By Robert J. Nahoum THE PROBLEM: You have just been notified by your bank that your account has been frozen by a debt collector who was awarded a judgment against you in a lawsuit on an old debt. You just got paid and you need that money to pay the rent, the utility, the groceries, your car payment, your […]
Can a Debt Collector Restrain My Entire Bank Account?
What’s The Difference Between A Loan Servicer And A Debt Collector?
By: Robert J. Nahoum Federal debt collection laws known as the Fair Debt Collection Practices Act (FDCPA for short) regulates the collection of consumer debts by third party debt collectors.  The FDCPA precludes debt collectors from using false, misleading, deceptive and harassing debt collection tactics. A “debt collector†is defined under the FDCPA as “any person who . . . […]
What To Do When a Debt Collector Freezes a Joint Bank Account
By: Robert J. Nahoum THE PROBLEM: In New York, the quickest way for a debt collector to collect on a judgment is with a frozen or “restrained†bank account. Often, a consumer doesn’t even know he or she has been sued in a debt collection lawsuit until a check bounces or the ATM doesn’t spit out any money. The problem […]
How To Ensure Debt Collection Lawyers Obey The Law
By: Robert J. Nahoum Federal debt collection laws known as the Fair Debt Collection Practices Act (FDCPA for short) regulates the collection of consumer debts by third party debt collectors.  The FDCPA precludes debt collectors from using false, misleading, deceptive and harassing debt collection tactics. A “debt collector†is defined under the FDCPA as “any person who . . . […]
NY Court System Adopts New Rules For Consumer Debt Collection Cases
By: Robert J. Nahoum New York Chief Judge Jonathan Lippman announced that new rules have been adopted to prevent the entry of unwarranted default judgments in the 100,000 plus debt collection cases filed yearly in New York state courts. According the Chief Administrator’s office, “the new rules reflect the most comprehensive effort by a court system nationally to ensure a […]
Treadmill of Lost Wages: New York Wage Garnishment and Judgment Interest
By: Robert J. Nahoum For debt collectors, being awarded a judgment in court is the easy part; enforcing the judgment and collecting the money poses a much greater challenge. There are a variety of tools available for enforcing judgment but the most prolific may be the wage garnishment. In a far reaching report produced by NPR and ProPublica, it was […]
Subsequent Debt Collectors Must Provide FDCPA Validation Notice
By:Â Robert J. Nahoum THE PROBLEM: The debt collection industry moves fast – a debt collector calling you today may be different from a debt collector that called you the previous week trying to collect the very same debt. Â How do you know who you are dealing with? THE RULE: Federal debt collection laws, known as the Fair Debt Collection […]