By: Robert J. Nahoum A debt collector with a New York state court judgment has a powerful tool at its disposal to enforce the judgment and collect money from the judgment debtor called a restraining notice. A restraining notice is a judgment enforcement device that restrains anyone holding property of the judgment debtor from releasing that property. The most common […]
What is the New York Exempt Income Protection Act?
City of Yonkers Adopts New Debt Collection Requirements
By: Robert J. Nahoum The City of Yonkers has amended its Consumer Protection Code by adding new protections for consumers from whom a debt is being collected from a debt collection agency. The new rules expand the definition of the term “debt collection agency†to specifically include active and passive buyers of delinquent debts.  However, the definition also expressly excludes […]
Debt You Thought You Paid Off Through Debt Settlement
By: Robert J. Nahoum THE PROBLEM: I have written before about debt settlement and how it works. To be clear, I am no fan of debt settlement and think that it is generally a bad idea for any consumer. In my opinion, the better mechanism for dealing with debt is usually a chapter 7 bankruptcy. A common problem we see […]
What is a Limited Scope Engagement?
By: Robert J. Nahoum THE PROBLEM: You’ve been served was a summons and complaint or discovered that you have a default judgment entered against you. It’s a debt collector suing you on an old credit card or medical debt.  You’ve done your homework on the internet and realized that you can’t simply ignore the case as that will only make […]
Can Social Security Be Garnisheed?
By: Robert J. Nahoum THE PROBLEM You are retired or maybe you got hurt on the job and your only source of income is social security or other government benefits. You fell behind on bills and used the credit cards to make up the difference. You could no longer make the minimum payments and now the creditors have sued you. […]
What is A Judgment Lien on Real Property?
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 real property including your home. The lien on real property is a passive method for enforcing the judgment meaning that the only […]
Can You Have Your Wages Be Garnisheed by More Than one Judgment Creditor at a Time?
By: Robert J. Nahoum THE PROBLEM The economy has been rough for so many working people. Like many others you relied on credit cards to make ends meet between jobs. Now that you’re working again, you’re trying to pick up the pieces. The credit card companies don’t care what your story is, they don’t care how you got where you […]
Who Are the Parties to a Debt Collection Lawsuit?
By: Robert J. Nahoum Being sued for a debt is stressful enough. The process is made even more stressful when it is unclear who all the various parties to a debt collection lawsuit are. THE PLAINTIFF In every lawsuit, the party who brings the suit is called the “Plaintiffâ€. The Plaintiff in a debt collection lawsuit is either the party […]
What is a Stipulation in a New York Debt Collection Case?
By: Robert J. Nahoum The Problem: You have been sued by a debt collector and have come to terms on a settlement but the debt collector wants you to sign something called a “stipulationâ€. What is a stipulation in a New York Debt Collection Case? The Rules: Under most circumstances, the procedural rules in a New York debt collection lawsuit […]
NY Dept. of Financial Services Issues Guidance on New Debt Collection Regulations
By: Robert J. Nahoum As part of the roll out of the new New York debt collection laws, the New York Department of Financial Services has issued guidance through a “Frequently Asked Questions†page on its website. The FAQs clarifies the extent of the regulations and debt collectors’ responsibilities. The FAQ states that: “Does 23 NYCRR 1 apply to the […]