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 […]
Attempting to Collect Debt Discharged in Bankruptcy Is Illegal
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 (“CFPB”), 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 […]
CFPB Takes Action Against Debt Collection Mill Forster & Garbus to Halt Junk Debt Collection Lawsuits
By: Robert J. Nahoum The Federal Consumer Financial Protection Bureau (CFPB) brought a court proceeding against prolific debt collection mill Forster & Garbus alleging that the law firm illegally sued consumers on behalf of big national banks including Citibank and Discover, among others. In an announcement by the CFPB, it was reported that “If approved by the court, the proposed […]
NY Bans Medical Debt Judgment Liens and Wage Garnishments
By: Robert J. Nahoum On November 23, 2022, New York Gov. Kathy Hochul signed legislation banning and wage garnishments and home judgment liens in medical-debt collection cases. No one should face the threat of losing their home or falling into further debt after seeking medical care, Governor Hochul said. “I’m proud to sign legislation today that will end this harmful […]
Debt Buyer Absolute Resolutions Filed 784 New York Debt Collection Cases In 2021
By: Robert J. Nahoum Absolute Resolutions Investments, LLC is a “junk debt buyer”, buying up portfolios of old debt from banks, credit card companies, hospitals, doctors, cell phone companies and car companies for pennies on the dollar. According to the New York State Unified Court System, Absolute Resolutions filed 784 New York debt collection lawsuits in 2021. While Absolute Resolutions […]
Debt Collection Law Firm Mullooly Jeffrey Rooney & Flynn LLP Filed 6,569 NY Debt Collection Cases In 2021
By: Robert J. Nahoum Debt collection law-firm Mullooly Jeffrey Rooney & Flynn represents creditors and junk debt buyers in debt collection cases throughout New York. According to the New York State Unified Court System, Mullooly Jeffrey Rooney & Flynn filed 6,569 New York debt collection lawsuits in 2021. Drilling down on the numbers: 682 in the Bronx 1,298 in […]