionally banks and loan firms all use collection agencies. Since debtors usually do not show up to court, these cases usually result in wage garnishment. Businesses or individuals who collect debts on behalf of others are known as debt collectors. Unfairness.

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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. Student loans are also difficult but not impossible to discharge in bankruptcy.

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Sawin & Shea

MARCH 6, 2024

Understanding Debt Consolidation Debt consolidation is the process of taking out a brand-new loan and using the money to pay off other loans or debts. Pros & Cons of Debt Consolidation Debt consolidation can be great if you qualify for a loan with a low enough interest rate.

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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. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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Debt Free Colorado

MARCH 3, 2023

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. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time.

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Collections Law

APRIL 1, 2020

Collecting debts from debtors having assets in Massachusetts while you are in another state or a different country used to be difficult, even if you had a judgment against them. If you are in another state or country and have obtained a judgment against a Massachusetts debtor, or if your debtor has assets in Massachusetts, we can help.

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BN Lawyers

APRIL 30, 2019

Debtors who have filed for bankruptcy and received their Discharge often continue to receive collection letters and phone calls from their creditors. Some creditors even go so far as to sue on these discharged debts or garnish wages and bank accounts. Such actions may result in severe penalties, sanctions and damages.

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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. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.

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Credit Corp

MAY 3, 2023

Bankruptcy does have some benefits, such as potentially putting a stop to wage garnishments or foreclosures. Through the bankruptcy, the debtor restructures and then creates and implements a plan to pay back creditors. Priority and secured debts, such as taxes or auto loans, are paid in full. appeared first on Credit.com.

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Collection Industry News

JULY 20, 2020

The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. The group, which spent $780,000 lobbying federal officials last year, has worked to expand the industry’s ability to inundate debtors with robocalls and legal threats.

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Collection Industry News

MAY 9, 2023

One significant aspect of the enforcement process involves locating assets belonging to the judgment debtor. By identifying these assets, you can explore avenues for garnishment, liens, or other means of debt recovery. Search for records related to vehicles, such as cars, boats, or motorcycles, as well as any associated liens or loans.

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National Service Bureau

APRIL 6, 2015

Debt collection companies walk a fine line between business efficiency in their primary function (accounts receivable management), while at the same time needing to respect the fact that the debtor is a valuable client to the business for whom they are running collections. 5: Improper contact or sharing of information. Did you know that.

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National Service Bureau

AUGUST 19, 2015

There are those organizations who are licensed, professional, effective, and ethical, and then there are those who would take advantage of specialized knowledge or the opportunity to take money unlawfully from debtors. There are legal and common sense restrictions on the tactics that a collector or agency should use when contacting a debtor.

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Taurus Collect

JANUARY 24, 2023

For many debtors, their primary contact with collectors will be through phone conversations. During these conversations, collectors may attempt to pressure debtors into making payment arrangements or discuss options for settling the debt for less than what is owed.

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Credit Corp

MAY 1, 2024

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. When you have a bankruptcy on file, it’s more difficult to qualify for loans, credit cards and other types of credit. If you exempt an asset, the trustee doesn’t sell it.

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Collection Industry News

JUNE 1, 2023

The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts. These technologies enable debt collectors to automate repetitive tasks, streamline workflows, analyze data more effectively, and personalize communication with debtors.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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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. Pritzker signed Senate Bill 1792 (Illinois Predatory Loan Prevention Act) into law. For more information, click here.

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Consumer Financial Services Law

OCTOBER 16, 2017

By Zachary Dunn October 16, 2017 The FDCPA, through section 1692d(6), prohibits a debt collector from placing telephone calls to a debtor “without meaningful disclosure of the caller’s identity.” 11 2017), the debtor, Berry, defaulted on student loans he had taken out with the US Department of Education. LEXIS 164266 (D.

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Debt Free Colorado

DECEMBER 7, 2016

Lawsuits, garnishments, foreclosures, and other collections stop at this time. Take your Debtor Education Course – Within 45 days of the 341 Meeting. Debts Discharged – No sooner than 60 days after your 341 meeting, but not until the debtor education certificate is filed and court filing fees are paid.

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Sawin & Shea

MARCH 20, 2024

If you’re worried about garnishments, foreclosures , lawsuits, repossessions , or other consequences of your debt, connect with an experienced bankruptcy lawyer at Sawin & Shea as soon as possible. They typically answer questions from a debtor about back taxes, filing annual tax returns, and tax penalties they may owe.

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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. It works like this: You have a loan, credit card, or other debt. That could lead to wage garnishments or other issues.

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Consumer Financial Services Law

OCTOBER 25, 2017

Each business received a loan from Mercantile Bank Mortgage Company (“Mercantile”) through one loan officer, Pat Julien, in 2000 and 2006, respectively. Each loan was subsequently refinanced at least once through Julien. When Julien left Mercantile in 2006, the Guy’s accounts were transferred to a different loan officer.

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