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

1099-C and Forgiveness of Debt: Another reason to be wary of debt settlement companies

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

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 …

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WNYC talks with a debt collector

Leave a Comment / Bankruptcy, Credit cards, Creditors, Debt, Scams / By Matt Leichter

Most New Yorkers’ interactions with a debt collector involve incessant calling, perhaps yelling and verbal abuse and in some cases threats and outright lying (which, for the record, is illegal). Today, however, NPR’s affiliate WNYC has a story where they actually talk to a young gentleman who works for a third-party debt collection company and …

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Small business owners: Watch out for debt relief scams like Corporate Turnaround

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

I’ve written posts here previously warning individuals about debt relief companies, which often are guilty of creating more debt and no relief. But recent trends indicate that small business owners also need to watch out for debt relief scams specifically aimed at small businesses. This post on CreditSlips.org by Professor Bob Lawless notes an increase …

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Credit card companies increase rates as holiday season approaches

Leave a Comment / Bankruptcy, Credit cards, Creditors, Debt, Scams / By Matt Leichter

Just in case you thought things weren’t bad enough, the credit card companies are stepping up to make sure you know that things can get worse according to a recent article in the Denver Post. As holiday season approaches, credit card companies have been raising rates (sometimes double or event triple the previous rate), increasing …

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Loan modification scams and U.S. Foreclosure Relief

Leave a Comment / Bankruptcy, Creditors, Debt, Foreclosure, Loan modification, Mortgage, Scams / By Matt Leichter

There’s a great recent post by Professor Katie Porter on the CreditSlips.org blog about loan modification scams. If you’ve read other posts on NYBankruptcyNet on the topic of loan modifications, hopefully you’re familiar with the basic gist: namely that any non-lawyer loan modification service (and unfortunately, some lawyer loan modification services) are almost always scams. …

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Wall Street Journal says “Beware of ‘Debt-Relief’ offers”

Leave a Comment / Bankruptcy, Chapter 7 Bankruptcy, Credit Counseling, Creditors, Debt, Scams / By Matt Leichter

I always try to warn people to avoid the empty promises of debt relief and debt settlement companies that require up-front fees and imply that you’ll only need to pay pennies on the dollar. Now, the Wall Street Journal is warning people as well in a recent article (“Beware of ‘Debt-Relief’ Offers“). The article notes …

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Debit cards, overdraft fees and involuntary loans

Leave a Comment / Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Scams / By Matt Leichter

The Center For Responsible Lending, a nonprofit and non-partisan research and policy organization focused on fighting abusive lending practices, is warning people to beware of recent changes banks have made to their debit card policies. Previously, if you attempted a transaction with your debit card and you did not have enough money in your account …

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Should I max out my credit cards before I file for bankruptcy?

Leave a Comment / Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit cards, Creditors, Debt, Scams / By Matt Leichter

Q: Since all of my debts will be discharged after I file for bankruptcy, should I go ahead and max out my credit cards before I file for bankruptcy in New York? A: NO. DO NOT RUN UP BIG CREDIT CARD BILLS BEFORE YOU FILE FOR BANKRUPTCY IN NEW YORK. If the bankruptcy judge believes …

Should I max out my credit cards before I file for bankruptcy? Read More »

Non-bank lenders and the Consumer Financial Protection Agency

Leave a Comment / Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit cards, Debt, Mortgage / By Matt Leichter

We hear a lot of terms that refer to players in the money lending industry. Banks, mortgage lenders, credit card companies, subprime lenders, mortgage brokers, etc. One distinction we don’t hear a lot about, though, is the one between banks and non-bank lenders. The difference is that banks are subject to much more regulation and …

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Dealing with debt collector harassment in New York

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

Recently in the news, New York Attorney General Andrew Cuomo filed a lawsuit to shut down a New York-based debt collection agency that has been blatantly harrassing people. If you live in New York and are being called by debt collection agencies at all hours of day and night or at work, or if you …

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