Collection Industry News

JUNE 20, 2022

On June 9, the CFPB filed a complaint and proposed order in California federal district court seeking final judgment against the owner of a student loan debt relief company for allegedly withdrawing more than $240,000 from the bank accounts of student borrowers without authorization.

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Sawin & Shea

JULY 8, 2020

Your Chapter 13 bankruptcy plan creates an affordable route to satisfying your creditors and starting to rebuild your financial stability. The kinds of debt that can typically be eliminated are credit card debt, medical bills, utility bills, evictions, repossessions, and personal loans. Here’s a closer look at how it works.

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Sawin & Shea

SEPTEMBER 14, 2022

They can assist you through the bankruptcy process and can keep creditors from unlawfully harassing you. Examples of non consumer debts include: Alimony Child support Traffic tickets Parking tickets Criminal restitution Business loans Personal guarantees Business property mortgages Business-related legal fees Taxes.

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Sawin & Shea

OCTOBER 11, 2023

Assets that do not fall within the statutory exemption values are liquidated and the proceeds used to pay your creditors something. A Special Note About Student Loan Debt Can student loans be discharged in bankruptcy?

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Credit Corp

MAY 17, 2021

Federal Student Loan Debt: No. Your stimulus payment won’t be used to offset student loan debt if it’s a federal loan. This is not necessarily true for private student loans, though. The newest stimulus act does not include protections against private creditors and collectors.

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Credit Corp

JULY 25, 2021

The Prime Rate Good Mortgage Interest Rates Good Car Loan Interest Rates Good Credit Card Interest Rates Good Personal Loan Interest Rates Good Student Loan Interest Rates. What’s a Good Interest Rate on Personal Loans? Personal loans are typically unsecured. Interest Rates for Federal Student Loans.

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Credit Corp

JULY 26, 2021

Can your family members’ creditors come after you now? Student Loan Debt. Federal student loans and PLUS loans get discharged if borrowers pass away. Private student loans behave much like any other type of personal loan—if cosigners are involved, they’ll be liable for the debt.

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Sawin & Shea

JANUARY 12, 2022

There are exemptions depending on the property and how essential it is, but anything considered nonexempt will likely be sold to help pay off your creditors. Instead of discharging most of your debt and using your personal property to pay off creditors, a reorganization plan is filed to dela with the debt. Student Loans.

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True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. If successful, many consumers will see their overall debt burden decrease.

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Credit Corp

APRIL 26, 2024

Cancellation of debt happens when a creditor discharges or forgives a debt you haven’t paid off. The IRS notes that cancellation can occur when the creditor gives up on collecting because it’s exhausted its resources and is unable to collect. In some cases, cancellation can come about as an agreement between you and the creditor.

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Debt Free Colorado

APRIL 9, 2020

Below you’ll find some strategies for working with your creditors and deciding which bills are the most important if you can’t pay them all. Reach out to your creditors. The decisions regarding which creditors get paid and which do not can have long term consequences and will require a strategy. Student Loans.

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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. Debt increases showed up across almost all categories, with larger balances for mortgages , home equity lines of credit, auto loans, student loans , retail cards and other consumer loans.

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Troutman Sanders

JANUARY 9, 2023

Since going into effect, California has seen a rise in litigation alleging discrimination based on immigration status in such areas as student loan refinancing and credit card approvals. Among other things, the new law expressly prohibits discrimination against any applicants for credit based on their citizenship or immigration status.

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Sawin & Shea

JUNE 22, 2022

And student loan payments are often even a burden for senior citizens today. This is because you will instead agree to a repayment plan for a three to five-year period in which you will make a more affordable payment that will go towards your debts and creditors, so you don’t have to sell off what you own for the money.

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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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Sawin & Shea

FEBRUARY 1, 2023

Fielding constant phone calls from creditors can be unnerving and stressful – and stress can have a cumulative effect on your physical health as well as your emotional well-being. That’s why it can be especially disheartening if creditors keep calling. Some creditors are actively trying to take advantage of you.

