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 scam is debt settlement. A less common but sometimes more problematic scam occurs post-bankruptcy: the “credit rehabilitation scam.” The point is to deceive people into promising to repay …
Debtors usually point to two reasons for not hiring an experienced Brooklyn bankruptcy lawyer before filing a chapter 7 case: affordability and necessity. Obviously, many people who owe significant debts frequently lack the money for a bankruptcy attorney. (As an aside, there are options for debtors who are too poor for bankruptcy filing fees.) The …
Why Hire an Experienced Chapter 7 Brooklyn Bankruptcy Lawyer Read More »
An experienced New York bankruptcy lawyer should be able to answer every bankruptcy question imaginable. This includes the kind that are based on misconceptions about what bankruptcy is or how it works. One such question that sometimes comes up is, “Will I win my bankruptcy case?” Today, I’ll address that one. Bankruptcy cases aren’t won …
Bankruptcy Misconception: ‘Will I Win My Bankruptcy Case?’ Read More »
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 …
Don’t Fall for Federal Student Loan Debt Relief Scams Read More »
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 …
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 …
When New Yorkers have more credit card debt than they can cope with, they sometimes turn to debt-settlement companies, hoping to stay out of bankruptcy. Usually the agreement with the company involves debtors redirecting payments meant for creditors to the debt-settlement company until it can reach an agreement with the debtors’ creditors. The snag: It’s …
CFPB Consent Order One More Reason to Stay Away From Debt Settlement Read More »
New Yorkers in search of debt relief often seek out debt settlement companies. As I’ve mentioned in previous posts, debt settlement companies should really be avoided and are not to be trusted. That said, the Federal Trade Commission (FTC) recently issued new rules intended to protect consumers from debt settlement companies. So in the event …
New FTC Rules on Debt Settlement Companies: What you should know Read More »
If you listen to the collections industry, credit card companies have started employing a lighter touch when it comes to debt collection. An article on CollectionsAndCreditRisk.com says that this strategy is an attempt by the credit card industry to mitigate its losses. However, based on everything I hear from my clients, such genteel behavior by …
Credit Card Debt Collectors: Honey? Or more vinegar? Read More »
I’ve previously warned against working with debt settlement companies on the basis that many of them are scams and just take advantage of people. However, here’s one more reason to be wary of debt settlement companies: 1099-C…. the tax document you receive signifying income when a debt is forgiven. If you negotiate a settlement so …
1099-C and Forgiveness of Debt: Another reason to be wary of debt settlement companies Read More »
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