ABI

JANUARY 13, 2022

Section 523 of Title 11 of the United States Code (the “Bankruptcy Code”) generally provides that a student loan cannot be discharged unless it would impose “undue hardship” on the debtor. [1] to have his student loan debt discharged. [5] to have his student loan debt discharged. [5] 16] . . [1]

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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. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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True Accord

JULY 13, 2023

The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. The federal government has projected that about 15 million people will lose coverage , including nearly seven million people who are expected to be dropped despite still being eligible. 9%) to $17.05

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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. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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Troutman Sanders

FEBRUARY 13, 2024

The ruling is a victory for other Genesis creditors who could be due for a full recovery on their claims. Supreme Court unanimously ruled that government agencies can be sued for violations of the Fair Credit Reporting Act (FCRA). The approval brought the total student loan forgiveness under the Biden administration to $136.6

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Sawin & Shea

JANUARY 18, 2023

You’ll also need to supply the bankruptcy court with a list of creditors, an income statement, and copies of your tax records. Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action.

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Titan Consulting

AUGUST 23, 2020

In many cases, you may also lose certain secured assets like homes and cars in a liquidation to pay your creditors some of what you owe. When government assistance is not providing enough income to cover job losses, should you file for bankruptcy or hold out for the economic recovery? The Bankruptcy Option.

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Sawin & Shea

SEPTEMBER 28, 2022

You worry about creditors and wonder if you will be able to stay in your home and keep your car. For example, if you have been having your wages garnished to pay back a persistent creditor, your employer would be aware that this is no longer necessary since you are in the process of Chapter 7 or Chapter 13 bankruptcy. Bankruptcy Code.

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Hudson Weir

FEBRUARY 28, 2023

Those the business owes money to are known as creditors. In this blog, let’s look at which creditors are paid first if the organisation ultimately becomes insolvent and its assets are sold to repay the balance due (a winding-up or liquidation). Secured creditors include leasing companies and banks.

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Hudson Weir

SEPTEMBER 4, 2023

Well, first of all, it’s important to note that in order to apply, you must have lived in England or Wales in the last three years, as stipulated by the government. Debt relief order implications As with other notices on creditor reference files, a debt relief order will usually show on your credit report for six years.

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Sawin & Shea

AUGUST 9, 2023

Creditors cannot reclaim any of your property if you default on a loan. a car or their home), and agrees that they will repay the loan in a timely fashion or else the lender will gain ownership of the collateral they used to get the loan. However, secured debt means the borrower has put up collateral (e.g.

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UK debt collections

APRIL 28, 2021

People who are in debt from credit cards, loans and other personal debt sources could be given ‘breathing space’ under new temporary measures the government has announced. As part of the deal, they must mediate with the creditors to get their payments back on track. A crisis or budgeting loan. Student loans.

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Taurus Collect

JUNE 16, 2022

Having debts in the collection primarily means that a third party is pursuing you to retrieve payments for your debts on behalf of your creditors. Most creditors generally pass on a few debts to a professional debt collection agency , including mortgages, auto loans, credit card debts, and student loans.

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Credits Inc

OCTOBER 26, 2019

Creditors give loans to millions of citizens, and thus credit companies are too busy to follow up on the debtors. For this reason, creditors are hiring debt collection agencies to collect debts that are 60 days past the agreed period. Therefore, the agencies act as middlemen collecting any delinquent loans.

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Troutman Sanders

FEBRUARY 22, 2021

The letter states that “[b]road cancellation of Federal student loan debt will provide immediate relief to millions who are struggling during this pandemic and recession, and give a much-needed boost to families and our economy. Currently, the act only applies to persons who service student loans.

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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 Debts are Discharged in Bankruptcy?

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Sawin & Shea

APRIL 3, 2024

Types of loan and debt defaults that may affect your professional license include: Child support Student loans Alimony Can My Bankruptcy Filing Affect My Employment? It is against the law for an employer to fire you on the basis of your bankruptcy, and this includes both government and private employers.

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Troutman Sanders

OCTOBER 16, 2023

State Activities: On October 12, California’s Department of Financial Protection and Innovation (DFPI), announced, in its October bulletin, that final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower Rights Law have been approved and will become effective January 1, 2024.

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Sawin & Shea

APRIL 10, 2024

Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. They cannot take legal action against you or seize your assets.

