Direct Recovery

JUNE 24, 2020

Like many other consumer-focused states, California has put a number of different protections in place that forbid debt collectors from garnishing those valuable stimulus checks. The Judgment Factor. However, if there is no judgment in place, a commercial debt collector has no legal right to collect any portion of the stimulus check.

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Stevens Lloyd

DECEMBER 13, 2018

You have initiated a lawsuit and won a Default Judgment against the debtor. Judgments are worthless unless you can locate and garnish the debtor’s assets, however. Extracting money from judgments necessitates obtaining significant information about the debtor as it relates to their assets.

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Debt RR

AUGUST 3, 2020

This unpaid debt can lead to a serious problem for businesses: garnishment. Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts.

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FFGN COLLECT NY

AUGUST 11, 2021

If you have a judgment against a person who owes you a sizeable debt and had little success enforcing the judgment through traditional means, alternative options might afford better results. How to Enforce a Judgment Through Estate Distribution. How to Enforce a Judgment Through Estate Distribution.

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Collection Industry News

MAY 9, 2023

Introduction: When you’ve obtained a judgment in your favor, the next crucial step is enforcing it and recovering the owed amount. One significant aspect of the enforcement process involves locating assets belonging to the judgment debtor. Look for records of bank accounts, investments, stocks, or other valuable assets.

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FFGN COLLECT NY

JUNE 24, 2022

Aside from judgments from family court, New York currently allows all judgment creditors the same opportunities to enforce their judgments. The remedies available differ based on whether the judgment is entered against a natural person, an individual, or a corporation. That is until now. Lien on Property.

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Nexa Collect

MARCH 12, 2021

The CFPB has the authority to stretch its long arm as far as the most remote corner of the United States and its territories in order to supervise and audit local banks, credit unions, payday lenders, debt collection agencies, and more. All that being said, in Puerto Rico interest is allowed on money judgments, at a rate of 6%.

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Nexa Collect

JANUARY 19, 2022

If the debtor is not traceable or unresponsive, a collection agency can file a lawsuit and if you do not respond in the court on time, it can result in a default judgment against you. Repercussions can include wage garnishment, frozen bank account and other assets. Not every case lands in court.

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Troutman Sanders

AUGUST 29, 2023

In 2007, the new creditor commenced an action to recover the debt and obtained a default judgment against the plaintiff. The plaintiff claimed that because the summons and complaint had been mailed to an old address, he had no knowledge of the action or the default judgment. The plaintiff never repaid the garnished money.

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Collections Law

NOVEMBER 6, 2019

Cohen LLC , we fight to get your business paid on your judgment debt as well as for the services and materials you have provided for which debtors have failed to pay in a timely manner. Ex Parte Bank Attachments. Your debtor may use multiple bank accounts, so it is useful for you to keep copies of all checks received.

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Collections Law

NOVEMBER 9, 2020

Like nearly every other state as of 2020, Massachusetts finally adopted the Uniform Enforcement of Foreign Judgments Act, allowing out-of-state judgments to be domesticated by Massachusetts attorneys. How We Can File Foreign Judgments for Domestication By Registration. Cohen LLC has experience with. Registration vs. Litigation.

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Collections Law

APRIL 1, 2020

Collecting debts from debtors having assets in Massachusetts while you are in another state or a different country used to be difficult, even if you had a judgment against them. Massachusetts was among the few states that had not adopted the Uniform Enforcement of Foreign Judgment Act. Not Just Domestication — Enforcement, Too.

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Collections Law

NOVEMBER 9, 2020

Like nearly every other state as of 2020, Massachusetts finally adopted the Uniform Enforcement of Foreign Judgments Act, allowing out-of-state judgments to be domesticated by Massachusetts attorneys. We file your judgment with the court clerk, who will then give notice to your debtor. Cohen LLC has experience with.

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FFGN COLLECT NY

NOVEMBER 30, 2022

In 2021, the allowable legal rate of interest that could be imputed on a consumer debt and added to a potential judgment against a consumer debtor was reduced from 9% to 2%. Creditors collecting debt in New York are allowed to restrain monies from a third party to satisfy the judgment entered.

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The Kaplan Group

AUGUST 6, 2020

You can then deal with the court ordered judgment collection process at a later date. You should know that once a judgment is issued the creditor can get a lien. We can also garnish payments from the debtors’ customers and garnish their credit card and Paypal accounts.

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Public Citizen

OCTOBER 29, 2020

A new state survey from the National Consumer Law Center finds that not one jurisdiction’s laws meet basic standards so that debtors can continue to work productively to support themselves and their families. Puerto Rico, and the Virgin Islands that protect wages, assets in a bank account, and property from seizure by creditors.

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Stevens Lloyd

SEPTEMBER 27, 2018

These include Writs of Execution, Bank levies, and Wage garnishments. A writ of execution (otherwise called an execution) is a court order used to put a judgment of ownership into power after it’s obtained by the offense from a higher court. Bank Levies. What is a Writ of Execution. Obtaining a Writ of Execution.

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The Kaplan Group

OCTOBER 19, 2020

You can learn more about FDCPA in our advice to consumer debtors. A judgment is the official result of a lawsuit in court. In debt collection lawsuits, the judge may award the creditor a judgment against you. Garnishment. Garnishments generally require a court order. Default Provisions. Statute of Limitations.

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Collections Law

OCTOBER 5, 2020

When faced with this dilemma, don’t further waste your time and efforts chasing your debtor, spend your time making money and leave your bad debt recovery to the experienced and aggressive collections attorneys at the Law Offices of Alan M. Cohen LLC utilize aggressive, effective, and ethical practices to get the most out of your debtors.

