Scams Archives - Page 3 of 7 - Bankruptcy Attorney in Brooklyn, New York

CFPB Reports on Homeowners’ Reverse Mortgage Complaints

Bankruptcy, Creditors, Debt, Foreclosure, Mortgage, Scams / By Matt Leichter

In discussing reverse mortgages and New York bankruptcy, I demurred on whether they “work as intended.” As a brief reintroduction, a reverse mortgage gives the homeowner equity payouts over time rather than the homeowner “purchasing” equity with monthly payments. The Consumer Financial Protection Bureau (CFPB) recently issued a report that addressed the effectiveness of reverse …

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Reverse Mortgages and New York Bankruptcy

Bankruptcy, Creditors, Debt, Foreclosure, Mortgage, Scams / By Matt Leichter

A reverse mortgage is when a homeowner who owns a property free of any other mortgages and is at least 62 years old borrows money against the home’s equity. It’s “reverse” in the sense that the home’s equity decreases as the money is paid out to the homeowner instead of rising with each mortgage payment. …

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Don’t Fall for Federal Student Loan Debt Relief Scams

Bankruptcy, Creditors, Debt, Scams / By Matt Leichter

Student loans are a serious and growing burden for American households, so it’s unsurprising that student loan scams are proliferating. Debtors who pay substantial sums to people fraudulently offering to help them with their federal student loans might be forced to file New York bankruptcy. The issue cropped up earlier this year when the attorney …

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How Do Loan Modification Scams Work?

Bankruptcy, Loan modification, Mortgage, Scams / By Matt Leichter

Most of the time, people in debt are warned about debt settlement or credit rehabilitation scams, both of which can cost force them to file New York bankruptcy. However, there are many other ways con artists try to get honest people, one of which is especially troublesome since the housing bubble burst several years ago: …

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New York Charges Payday Lenders for Violations

Bankruptcy, Creditors, Debt, Scams / By Matt Leichter

Payday loans are almost certain to send people into New York bankruptcy, and Manhattan’s district attorney’s office has taken notice, according to an article in The New York Times’ Dealbook section. State prosecutors allege they’ve tracked down the ringleader of a payday lending scheme that trapped New Yorkers in an unending cycle of debt. Apparently, …

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4 Ways to Sniff Out a ‘Petition Mill’

Bankruptcy, Debt, Foreclosure, Mortgage, Scams / By Matt Leichter

People in dire financial straits will often see New York bankruptcy as an unacceptable last resort. Instead, they may try to hire any number of outfits promising to help them get on top of their debts but instead charging high prices for little benefit, if any. One species of this kind of fraud—and it is …

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Don’t Fall for Student Loan Consolidation Scams

Debt, Scams / By Matt Leichter

Debt-settlement companies are frequently scams that can send people into New York bankruptcy. They’ve appeared on this blog before (here and here), but now it appears they’re moving from credit card and mortgage relief into a new territory: student loans. On Friday, July 18, Marketplace, a publication run by American Public Media, published an article …

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21st Century Scams That Can Send You Into New York Bankruptcy

Scams / By Matt Leichter

In times of economic weakness like these, losing money in a scam is likely to be much more damaging than in better days. Worse, financial insecurity makes people more vulnerable to fraud efforts. This blog has discussed mortgage scams, credit rehabilitation scams, and others. Most of these scams have been around for many years, but …

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8 Facts From the Bureau of Justice’s Identity Theft Report

Bankruptcy, Credit cards, Scams / By Matt Leichter

Identity theft can sometimes lead to New York bankruptcy because thieves can take out loans in your name or spend income you need to repay loans. In extreme cases, identity thieves can declare bankruptcy in your name, which can seriously impair your creditworthiness. But just how widespread is identity theft? According to a report issued …

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Stay Clear of Credit Rehabilitation Scams

Bankruptcy, Credit cards, Debt, Scams / By Matt Leichter

Most of the time when New York bankruptcy lawyers discuss scams, they’re worried about con artists taking debtors’ money and forcing them into bankruptcy. The most common one is debt settlement, which is discussed here. A less common but sometimes more problematic scam occurs post-bankruptcy: the “credit rehabilitation scam.” The point is to deceive people …

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