Credit card debt Archives - Page 6 of 11 - Bankruptcy Attorney in Brooklyn, New York

7 Ways Debtors Benefit From the 2016 Bankruptcy Dollar-Amount Adjustments

Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit cards, Debt, Exemptions, Means Test / By Matt Leichter

Step aside February 29th, April 1st is the real leap year for 2016. No, the calendar didn’t change; rather, the federal government will adjust the Bankruptcy Code’s dollar amounts to correspond with inflation, something it does once every three years. Specifically, section 104(a) lists all of the parts of the Bankruptcy Code containing dollar figures …

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Researchers Disagree Over Debt-Management Strategies

Bankruptcy, Credit cards, Debt / By Matt Leichter

It’s unusual for august publications like Scientific American to discuss why people might not manage debts as well as they should, particularly those who are otherwise good with numbers. Nevertheless, that’s exactly the question a guest blog post tackled recently: Debtors with multiple debts tend to focus on paying down the ones with the smallest …

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CFPB Showcases New York Consumers’ Financial Complaints

Credit cards, Creditors, Debt, Mortgage / By Matt Leichter

Each month the Consumer Financial Protection Bureau (CFPB) publishes a monthly report that explores consumers’ financial complaints, and it usually focuses on one region in the country. For January 2016, the agency chose New York State and the New York metro area, which the CFPB defines as the city along with several zip codes in …

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The Evidence Is In: The CARD Act Helped Consumers

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

In 2009, Congress passed the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). Its goal was to prevent banks from taking advantage of credit-card users with excessive fees (mainly over-limit fees and late fees) and other tactics. A few of its notable provisions include setting minimum payment deadlines to 21 days after bills are …

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3 Pros and 3 Cons of Stored-Value Cards

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

First came credit cards in the 1970s, then debit cards in the 1990s, and now there are what the financial industry refers to as “stored-value cards”: cards that function independently of a line of credit or a demand account. The cards’ balances are pre-funded, much like secured credit cards, which I wrote about here. Stored-value …

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New York Times Editorial on Debt Collectors Makes the Case for Cash

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

On November 17, The New York Times ran an editorial that rambled a little bit but ultimately reached the conclusion that state governments are much too lax when it comes to protecting the public from debt collection agencies. Debt collectors’ harassing—and occasionally illegal—behavior can force people into needless bankruptcy. Among some of the interesting points …

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When Your Debt Collector Is a Lawyer

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

Usually lawyers’ role in debt collection is to represent creditors or debtors. Rarely is the core of their business collecting debts. The big debt collection money comes from buying old debts from banks for a fraction of their value and hoping to recover enough of them to make the purchase worthwhile. It often is. For …

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Paying Debts With a Credit Card Before Bankruptcy Can Backfire

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

There are many debts that are not covered by a discharge order in New York bankruptcy, so it might be tempting to try to transfer one to a credit card and then file bankruptcy to get rid of it. This is a bad idea and it probably won’t work, especially for tax debts. Moreover, it …

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New York City to Ban Credit Checks for Job Candidates

Bankruptcy, Chapter 7 Bankruptcy, Credit cards, Creditors / By Matt Leichter

Credit scores were primarily invented to help lenders gauge debtors’ creditworthiness with a handy, neutral (hopefully) benchmark rather than relying on references or worse, insider dealings. It didn’t take long, however, for other parties to start using them, like landlords seeking reassurance that their tenants would pay rent on time. With employers, however, it’s different. …

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Government Investigating Zombie Debts on Credit Reports

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

A few months back, we had the problem of the fraudulent debt collector, but more recently The New York Times Dealbook blog gives us the menace of the bank that neglects to report debts canceled in New York bankruptcy as properly discharged to credit reporting bureaus. Apparently the U.S. Trustee’s office is so concerned that …

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7 Ways Debtors Benefit From the 2016 Bankruptcy Dollar-Amount Adjustments

Researchers Disagree Over Debt-Management Strategies

CFPB Showcases New York Consumers’ Financial Complaints

The Evidence Is In: The CARD Act Helped Consumers

3 Pros and 3 Cons of Stored-Value Cards

New York Times Editorial on Debt Collectors Makes the Case for Cash

When Your Debt Collector Is a Lawyer

Paying Debts With a Credit Card Before Bankruptcy Can Backfire

New York City to Ban Credit Checks for Job Candidates

Government Investigating Zombie Debts on Credit Reports

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