By: Robert J. Nahoum Federal debt collection laws, known as the Fair Debt Collection Practices Act (FDCPA for short), regulates the conduct of third party debt collectors. The FDCPA generally prohibits debt collectors from using abusive debt collection tactics that are false, misleading and harassing. If a debt collector violates the FDCPA, you can sue for statutory damages up to […]
Does the FDCPA Cover Personal Guarantees of Business Debt?
What is “Account Stated” in a Debt Collection Lawsuit?
By: Robert J. Nahoum THE PROBLEM Anyone who has been sued for an old debt will tell you that the process can be terribly confusing. The court papers used by the debt collectors are filled with legal jargon that makes little if any sense to non-lawyers. Debt collectors are always – 100% percent of the time – represented by attorneys […]
What is a New York Transcript of Judgment?
By: Robert J. Nahoum If you’ve been sued and a debt collector and a judgment has been against you, that judgment allows the debt collector to garnishee wages , freeze your bank accounts and levy on your non-exempt property including your home or other real property. In New York, the lien on real property is a passive method for enforcing […]
Your Court Settlement is in the Reach of Creditors
By: Robert J. Nahoum If you are broke, out of work, on social security, disability or unemployment and you have no non-exempt assets then you are what is called “judgment proofâ€. That means that there simply is nothing a debt collector can take from you – you can’t get blood from a stone. For this reason, many judgment proof consumers […]
What is Mediation in a Debt Collection Lawsuit?
By: Robert J. Nahoum THE PROBLEM You have been sued by a debt collector and timely answered the lawsuit. You’ve received notice that you need to appear in court for mediation? What is mediation, what can you do to prepare and what should you expect? THE RULES In an effort to move debt collection cases through the extraordinarily overburdened court […]
5 Careless Credit Mistakes Millennials Make
By: Robert J. Nahoum In a recent survey 30% of millennials said they would sell a body part to pay off student debt. The absurdity of this statement certainly highlights the tremendous attention given to the student debt crisis facing millennials. Weighed down by hefty student debt, any hopes millennials have of ever buying a home, getting a car loan, […]
Midland Funding and Portfolio Recovery Settle Wrongful Debt Collection Claims With the CFPB
By: Robert J. Nahoum THE PROBLEM: On September 9, 2015, government watchdog the Consumer Financial Protection Bureau announced that it had reached a settlement with infamous debt buyers Midland Funding and Portfolio Recovery over illegal debt collection practices. According to a statement released by the CFPB: “Today the Consumer Financial Protection Bureau (CFPB) took action against the nation’s two largest […]