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 […]
What is a New York Transcript of Judgment?
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 […]
What is an FDCPA Venue Violation?
By: Robert J. Nahoum THE PROBLEM: Debt collectors usually sue consumers in the courts where the consumer lives. This is true because the law requires. However, from time-to-time, there are debt collection lawyers out there that file suits in locations other than where the consumer lives to suit its own needs. This is not allowed. The Rule: In legal jargon, […]
Are Pension Benefits Exempt From Debt Collection?
By: Robert J. Nahoum THE PROBLEM: After falling on hard times debt collectors have been after you, some have even sued. A judgment has now been entered against you. You are on a fixed budget and your only sources of income are social security and pension benefits? You’re now wondering if the debt collector levy on your pension to satisfy […]
What is a Deficiency Balance?
By: Robert J. Nahoum Secured debts are debts in which collateral (property) has been pledged as security for payment of the money lent. The two most common examples of secured debt are mortgages on home loans and title liens on car loans. In each case, if the consumer defaults on the loan, the bank can take the property and resell […]
The Federal Trade Commission Publishes Statements on the Debt Buying Industry Including a List of Banned Debt Collectors
By: Robert J. Nahoum In a blog post, the Federal Trade Commission published important statements about the debt buying industry and its efforts to self-regulate including a list of 75 debt buyers banned from participating in the debt collection industry.  Below is a reprint of the post prepared by Reilly Dolan, the FTC’s Associate Director, Division of Financial Practices . “Last year the FTC […]
The Ripple Effect of a Default Judgment
By: Robert J. Nahoum Debt collection lawyers’ bread and butter are default judgments because they are the quickest and easiest way to hang up consumers for old debts.  The fastest way to a default judgment is when the consumer fails answer the complaint. If you are unaware that you have been sued, the debt collector can have a default judgment […]