By: Robert J. Nahoum THE PROBLEM: Since the beginning of the Corona-Economy, courts throughout New York state and all over the country have shutdown. In many ways debt collection, like so many other sectors of the economy, came to halt. The debt collectors did not stop trying to collect debts because the debts miraculously disappeared, they stopped because our world […]
5 Tips for Defending Debt Collection Lawsuits as the Courts Reopen
Corona-Economy Stimulus Money Coming on Debit Cards
In response to the Corona-Economy, the federal “CARES Act†authorizes payments up to $1,200 to eligible individuals and $2,400 for eligible couples, with an additional $500 for children under 17 years old. 4 million of those eligible to receive the stimulus money will receive it through pre-paid debt cards. The cards will arrive in a plain envelope from “Money Network […]
Status of NY Debt Collection Courts
New York Court’s are continuing to open. This week, we were notified that the New York State Supreme Courts would be reopening to new cases. The courts of lower jurisdiction, where most debt collection cases are filed, remained close. We will be keeping a close eye on whether the debt collectors will unload their backlog of new cases in the […]
What is a Merchant Cash Advance Agreement?
By: Robert J. Nahoum THE PROBLEM You are a small business owner. We are in the depths of the Corona-Economy and your business, along with the rest of the economy is crashing. You are desperate to keep things afloat and conclude you need quick business funding. You search the normal channels for raising capital, your bank and other trusted lending […]
False Student Loan Credit Reporting Under the CARES Act
Under the “Coronavirus Aid, Relief, and Economic Security Act†(CARES Act), qualifying federal student were automatically placed into “administrative forbearance.†Borrowers are not required to make payments through September 30, 2020. However, apparently some federal student loan servicers have been reporting borrowers in the administrative forbearance as delinquent to the credit reporting agencies. Federal law called the Fair Credit Reporting […]
HEROES Act and Milktoast Dems
House Democrats have water-downed a promising piece of Corona legislation. The Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act) – a $3 trillion piece of proposed legislation to inject cash and other relief into the economy originally included: $10,000 in across-the-board student loan forgiveness for federal student loan borrowers. $10,000 in private student loan forgiveness. A last-minute amendment […]
A New Pew Report Confirms the Horror of Debt Collection Lawsuits
By: Robert J. Nahoum Any reader of this blog knows I have been ringing the alarm on the threat and inequities of debt collection lawsuits for years. I and my consumer attorney colleagues are on the frontlines of this battle, day in and day out, on behalf of our clients, holding back the title wave of financial disruption debt collection […]
Behind the Scenes (Law Office Adaptation in the Age of Corona)
These are strange days indeed. The Coronavirus has compelled us all to adapt our lives in ways we could not have imagined just a few months ago.
How to Use Consumer Arbitration to Your Advantage
By: Robert J. Nahoum WHAT IS ARBITRATION? As technology advances, our lives have been made easier in many ways. There is no shortage of companies lining up to provide us with one sort of a service or another. Some we pay for like our cell phones, cable, internet and Netflix while others are free like Facebook, twitter and YouTube. One […]
Student Loan Forgiveness as a Corona-Economy Stimulus Strategy
Forgiving federal student loans is a smart, moral and effective means of blunting the economic devastation of the Corona-Economy. Currently, 44 million Americans have student loans totaling $1.6 trillion. In 2010, student loan debt in the United States was roughly $833 billion. Ten years later, that number has exploded to more than $1.6 trillion. Relieving working Americans from this burden […]