Debt collectors Archives - Page 5 of 6 - Bankruptcy Attorney in Brooklyn, New York

New York Ranks 37th for Share of Non-Mortgage Debt in Collections

Non-mortgage debt (like credit cards, auto loans, student loans, and other types) commonly leads to New York bankruptcy filings. As a result, it’s important to track information about Americans’ debt levels. In late July, the Urban Institute did just that by publishing a study that revealed some disturbing facts about Americans’ non-mortgage debt. A whopping …

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Seven Tips for Paying Down Credit Card Debt and Raising Credit Scores

Credit cards, Creditors, Debt / By Matt Leichter

File under non-bankruptcy options: What are some ways to pay down those credit card debts, stay out of New York bankruptcy, and possibly raise your credit score? Here are some answers: (1) Obtain your credit report. By federal law, you’re entitled to up to three free credit reports from the three credit reporting bureaus for …

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What Is a ‘Future Flow Agreement’ and Why Should I Care?

Credit cards, Creditors, Debt / By Matt Leichter

The term “future flow agreement” sounds like a complicated derivative product Wall Street cooked up. It probably is, but in practice it’s really just a mechanism for banks to make money when debtors file bankruptcy. That should sound weird because once a debt is discharged it can’t be collected. Normally such debts take up lines …

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How Government and Private Student Loan Creditors’ Collection Powers Differ

Debt / By Matt Leichter

The U.S. Department of Education (ED) monitors the default rate for federal student loans by calculating a three-year “cohort default rate,” which is the percentage of borrowers whose loans entered repayment within the last three years and are now well past delinquent status into default. Although the three-year cohort default rate is an improvement over …

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Debt collectors using pseudonyms in New York may be breaking the law

Leave a Comment / Bankruptcy, Debt, Scams / By Matt Leichter

The New York Times recently published an article about debt collectors who resort to using pseudonyms when calling debtors. They justify this behavior because they claim the debtors their agents call routinely threaten them with violence. The Times did manage to point out that the Federal Trade Commission reported that the number of complaints against …

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Collecting on discharged debts in New York is illegal

Leave a Comment / Bankruptcy, Debt, Scams / By Matt Leichter

As you can imagine, the light at the end of the New York bankruptcy tunnel is a discharge order from a bankruptcy judge. A discharge means that creditors cannot attempt to extract payments on these debts and must write them off themselves. It also means that you now have an opportunity to start over and …

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Auto-Dialed by a Collector in New York? Know Your Rights!

Leave a Comment / Bankruptcy, Debt, Scams / By Matt Leichter

Imagine you are sitting in your New York home enjoying dinner with your family. The phone rings. Mispronouncing your name, the person on the other end asks if you’re available. You ask who it is. The voice says he selling new decks and that you badly need a new one. You hang up the phone …

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Can creditors call you at work in New York? How to stop creditors from calling you

Leave a Comment / Bankruptcy, Creditors / By Matt Leichter

Can creditors call you at work in New York? Under the fair debt collection law (known as the Fair Debt Collection Practices Act), the answer is YES–UNLESS you tell them that you cannot take calls at work. And you can communicate this to a debt collector either orally or in written form. It is important …

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Automatic Stay Violation: How can you stop it?

Leave a Comment / Bankruptcy, Creditors / By Matt Leichter

Once you file for bankruptcy in New York (or anywhere else for that matter), you are protected by the automatic stay. In a nutshell, that means no creditors (including the IRS!) can take, or collect or even attempt to collect anything from you without the Bankruptcy Court’s permission. (FYI, if the Bankruptcy Court gives such …

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Stopping Wage Garnishment: A few things to be aware of

Leave a Comment / Bankruptcy, Debt / By Matt Leichter

Stopping wage garnishment is often the trigger that leads New Yorkers to seek out a New York bankruptcy attorney. If you were avoiding your financial problems before, the possibility of payroll garnishment forces you to wake up and figure out your next step. Below are several things to be aware of if you wish to …

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New York Ranks 37th for Share of Non-Mortgage Debt in Collections

Seven Tips for Paying Down Credit Card Debt and Raising Credit Scores

What Is a ‘Future Flow Agreement’ and Why Should I Care?

How Government and Private Student Loan Creditors’ Collection Powers Differ

Debt collectors using pseudonyms in New York may be breaking the law

Collecting on discharged debts in New York is illegal

Auto-Dialed by a Collector in New York? Know Your Rights!

Can creditors call you at work in New York? How to stop creditors from calling you

Automatic Stay Violation: How can you stop it?

Stopping Wage Garnishment: A few things to be aware of

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