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 […]
Must an Auto Dealer Disclose a Vehicle’s History?
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 […]
New York Debt Collection Lawsuits Are on the Rise
By: Robert J. Nahoum New York has been experiencing an uptick in debt collection lawsuits in recent years. According to data from the New York State Unified Court System, there were approximately 83,000 debt collection cases filed in 2019, up from about 78,000 in 2018. This trend is expected to continue, especially given the economic impact of the COVID-19 pandemic […]
Developments in Medical Debt Collection to Help Consumers
By: Robert J. Nahoum Medical debt collection has become a hot topic in recent years, as healthcare costs continue to rise, and more people struggle to pay their medical bills. According to a study by the Consumer Financial Protection Bureau (“CFPBâ€), around 43 million Americans have medical debt on their credit reports, with the average amount owed being around $579. […]
Default in Consumer Debt is on the Rise in 2023
By: Robert J. Nahoum Consumer credit defaults have been on the rise in recent years, and this trend is causing concern among economists and policymakers. When individuals are unable to pay their debts, it not only affects their financial well-being but also has a ripple effect on the larger economy. One of the primary reasons for the rise in consumer […]
Consumer Credit Card Debt is on the Increase in 2023
By: Robert J. Nahoum Consumer credit card debt has been increasing at an alarming rate in recent years. According to the Federal Reserve, consumer credit card debt in the United States has increased by more than $70 billion since 2015, with the total amount of outstanding credit card debt now standing at over $1 trillion. I’ve seen this movie before […]