Collections Law

JANUARY 13, 2023

It is extremely frustrating to discover that your debtor owes other people a lot of money. The more debt they have out there, the smaller the slice each creditor can get, right? If your debtor hasn’t declared bankruptcy, there are several ways we can use to try to get you paid, even if you don’t have collateral or a court judgment yet.

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Nexa Collect

MARCH 12, 2021

No collection agency is allowed to add collection fees onto the debtor’s outstanding balance even when the agency incurred those charges while doing business related to that debtor (10 P.R. 981p (12)). All that being said, in Puerto Rico interest is allowed on money judgments, at a rate of 6%. of the inhabitants unemployed.

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Jimerson Firm

NOVEMBER 8, 2023

Judgment creditors are often faced with the question of how to collect an out-of-state judgment (also commonly referred to as a foreign judgment) in Florida. Once the foreign judgment is domesticated, the judgment creditor may pursue post-judgment collections efforts in Florida. An affidavit to domesticate the foreign judgment.

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Nexa Collect

APRIL 27, 2021

Simple Answer: Once the bad debt entry hits the credit report, the fear in the debtor’s mind is gone. You just used the most effective tool in debt recovery before giving enough time to the debtor to settle your unpaid bills. The debtor thinks “ What worse can happen? The fear in the debtor’s mind is gone.

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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. Can Debt Collectors Garnish Bank Accounts in Texas?

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FFGN COLLECT NY

AUGUST 12, 2021

When the usual steps, such as levying the debtor’s bank account and garnishing the debtor’s wages, result in little success recovering monies owed, the judgment may seem uncollectible. However, if the debtor is a beneficiary of a deceased New Yorker’s estate, you may be able to enforce the judgment through estate distribution.

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Sawin & Shea

DECEMBER 21, 2023

For debtors, the automatic stay provides critical breathing room to address financial issues under bankruptcy court protection. It is one of the fundamental debtor protections under the Automatic Stay in the Bankruptcy Code. At the moment of filing, creditors receive legal notice to halt collection activities.

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Collections Law

JULY 6, 2021

Cohen LLC, you will find that the process of domesticating and enforcing foreign judgments against your debtors is a much more straightforward process than one would typically expect. For out-of-state creditors, the commercial litigation collections lawyers at Law Offices of Alan M. Filing of Judgments.

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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. So now what ?

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FFGN COLLECT NY

AUGUST 11, 2021

When the usual steps, such as levying the debtor’s bank account and garnishing the debtor’s wages, result in little success recovering monies owed , the judgment may seem uncollectible. Once satisfied, funds may be distributed to the judgment debtor. How to Enforce a Judgment Through Estate Distribution.

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Troutman Sanders

AUGUST 29, 2023

Palisades Acquisition XVI, LLC , the plaintiff incurred a credit card debt, which was later assigned to a new creditor. In 2007, the new creditor commenced an action to recover the debt and obtained a default judgment against the plaintiff. The plaintiff never repaid the garnished money. In McCrobie v. The defendants objected.

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Troutman Sanders

FEBRUARY 7, 2023

At a high level, section 547(b) of the Bankruptcy Code allows a bankruptcy trustee to avoid, as preferences, many transfers made by the debtor within 90 days before the filing of the bankruptcy petition. However, the actual garnishment of the debtor’s wages (approximately $3,700) occurred within 90 days before the petition.

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Sawin & Shea

FEBRUARY 16, 2022

An emergency bankruptcy is a bankruptcy filing method that expedites the filing process to stop creditors and bill collectors from seeking debts from borrowers. An automatic stay is an injunction prohibiting creditors from collecting debts. The Debtor(s) need to complete the required credit counseling session. In 2005, the U.S.

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Collection Industry News

MARCH 17, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. In New York, retirement income from Social Security and other sources are exempt from garnishment. Over 700,000 New Yorkers have medical debt.

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Sawin & Shea

FEBRUARY 7, 2024

It is not generally recommended that Debtors take on the task of presenting a bankruptcy case pro se, that is without an attorney. With this automatic stay, your creditors won’t be able to garnish your wages, meaning that you can use your earnings to pay your installment plan. The short answer is “yes.”

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FFGN COLLECT NY

JANUARY 10, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. In New York, retirement income from Social Security and other sources are exempt from garnishment. Over 700,000 New Yorkers have medical debt.

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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%. The state also recently imposed new requirements for supporting and additional documentation for creditors filing suit for consumer claims.

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The Kaplan Group

AUGUST 6, 2020

This means that creditors can come after your personal assets to pay off business debt. Creditors can also try to “pierce the corporate veil” and seek payment from shareholders if you pay personal expenses with business funds. You should know that once a judgment is issued the creditor can get a lien. Declare Bankruptcy.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do?

