By: Robert J. Nahoum An underwater car is a car loan where the owner owes more on the loan than the car is worth. This can happen for a number of reasons, such as: Buying a car little to no down payment. Taking out a long-term car loan. Rapid depreciation of the car. Damage to the car. Why is Being […]
What is an Underwater Car?
CFPB Issues Eye-Opening Report On The Use of High Cost Credit Cards to Pay for Medical Bills
The federal Consumer Financial Protection Bureau (CFPB) has issued an eye-opening report on the use of high cost credit cards to pay for medical and dental costs not covered by patients insurance. Here is what the CFPB had to say: WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical […]
Why a Debt Settlement Plan Will Not Resolve a New York Debt Collection Lawsuit
By: Robert J. Nahoum If you are facing a debt collection lawsuit in New York, you may be wondering if a debt settlement plan is a viable option. Unfortunately, the answer is no. Debt settlement plans are not effective in resolving debt collection lawsuits in New York. Here are some reasons why: Debt settlement plans generally require you to stop […]
The Law Offices of Robert J. Nahoum Settles Ancient Medical Debt Judgment For less Than Principle
By: Robert J. Nahoum Our client was recently notified that her bank account had been frozen. She was stunned to learn that a debt she thought had disappeared had not. In fact, that debt had been converted years earlier to a default judgment, had been collecting interest for years and ballooned from $750 to nearly $3,000.00. The debt came from […]
Tromberg, Morris & Poulin Agrees to Dismiss Debt Collection Lawsuit Due to Identity Theft
By: Robert J. Nahoum Our client was recently sued in the Supreme Court of the State of New York, Nassau County by the prolific debt collection law-fIrm Tromberg, Morris & Poulin, PLLC on behalf of its client the high-interest rate lender Sofi Lending Corp. Â The lawsuit led to the discovery that our client was the victim of widespread identity theft. […]
What To Do If You Are The Victim Of Identity Theft
By: Robert J. Nahoum Identity theft is a serious crime that can have a devastating impact on your financial and personal life. If you think you may be a victim of identity theft, it is important to take action immediately to protect yourself. Here are some steps you can take if you are the victim of identity theft: Place a […]
What to Do If You Have Been Sued by a Debt Collector in a New York Debt Collection Lawsuit
By: Robert J. Nahoum Being sued by a debt collector can be a stressful and overwhelming experience. If you are facing this situation, it is important to know your rights and what steps you need to take to protect yourself. What to do when you are served with a summons and complaint The first thing you should do if you […]
Bankruptcy Is Not Always Your Only Way Out of Debt
By: Robert J. Nahoum THE PROBLEM: Post Covid, rising inflation and a tricky jobs market have all left you behind on debt. Perhaps you lost your job during Covid and relied on your credit cards to get you through. Now rising inflation has made everything more expensive including your credit card bills and you just can’t catch up.  Most Google […]
Abrahamsen Gindin LLC Acquires Embattled Debt Collection Mill Forster & Garbus
By: Robert J. Nahoum Pennsylvania based creditors’ rights law firm Abrahamsen Gindin LLC is dipping its toe into the New York State debt collection market with the announcement of its purchase of embattled debt collection mill Forster & Garbus. The announcement comes on the heels of a settlement between the federal Consumer Financial Protection Bureau and Forster & Garbus in […]
The Current Status of Medical Debt Credit Reporting
By: Robert J. Nahoum On April 11, 2023, the three major credit reporting agencies, Equifax, Experian, and TransUnion, (the CRAs) announced that that medical debt with an initial reported balance of under $500 has been removed from U.S. consumer credit reports. Â This announcement comes after a 2020 file issued by the, the Consumer Financial Protection Bureau (CFPB) requiring credit reporting […]