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 »
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 …
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 »
One of the questions raised since Congress passed the Affordable Care Act (ACA) six years ago is whether decreasing uninsured rates would also reduce medical bankruptcy. One mechanism the ACA enacted was a requirement that states expand Medicaid, but the U.S. Supreme struck that down, leaving state governments with the choice of expanding the program …
Federal Reserve: Health Insurance Can Keep You Out of Bankruptcy Read More »
The title isn’t exactly what The New York Times‘ Dealbook blog post wrote about in December, but it’s the lesson one should draw from it. Debt collectors can use the courts to sue debtors, but when debtors sue back, collectors can hide behind arbitration clauses to make the suits go away. The Times characterized it …
NYT: Scrutinize Your Mail, Immune Debt Collectors Might Be Suing You Read More »
I recently wrote about stymieing debt collectors by controlling the personal information you give them. Saliently, a recent Consumer Financial Protection Bureau (CFPB) action demonstrates why debtors should be careful with what they tell creditors, especially online. The action, situated in California federal district court, concerns the behaviors of what are called “lead aggregators.” “Leads,” …
Congress has written a few laws to help protect debtors who fall behind on their bills from creditors. Aside from the Bankruptcy Code, there’s the Fair Debt Collection Practices Act (FDCPA) and the Telephone Consumer Protection Act (TCPA). The FDCPA regulates what debt collectors can say to debtors; the TCPA limits some of the tools …
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 …
New York Times Editorial on Debt Collectors Makes the Case for Cash Read More »
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