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do?

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Sawin & Shea

MARCH 6, 2024

Creditors do not have to participate. If the creditor tires of waiting for payments they can pursue legal remedies like lawsuits. Your credit also continues to get damaged while you are in the program as you miss monthly payments to the creditors. The issue with these programs is that they are voluntary.

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Troutman Sanders

JANUARY 28, 2021

In more detail, Senate Bill 21-002 states that a judgment creditor shall not initiate or maintain a new extraordinary collection action except in accordance with the requirements set forth in the bill. 5)(a)(I) — and it must be sent to the debtor’s last known address with an additional copy of the notice served with the writ of garnishment.

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Sawin & Shea

NOVEMBER 15, 2023

If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something. They may use collection agencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home).

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BN Lawyers

APRIL 30, 2019

Debtors who have filed for bankruptcy and received their Discharge often continue to receive collection letters and phone calls from their creditors. Some creditors even go so far as to sue on these discharged debts or garnish wages and bank accounts. Such actions may result in severe penalties, sanctions and damages.

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Consumer Financial Services Law

DECEMBER 21, 2016

The case arose from the law firm’s post judgment efforts to garnish wages. After serving a garnishment summons, the consumer claimed the funds as exempt. The defendants then made four additional attempts to garnish funds. Unifund CCR, LLC, 2016 U.S. LEXIS 168707 (Dec. The defendants moved to dismiss. Carney at * 12.

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Direct Recovery

SEPTEMBER 16, 2022

As in any court situation, the burden of proof lies with the creditor, so any doubt about the accuracy of their claim will usually get the case thrown out. However, if they are willing to show up in court with documentation, they may be able to obtain a judgment that entitles them to a percentage of the debtor’s wages.

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Sawin & Shea

JUNE 7, 2023

If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. For example, a parent or another family member may become a co-signer for a low-credit borrower so that the primary debtor can obtain a desirable loan.

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The Kaplan Group

OCTOBER 19, 2020

You can learn more about FDCPA in our advice to consumer debtors. You may also be responsible for paying the costs of the creditor hiring a collection agency or legal costs. In our opinion, credit counselors generally do a much better job for both clients and their creditors. Garnishment. Default Provisions.

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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 nature of the debt alleged in the underlying action and the industry or profession of the judgment creditor has never been relevant to the ability and enforcement of a money judgment.

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Sawin & Shea

APRIL 3, 2024

Bankruptcy Code Section 525(a) states that: “…a governmental unit may not deny, revoke, suspend, or refuse a license, permit, charter, franchise, or other similar grant to…a person that is or has been a debtor under this title or a bankrupt or a debtor under the Bankruptcy Act.”

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Debt RR

AUGUST 3, 2020

A commercial debt collector works exclusively with B2B creditors that need to collect past due payments from other businesses. Negotiate payoff balances: In some cases, B2B creditors might authorize commercial debt collectors to make payment arrangements with their clients. What Do Commercial Debt Collection Agencies Do?

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Sawin & Shea

MAY 26, 2021

This means a foreclosure, repossession, garnishment, or other action can continue against your spouse even after you’re freed of it through bankruptcy – but only if their name is on the debt. If you opt for Chapter 13, an automatic co-debtor stay prevents creditors from hassling either you or your spouse about shared debts.

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Taurus Collect

MAY 11, 2023

Overview of The Credit Card Debt Collection Process Credit card debt collection can be a stressful experience for both the debtor and the creditor. The process begins when the debtor stops making payments on their credit card and goes into default. The creditor then hires a debt collection agency to start the collection process.

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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. The money earned from these sales then goes to the creditors and any remaining balances on the debts are discharged. What Are My Exempt Assets?

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Debt Free Colorado

MARCH 3, 2023

Are My Creditors capable of appealing My Bankruptcy? Chapter 7 bankruptcy Given its straightforward and simple nature, Chapter 7 is sometimes referred to as straight bankruptcy since it involves selling the debtor’s assets, and splitting the money among creditors. What Can’t Bankruptcy Do? What Can’t Bankruptcy Do?

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PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. ” [ii] In December, the Supreme Court granted certiorari and on Thursday adopted the minority view. [i]

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Sawin & Shea

JULY 12, 2023

Both forms of bankruptcy provide an automatic stay, which is a legal order that protects you from creditors. Once you’ve filed your bankruptcy petition, creditors will no longer be able to take any action to collect debts against you. They’ll be unable to garnish your wages, foreclose on your home, and repossess your belongings.

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