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Sawin & Shea

SEPTEMBER 27, 2023

Chapter 7 is also known as liquidation bankruptcy because in exchange for receiving a discharge of most kinds of debts, the debtor has to give up non-exempt assets. In some cases, debt collectors may take legal action by filing a lawsuit against you to obtain a court judgment. The Court can sell all nonexempt possessions and assets.

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Collection Industry News

JUNE 1, 2023

These technologies enable debt collectors to automate repetitive tasks, streamline workflows, analyze data more effectively, and personalize communication with debtors. Analyzing vast amounts of data allows agencies to identify trends, assess debtor creditworthiness, and predict repayment probabilities.

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Collections Law

MAY 7, 2020

When we win your case, collecting the judgment may be made easier if monies were previously frozen by way of an ex parte bank or trustee attachment. The ex parte bank attachment is also a powerful tool our collections lawyers use to collect post judgment. The second is through what is called a special attachment motion.

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Collections Law

JULY 29, 2021

The initial step to commercial debt collection is long before you send your debtor to collection. A solid paper trail helps your chances of having our collections lawyers persuade your debtor to pay, It also improves your chance at winning at trial. The first step is exclusively in your hands. Rather, we immediately cut to the chase.

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Debt RR

AUGUST 3, 2020

Routine phone calls: Demand letters are a formal process that gives debt collectors leverage if they have to sue for the balance owed, but phone calls are the most common way commercial debt collection agencies will use to try to communicate with debtors. This could lead to bank account garnishment.

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Collections Law

JULY 1, 2020

You’ve tried everything in your power, but the debtor doesn’t respond or keeps making excuses to buy more time. A debtor who is unwilling to pay has to be pursued much more aggressively, and our diligent debt collection attorneys have the skills and knowledge to make this happen. Why Hire a Collections Attorney?

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Burr Forman

DECEMBER 4, 2020

California – On March 17, 2020, Child Support Services stopped automatically placing bank levies for overdue child support during the COVID-19 crisis. Legislation enacted in 2019, which prevents debt collectors from seizing certain amounts from a consumer’s bank account, went into effect on September 1, 2020.

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Troutman Sanders

MAY 23, 2023

Notably, Chairman McHenry’s proposal would preserve the current dual banking system model and delegate “supervisory, examination, and enforcement authority” of “state qualified stablecoin payment issuers” to “state payment stablecoin regulators.” For more information, click here. On May 15, during an interview with Financial Times , U.S.

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Collection Industry News

OCTOBER 6, 2020

The company is currently not seeking new orders to seize debtors’ wages or bank account funds, she said. The company said it had stopped seeking orders to garnish bank accounts. To earn a profit on that investment, Encore and other debt buyers pursue debtors in near perpetuity. It is, however, seizing wages.

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Credit Corp

DECEMBER 14, 2020

If you have debt on your credit reports or are getting calls from a collection agency, you might wonder how long a debtor can try to collect these debts—and how long it can affect your credit score. The only scenario where an old collection account can affect your credit is if you are sued and the collector gets a judgment against you.

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Debt Free Colorado

FEBRUARY 21, 2022

What can debtor collectors do to you under the FDCPA: Contact other people to find out where you live, your current telephone number, or where you work, but they can’t contact anyone more than once or tell anyone you owe a debt. Under the UCCC, consumers can take legal action against debtors. Repeatedly call you.

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Sawin & Shea

JANUARY 25, 2022

Instead, when a debtor fails to pay, the lender must first file a lawsuit in order to collect what is owed. If an agreement cannot be reached between the debtor and the debt collector, the lender will likely file a lawsuit against you. With unsecured debt, there is no lien or security interest agreed upon.

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Credit Corp

MAY 1, 2024

If possible, mail a money order so the creditor can’t access your bank account information. Chapter 13 is for debtors who don’t meet the requirements to qualify for Chapter 7 relief. Bankruptcy also allows you to avoid wage garnishment in the future. Pay the agreed-upon amount. Once a debt is discharged , it’s gone forever.

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Collection Industry News

JULY 20, 2020

Sherrod Brown, D-Ohio, has sponsored legislation that prevents debt collectors from engaging in a variety of practices, such as disconnecting utility services or garnishing wages, until 120 days after a major disaster or emergency such as the current coronavirus crisis. All of this has the industry deeply concerned.

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Stevens Lloyd

JULY 30, 2018

Moreover, the legal system in America can favor the debtors in certain situations. When collection agencies are unable to effect collections on a voluntary basis from the debtors, they may recommend that legal action take place. We will effectuate an asset and liability investigation on the debtor company.

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Credit Corp

AUGUST 31, 2021

But they also know that most borrowers who are sued for old debts won’t show up in court, and the judge will issue a default judgment. If your debt is past the statute of limitations at this point, you can re-open the default judgment and ask the judge to vacate it because it is time-barred. Always respond to legal summons.

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Troutman Sanders

OCTOBER 26, 2020

The current recordkeeping and travel regulations of the Bank Secrecy Act mandate that banks collect, retain, and transmit information on fund transfers of more than $3,000 occurring outside the U.S. The legislation would benefit banks and credit unions with assets under $15 billion. For more information, click here.

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Consumer Financial Services Law

OCTOBER 25, 2017

By Zachary Dunn October 25, 2017 An unpublished opinion from the Sixth Circuit provides a useful application of the statute of limitations to bar a debtor’s claims under the Equal Credit Opportunity Act, 15 U.S.C. Mercantile Bank Mortg. 1691e (“ECOA”). LEXIS 19329 (6th Cir.

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