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Troutman Sanders

NOVEMBER 20, 2023

Department of Justice (DOJ) discussed in detail the “Combatting Redlining Initiative” led by the DOJ using a “whole of government” approach, the current state of redlining investigations, and the future direction of enforcement. Last week, the annual Community Reinvestment Act & Fair Lending Colloquium took place in Austin, Texas.

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Direct Recovery

APRIL 17, 2023

What is Bankruptcy Bankruptcy is a legal process where an individual or business entity admits that their debts have become unmanageable to the point where they can no longer meet the obligations to their creditors.

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Debt RR

AUGUST 3, 2020

When a creditor or a government authority sues a business or individual for an unpaid debt, one of the options for settling is for the court to give the creditor the right to pull the funds from a bank account. That means, even if the account is in the company’s name, a creditor or the IRS can place a levy on the assets.

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Troutman Sanders

AUGUST 9, 2021

On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022. Income-share agreements are a type of student loan, where the borrower receives a loan and then pays a percentage of his/her income after graduation.

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Credit Corp

MAY 30, 2023

That means judgment creditors can seek debt payment from more than your wages and bank accounts. Creditors must follow the law when applying a judgment to take, or seize, your property. Your creditor can take or leverage these possessions in the following ways: Wage attachments. What Property Can Be Taken to Settle a Judgment?

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Troutman Sanders

SEPTEMBER 7, 2021

State Activities: On September 3, New York Attorney General Letitia James announced that her office is assessing ways to overhaul the collection of unpaid student loans, especially those incurred by individuals attending State University of New York (SUNY) schools. For those interested in reading the full announcement, click here.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” For more information, click here. competitiveness and national security ….” For more information, click here. On May 1, Oklahoma Governor Kevin Stitt approved HB1443.

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Better Credit Blog

DECEMBER 22, 2021

.” The debt consolidation loan can pay off two or more loans in a lump sum, and you can arrange to have your new lender pay off your old loans, or you can get the loan sent to your bank account, “leaving it up to you to pay off your creditors yourself” , says Serio. and 6%”, says Nelson.

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Credit Corp

NOVEMBER 18, 2020

The FTC has also reported fraud instances related to student loans and payday loans. Loan application fraud is a challenge to track, but the impact is someone racking up debt in your name. When creditors come calling, it won’t be the thief who has to answer the phone. This is a surefire sign of fraud.

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Better Credit Blog

JANUARY 20, 2022

The firm’s flagship service involves negotiating with creditors to reduce what you owe in exchange for paying off a certain amount as a lump sum. Negotiate with your creditors to reach settlements and reduce your total debt. Instead, as payment, it takes a cut of the final settlement amount it negotiates with your creditors.

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Troutman Sanders

JULY 27, 2020

3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debt collectors, similar to how Social Security payments are exempt from being garnished. The CARES Act offers relief for those with federal student loans.

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Collection Industry News

DECEMBER 1, 2022

“A collection agency is a company that is hired by lenders, creditors, medical providers and federal and local governments to get you to pay or make arrangements to pay what you owe them,” Eweka tells Select. Rent, student loans and tax debts are other examples of what can get passed on to a collections agency.

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Troutman Sanders

MAY 5, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Student Loan Servicing. Auto Servicing. Debt Collection.

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Debt Recoveries

OCTOBER 24, 2021

When writing your budget and listing all your outstanding debts, work out which of those debts are incurring further fees and interest, such as credit cards and loans. Don’t be afraid of approaching your creditors and debt collectors and talking to them. Put them at the top of your list. Everything else can wait. .

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Troutman Sanders

DECEMBER 20, 2022

d/b/a Premier Student Loan Center, a student-loan debt-relief company. The plaintiffs, led by the Arizona Creditors Bar Association, Inc., For more information, click here. On December 13, the CFPB distributed over $95 million in redress to over 87,000 consumers harmed by Consumer Advocacy Center, Inc.,

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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Consumer Financial Services Law

AUGUST 30, 2016

Just when you think all you had were government regulatory rules and regulations that may impact your bottom line, along comes the sleeper regulator of a generation of consumers with an aversion to credit and its risks. About the Author: Mark Dobosz currently serves as the Executive Director for NARCA – The National Creditors Bar Association.

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Collection Industry News

MAY 9, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Student Loan Servicing. Auto Servicing. Debt Collection.

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Financial Institution Repossession Debt collector Student loans 40