5 Tips for Defending Debt Collection Lawsuits as the Courts Reopen

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 […]

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 […]

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 […]

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 […]