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.

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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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ABI

JANUARY 12, 2022

Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” 7] The debtor disagreed and filed a cross motion for Summary Judgment. [8]. 1] In Hull v.

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FFGN COLLECT NY

JUNE 29, 2022

Are you wondering what documentation or proof you will need to provide in order to vacate a default judgment in New York? Similarly, do you need proof to vacate a judgment entered pursuant to a confession of judgment you signed outside of New York that was entered in New York before the law changed prohibiting this practice?

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Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. However, lenders should only use this option if it maximizes recovery on the SBA loan. draft settlement statement.

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FFGN COLLECT NY

JUNE 3, 2020

Is garnishing PPP or CARES Act funds an option for satisfying outstanding monies owed to judgment creditors? Although New York has liberal laws on judgment enforcement, CPLR Sect 5222-a provides a laundry list of funds exempt from creditors’ reach. The post Can a NY Judgment Creditor Garnish PPP or Other CARES Act Funds?

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ABI

JANUARY 13, 2021

[i] Section 1102 of the CARES Act allows parties to apply for loans under the Paycheck Protection Program (“PPP”), which may be forgiven under certain circumstances. [ii] xii] Pursuant to certain regulations, the Administrator excluded debtors in bankruptcy cases from the program.

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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. However, most unpaid bills are reported on the debtor’s credit report and stay there for seven years. Not every case lands in court.

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Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Additionally, specific Federal regulations may also apply and provide additional requirements for lenders holding VA loans or FHA loans, or provide protections for service members. Florida State Laws.

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Collection Industry News

OCTOBER 27, 2020

Axiom Acquisition Ventures, LLC (“Axiom”) bought Robert Valenzuela’s consumer debt from a bank after he allegedly defaulted on his personal loan payments. Axiom Acquisition Ventures, LLC (“Axiom”) bought Robert Valenzuela’s consumer debt from a bank after he allegedly defaulted on his personal loan payments.

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ABI

JANUARY 12, 2022

In general, student loan debt is not dischargeable in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of undue hardship. A court will typically consider a debtor’s potential for future employment in determining whether student loan debt may be discharged.

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Direct Recovery

AUGUST 1, 2024

Consumer Debt Collection Basics Consumer debt collection describes debts that are owed by individuals, which can include anything from credit card balances and old utility bills to personal loans, medical debt, and mortgages. Should things fail to work out from there, a court judgment is usually the next step.

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Troutman Sanders

OCTOBER 15, 2020

Axiom Acquisition Ventures, LLC (“Axiom”) bought Robert Valenzuela’s consumer debt from a bank after he allegedly defaulted on his personal loan payments. Axiom Acquisition Ventures, LLC (“Axiom”) bought Robert Valenzuela’s consumer debt from a bank after he allegedly defaulted on his personal loan payments.

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Jimerson Firm

DECEMBER 10, 2021

Many secured creditors and equipment leasing companies have encountered defaulted debts, where the debtors and lessees retain possession of the collateral, including cars, boats, machinery, or other equipment. Self-help asset recovery is more commonly known as repossession. Replevin. Security Underwriting Consultants, Inc. 2d 752 (Fla.

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Direct Recovery

APRIL 16, 2023

Legal notices soon follow, along with a court judgment taking a big chunk of your paycheck. Wage garnishments are put into place to recover unpaid taxes, outstanding child support, student loans, court judgments, or unpaid bills. They can also challenge the garnishment but need legal grounds to do so.

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Taurus Collect

NOVEMBER 15, 2023

They can’t harass debtors or act unfairly. Communication: The agency is allowed to contact the debtor to discuss the debt, usually through letters or phone calls. However, they must respect the debtor’s wishes if they are asked not to call at certain times.

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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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PBWT

JULY 1, 2021

Judge Harner explained that “[a]lthough the Bankruptcy Code[] reflects Congressional intent to provide debtors with as broad of a discharge as possible, Congress has expressly excepted [student loan] debt from the bankruptcy discharge.” ” In re: Terry Lucille Randall , 19-21815, 2021 WL 2550034, at *1 (Bankr.

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Debt Free Colorado

MARCH 3, 2023

A court judgment that states that a person is not required to pay back some debts is given to those who abide by the bankruptcy laws and are granted a discharge. This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment.

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Collection Industry News

JUNE 1, 2023

The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts. These technologies enable debt collectors to automate repetitive tasks, streamline workflows, analyze data more effectively, and personalize communication with debtors.

