Collection Industry News

JUNE 1, 2023

The need to manage and recover consumer debts, including credit card debt, personal loans, and medical bills, is expected to contribute to the growth of the debt collection industry. This trend presents significant growth opportunities for debt collection agencies.

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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. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.

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Sawin & Shea

JANUARY 25, 2022

Common types of unsecured debts include: Credit cards Student loans Personal loans Medical debt Back rent Utility bills Child support. These remedies can include garnishing your wages and bank accounts and seizing and selling your non-exempt personal property. Examples of Unsecured Debts.

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Sawin & Shea

AUGUST 24, 2020

Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.

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Sawin & Shea

SEPTEMBER 27, 2023

If the court grants a judgment in favor of the creditor, they have additional collection options, such as wage garnishment, bank account levies, or placing liens on the debtor’s property. The money earned from these sales then goes to the creditors and any remaining balances on the debts are discharged.

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Sawin & Shea

JUNE 14, 2023

The Chapter 7 bankruptcy process usually takes between three and six months and will eliminate eligible unsecured debts, such as personal loans, credit card debts, and medical debts.

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Credit Corp

MAY 3, 2023

Bankruptcy does have some benefits, such as potentially putting a stop to wage garnishments or foreclosures. You typically can’t apply for most types of credit, including a mortgage, auto loan or significant personal loan, without getting the court’s approval if you’re in the middle of a Chapter 13 bankruptcy, for example.

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FDCPA Defense

FEBRUARY 3, 2019

1992) (emphasis added, citation and quotation marks omitted) (personal loan from friend used to start software business not a “debt” under the Act: “Neither the lender's motives nor the fashion in which the loan is memorialized are dispositive of this inquiry.”). You should look to your state’s garnishment laws for guidance.

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Debt Free Colorado

DECEMBER 9, 2021

Complete protection from creditors – This includes wage garnishment and debt collection. personal loans, personal loans, delinquent income tax obligations, . Maintain ownership of all property – As long as you comply with the terms of your repayment plan. medical debt . credit card debt .

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Collection Industry News

SEPTEMBER 23, 2020

It can garnish wages and bank accounts, • It can force the sheriff to seize your home, real estate, and personal property. Failing to respond to a lawsuit can result in default judgment on a case you could have won, and end in wage garnishment or loss of other assets. Bond & Botes Helps People Struggling with Debt.

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Better Credit Blog

APRIL 11, 2022

The types of credit accounts you can expect to see in this section include: Mortgages , home equity loans, and home equity lines of credit. Student Loans. Auto Loans. Personal Loans or Other Installment Loans. Garnishments. Credit Cards. Your creditors will report on your credit accounts regularly.

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Credit Corp

JULY 20, 2020

A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score. According to the Federal Reserve, consumer loans had a charge-off rate of around 2.3% This could include suing you in court for what you owe and requesting a garnishment of your wages. in the final quarter of 2019.

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FFGN COLLECT NY

JANUARY 31, 2024

The debt came from high-interest personal loans, payday loans, credit cards, and other sources. Lied about legal action: The companies falsely threatened consumers with legal action, including wage garnishment and seizing property. Together, they purchased defaulted consumer debt for pennies on the dollar.

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