By: Robert J. Nahoum THE PROBLEM: Post Covid, rising inflation and a tricky jobs market have all left you behind on debt. Perhaps you lost your job during Covid and relied on your credit cards to get you through. Now rising inflation has made everything more expensive including your credit card bills and you just can’t catch up.  Most Google […]
Bankruptcy Is Not Always Your Only Way Out of Debt
Abrahamsen Gindin LLC Acquires Embattled Debt Collection Mill Forster & Garbus
By: Robert J. Nahoum Pennsylvania based creditors’ rights law firm Abrahamsen Gindin LLC is dipping its toe into the New York State debt collection market with the announcement of its purchase of embattled debt collection mill Forster & Garbus. The announcement comes on the heels of a settlement between the federal Consumer Financial Protection Bureau and Forster & Garbus in […]
The Current Status of Medical Debt Credit Reporting
By: Robert J. Nahoum On April 11, 2023, the three major credit reporting agencies, Equifax, Experian, and TransUnion, (the CRAs) announced that that medical debt with an initial reported balance of under $500 has been removed from U.S. consumer credit reports. Â This announcement comes after a 2020 file issued by the, the Consumer Financial Protection Bureau (CFPB) requiring credit reporting […]
New York State’s New 3-year Statute of Limitations on Consumer Debt
By: Robert J. Nahoum In New York State, there has been a recent change to the statute of limitations for consumer debt collection lawsuits. This change will have a significant impact on both consumers and debt collectors in the state. Prior to the change, the statute of limitations for consumer debt collection lawsuits in New York was up to six […]
How Signing An Auto Sales Contract May Allow an Auto Dealer to Get Away with Fraud
By: Robert J. Nahoum THE PROBLEM You’ve decided to take buy a new car. Like most people, you don’t have enough cash on hand to buy the car outright so you are planning to finance the purchase of your new car. You get to the dealership, find the car you want and negotiate a price. You step into the finance […]
Are Rideshare Cars Like Uber and Lyft Protected by the Truth in Lending Act?
By: Robert J. Nahoum THE PROBLEM You’ve decided to take the plunge and buy a new car to be used as a Rideshare like Uber and Lyft. Like most people, you don’t have enough cash on hand to buy the car outright so you are planning to finance the purchase of your new car. You get to the car dealership, […]
Must an Auto Dealer Disclose a Vehicle’s History?
By: Robert J. Nahoum If you’re shopping for a used car, you may be wondering whether a dealership is required to disclose if the car has been in an accident. The answer is, as with most things, it depends on the circumstances. Under New York law, dealerships may be required to disclose information about a car’s history if that information […]
Auto Loan Defaults and Repossessions Are on the Rise
By: Robert J. Nahoum The rising rate of auto loan defaults and repossessions has become a growing concern for in recent years. With the economic fallout from the COVID-19 pandemic and rapidly increasing rates of inflation, many consumers have been struggling to make ends meet, resulting in an increase in missed car payments and ultimately, vehicle repossessions. According to a […]
Notorious Debt Collector Portfolio Recovery Associates in Trouble Again with the CFPB
The infamous debt collector Portfolio Recovery Associates is reportedly settling claims brought by the Consumer Financial Protection Bureau for violating a settlement the debt collector reach with the CFPB 2015. According to the CFPB The Consumer Financial Protection Bureau (CFPB) took action today against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 […]
Attempting to Collect Debt Discharged in Bankruptcy Is Illegal
By: Robert J. Nahoum Debt collectors are known for their persistence when it comes to collecting debts. However, the Fair Debt Collection Practices Act (FDCPA) imposes certain restrictions on the methods used by debt collectors to collect debts. In particular, the FDCPA prohibits debt collectors from attempting to collect debts that have been discharged in bankruptcy. Bankruptcy is a legal […]