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PBWT

NOVEMBER 15, 2020

The Bankruptcy Code enables a trustee to set aside certain transfers made by debtors before bankruptcy. In 2015, Defendants brought a motion for summary judgment under section 546(e), arguing that the transfers were protected by the safe harbor. The court thus granted the motion for summary judgment. See 11 U.S.C. §§

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The Kaplan Group

AUGUST 6, 2020

Negotiating discounts, consolidating loans, crowdfunding, and arranging payment plans are possibilities. We also strongly urge clients to make sure they get all of the money they are owed before taking out additional loans. You can then deal with the court ordered judgment collection process at a later date.

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Debt Free Colorado

FEBRUARY 21, 2022

Consumer debts include credit card debts, vehicle loans, medical costs, and school loans. 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.

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Public Citizen

JULY 6, 2020

the Court held that a 2015 amendment to the Telephone Consumer Protection Act, which allowed cellphone robocalls to collect federal debts (such as student loans and mortgages), gave unconstitutionally favorable treatment to federal debt collection over other types of speech. filed an opinion concurring in the judgment. American Assn.

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FFGN COLLECT NY

NOVEMBER 11, 2020

You must prove both of these in order for the court to award a judgment in your favor. Agreements are not always a written contract , however, you would have to prove there was an agreement for the goods and services to be sold, loan to be made, and that the party failed to pay. Looking to win your debt collection case?

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Troutman Sanders

JULY 14, 2021

In July 2017, Carrington Mortgage Services LLC (Carrington) became the servicer of plaintiff David Heinz’s mortgage loan. At the time Carrington became the mortgage servicer, Heinz’s loan was already in default and a foreclosure sale was scheduled for the first of the following month.

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Troutman Sanders

OCTOBER 16, 2023

On October 11, an automotive management company settled claims by the Department of Justice (DOJ) alleging that the company had violated the False Claims Act by knowingly providing false information in support of its Paycheck Protection Program (PPP) loan forgiveness application. For more information, click here.

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Credit Corp

DECEMBER 14, 2020

Whether you have medical debt, credit card debt or unpaid student loans , getting calls or letters from debt collection companies can be frustrating. This is because they know that most borrowers who are sued for old debts won’t show up in court, and the judge will issue a default judgment.

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Stevens Lloyd

SEPTEMBER 27, 2018

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. Such property will often then be sold by the sheriff and the funds returned to the creditor in fulfillment of the judgment. Obtaining a Writ of Execution.

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Public Citizen

SEPTEMBER 9, 2021

The leading cause for debt collectors to contact consumers for non-loan debt include medical bills, telecom bills, and utility bills -- and many times, people are unaware they owe a debt until a collector calls. Register here.

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Troutman Sanders

JANUARY 24, 2022

Siding with consumers and rejecting the reading put forward by loan holders, the FTC declared that the Holder Rule does not prevent a plaintiff from recovering attorneys’ fees and costs against a “loan holder” where another state, local, or federal law permits the recovery.

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Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Common examples of secured debts include: Home loans Car loans Cash loans secured by other personal property Judicial Liens Tax Liens.

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Fraser

SEPTEMBER 28, 2020

If you’re owed money by a bankrupt debtor, you likely have to file a claim. The only instance when you would not have to file a claim for money you are owed is if your claim is accurately reflected on the debtor’s schedules (which must be filed shortly after a case is filed) and is not listed as disputed, contingent or unliquidated.

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Sawin & Shea

MAY 5, 2021

You can keep such secured loans as your vehicle or house as long as you keep making payments on them. All other unsecured debts, like credit card debt, medical debt, and student loans, will be part of your payment plan. We are committed to providing compassionate and non-judgmental representation to all of our clients.

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Debt RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. Student loans: The most recent data shows that over 10% of student loans are more than 90 days late, which puts them at risk of being turned over to collection agencies.

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ABI

JANUARY 20, 2020

In a debtor/creditor relationship, a debtor may explicitly, or implicitly, waive their rights. 2] The judgments were then recorded as judgment liens on property owned by the Debtor (the “Artesian Property”).” [3] or general partner in the debtor.” [18] or general partner in the debtor.” [18]

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Burr Forman

JANUARY 7, 2022

He represents various financial institutions, creditors, landlords, and other parties in all aspects of loan modifications and restructuring, commercial foreclosures, enforcement of security interests and domestic and foreign judgments, Chapter 7 and 11 bankruptcies, and creditors’ rights litigation. About Burr & Forman LLP.

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