At about the same time the Federal Reserve Bank of New York discussed a study about how debtors prioritize debts when money is tight, another Federal Reserve branch, in Boston, published a paper asking whether unemployment leads to increased credit-card use. The short answer is a surprising no. It turns out that rather than run …
Study: People Stay Away From Credit Cards When Unemployed Read More »
When debtors have too few funds to pay too many debts, they don’t try to distribute their money among all their debts. Rather, they prioritize some debts over others. The insight, courtesy of a blog post at the Federal Reserve Bank of New York’s Web site, can help debtors and New York bankruptcy lawyers determine …
The Consumer Financial Protection Bureau (CFPB) and the New York Attorney General filed a complaint against a debt collection agency based in Buffalo, N.Y., for deceiving millions of consumers. (Surprisingly, many debt collectors make Buffalo their home.) Two men operated three companies, Northern Resolution Group, Enhanced Acquisitions, and Delray Capital, and up to 60 related …
CFPB and N.Y. Attorney General Go After Vast Debt Collection Scheme Read More »
Creditors sometimes characterize debtors as “judgment proof,” but what does this mean and why does it matter for debtors considering New York bankruptcy? As an answer to the first question, “judgment proof” isn’t a legal term; it’s made up by lenders. It means that even though the creditor has a judgment against a debtor, the …
A few months ago, I wrote about a study by the Federal Reserve Bank of New York on household debt and credit that found New York City homeowners struggle more than the national average. In late October, the New York Fed published a similar tool showing the country’s “community credit,” which is its relatively new …
New York Fed Sheds Light on New York’s ‘Community Credit’ Read More »
At the beginning of the year, I wrote about the merits of stored-value cards, and the role they can play in a New York bankruptcy. Stored-value cards are increasingly referred to as “prepaid cards” or “prepaid accounts.” They’re back in the news this month because the Consumer Financial Protection Bureau (CFPB) just issued new regulations …
Digital information is playing an increasingly important role in debtors’ lives and therefore in New York bankruptcy. For example, everyone knows about credit scores, but few know the relationship between credit scores and romance. Data analytics has even produced “bankruptcy risk scores” to help lenders estimate the likelihood that debtors will file bankruptcy. Even less …
At the beginning of this year, I wrote about the importance to debtors of scrutinizing their mail for lawsuit notices. According to a New York Times blog post, debt collectors were suing debtors, but when the debtors counter-sued, the creditors pointed to arbitration clauses in the original credit agreements, keeping debtors out of court. Many …
What Debt Collectors Must Say in Collection Letters Read More »
The Federal Reserve Bank of New York published a fascinating blog post about the 14 percent of U.S. households whose debts exceed their assets. Because a substantial proportion of New York bankruptcy cases involve net debtors, the post illuminates the segment of the country that most likely faces serious financial hardship. One of the chief …
Study: Net Debtors’ Financial Situations Differ Substantially Read More »
The Federal Reserve Bank of New York regularly produces interesting analyses of consumer credit, and recently it’s blogged about how patterns in consumer debt behavior have shifted for both younger and older demographics between 2003 and 2015. Its findings have some implications for economic growth, young student-loan borrowers specifically, and possible trends in New York …
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