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Sawin & Shea

MAY 5, 2021

If you are not eligible for a Chapter 7, a Chapter 13 can force creditors, including medical bills, to take what bankruptcy law says you can afford to pay. After you have filed for bankruptcy, you will not have to deal with creditors demanding money. Chapter 13 bankruptcy is discussed below.

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Roths Child Law

JULY 12, 2023

What this means is that people who file for Chapter 7 bankruptcy may have their assets liquidated to appease creditors. Debts such as taxes, spousal and child support, alimony and some student loans aren’t eligible for bankruptcy. You can still discharge many debts, such as medical bills, credit card debt and loans.

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Credit Corp

MAY 9, 2023

Even if you have debt that’s still unpaid, your creditors only have a certain amount of time to take legal action against you. The statute of limitations on collections is the amount of time a creditor or debt collector has to file a lawsuit to collect unpaid debt. Do you have bill collectors contacting you about unpaid debt?

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Roths Child Law

OCTOBER 1, 2021

Here are some of the debts that you generally cannot clear away with bankruptcy: Student loan debt. The reasoning behind classifying student loans as non-dischargeable dates back to the 1970s when most college graduates were able to land gainful employment and repay the loan fairly easily. Mortgage debt.

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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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Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. They will then determine what, if any, non-exempt property they can seize and will use the proceeds from that property to repay a percentage to your creditors.

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Credit Corp

JUNE 8, 2023

When you borrow money, whether through a revolving account, like credit cards , or an installment account, like an auto loan or student loan , the information is gathered by the credit bureaus. When you apply for a loan or card, the bank or issuer may look at just your credit score or at your entire credit file.

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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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Sawin & Shea

JANUARY 25, 2022

If you miss payments and default on this type of debt, the creditor can seize the asset to liquidate it and apply those proceeds to the money you owe. In some cases, the assets or secured interest is something a creditor voluntarily agrees to in a lien; in other cases, the lien may be involuntary. Examples of Unsecured Debts.

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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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Sawin & Shea

JANUARY 4, 2024

Instead of fighting with your creditors, you work with them proactively in the bankruptcy process to resolve your debts. You have already paid your creditors at least as much as they would have received in a Chapter 7 bankruptcy , also known as a liquidation bankruptcy.

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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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Roths Child Law

NOVEMBER 2, 2021

You also want to know if there are any debts that are not dischargeable (like most student loans). Determine what to do with secured loans. If you are paying a secured loan, you will need to continue paying the creditor to keep the pledged property. Learn about property exemptions.

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Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. This plan states that you’re committed to paying back something to creditors in monthly installments, and you detail the minimum amount you’ll pay as well as the duration of the plan.

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Sawin & Shea

DECEMBER 13, 2022

Whether it’s a student loan , a small business loan, or even a car loan, many find themselves in a situation where keeping up with payments is difficult due to circumstances outside of their control. We can answer all of your mortgage modification questions and protect you and your assets from creditors.

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Debt Free Colorado

JANUARY 10, 2022

When a business or an individual cannot meet financial responsibilities or pay to creditors, there is an option to declare bankruptcy. Bankruptcy laws are in place to protect not just the debtor, but also the creditors. If you can’t pay your bills, Chapter 7 allows you to sell your possessions to pay your creditors.

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Troutman Sanders

AUGUST 9, 2022

According to the Third Circuit in a recent precedential decision , the standard should be that of the “reasonable reader,” not a “reasonable creditor,” i.e., not an individual or entity sophisticated in the art of reading credit reports. The plaintiffs appealed.

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Credit Corp

FEBRUARY 16, 2023

We also asked about denials for auto loans, apartments, student loans and even jobs: 12% of respondents said credit issues had caused them to be denied a lease for an apartment. 12% also said they’d been denied a car loan due to bad credit. 8% said they had issues getting a student loan due to their credit history.

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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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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. The court trustee creates a repayment plan approved by creditors and oversees the debt repayment. Filers can typically retain the home and vehicle as long as you make payments on the loan.

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True Accord

JANUARY 10, 2024

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations against the economic landscape and accommodating their financial needs and preferences when collecting is critical to your success. million borrowers missed their student loan payment —that’s 40% of loan holders.

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