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 […]
What to Do If You Have Been Sued by a Debt Collector in a New York Debt Collection Lawsuit
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 […]
Attempting to Collect Debt Discharged in Bankruptcy Is Illegal
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 […]
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 […]
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 […]
The Debt Hole on the Other Side of the Corona Economy
Working families are increasingly relying on credit cards to survive the corona-economy. The debt collectors are waiting on the other side.
- 15 U.S.C. §1692 et. seq.
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- debt collection
- Debt Collection Defense
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NCLC Resource – Protecting Against Creditor Seizure of Stimulus Checks
The consumer heroes at the National Consumer Law Center have issued the following resource to help consumer protect their corona stimulus checks from levy and seizure by heartless and unscrupulous debt collectors: “The CARES Act authorizes payments up to $1200 to individuals and $2400 for couples, with an additional $500 for children under 17 years old. The payments phase out […]
Debt Collectors Must Tell NY Consumers if the Debt a Too Old to Collect
By: Robert J. Nahoum THE PROBLEM: You are surprised to be receiving phone calls and letters from a debt collector; you thought you cleared up all your bad debts years ago. How can they still be contacting you on such old debts? The Rule: In New York, a debt collector must maintain reasonable procedures for determining the statute of limitations […]