Too often, debtors see grace periods offered by lenders as free benefits. “Grace” makes it sound so innocent. However, debtors who routinely rely on grace periods when making payments will find themselves facing financial difficulties that might lead to bankruptcy. The reason is that although creditors offer grace periods to debtors, they also use them …
A couple years ago, New York bankruptcy lawyers discovered debt collectors on social media. In that medium, they seek out debtors who have moved or changed their contact information. Even more recently, according to a NerdWallet article, it appears debt collectors are using other advances in communications technology to target borrowers while avoiding the Telephone …
Debt Collectors Adopting New Technologies to Target Borrowers Read More »
I’ve discussed before which chapter is best for a New York business bankruptcy. For a business that’s a separate legal entity from its owners, only chapter 7 and chapter 11 are available. Debtors who freelance or work as unincorporated general partners can use chapter 13 as well. Although chapter 11 makes the news when big …
Why File a Chapter 7 New York Business Bankruptcy? Read More »
New York bankruptcy debtors rarely worry about finding their creditors. In many cases, their creditors are exerting great efforts to find debtors and recover debts they owe—or just maintain the stream of payments. Although there are circumstances in which a creditor might not file a proof of claim, a different situation arises when the trustee’s …
Usually workers in bankruptcy cases are debtors, but when employers are in bankruptcy, then their employees can find themselves wearing creditors’ shoes. Frequently, the employers owe money to banks as well, which leads to conflicts between the workers and the banks over the company’s assets and revenue. Typically, the Bankruptcy Code’s system for prioritizing creditors’ …
U.S. Supreme Court Sides With Worker-Creditors in Jevic Read More »
It did not take long for the Internet to create new markets for consumers. It’s one of the Internet’s primary contributions to people’s lives. Like all new things, as it comes into contact with old laws, novel pitfalls emerge—like debt collectors on social media. Because people transact frequently via the World Wide Web, debtors sometimes …
Late last year I wrote about how delinquencies in the subprime auto loan market are rising because auto finance companies are targeting debtors with poorer credit. As borrowers fall behind on their payments, the number of repossessions grows. In the past, borrowers could rely on a few strategies to prevent a repossession of their vehicles. …
Lenders Tracking and Disabling Vehicles Before Default, Repossession Read More »
I recently wrote about research showing that race sometimes influences New York bankruptcy chapter choices, and lawyers might misdirect black clients to chapter 13 when chapter 7 would be more appropriate. A new study from the Pew Research Center offers insight as to why black (and Hispanic) borrowers struggle with debts, specifically mortgage debts. Pew …
Pew Study: Blacks, Hispanics Struggle in Mortgage Markets Read More »
About the same time as the U.S. Supreme Court chose to decide if the Fair Debt Collection Practices Act (FDCPA) covers bad-debt buyers, the Consumer Financial Protection Bureau (CFPB) issued a press release reporting on a survey of more than 2,000 consumers regarding their recent contacts with debt collectors. The survey is the first of …
CFPB Survey: 70 Million Americans Contacted by Debt Collectors Yearly Read More »
Federal law gives debtors two weapons against creditors, bankruptcy and the Fair Debt Collections Practices Act (FDCPA). The two do not always share an easy relationship, as evidenced by the upcoming U.S. Supreme Court case deciding whether chapter 13 debtors have FDCPA claims against creditors with stale debts, but generally where one law can’t protect …
U.S. Supreme Court to Decide If FDCPA Covers Bad-Debt Buyers Read More »
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