Troutman Sanders

NOVEMBER 18, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Because student loans are largely administered by the federal government, we know more about them too.

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Collections Lender Student loans Student Loans 98

Debt Free Colorado

APRIL 9, 2020

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. There are more tools for dealing with your mortgage than any other type of loan. Student Loans.

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Sawin & Shea

JANUARY 24, 2024

The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision. Any debts not discharged, like student loans, remain. Poor credit scores disqualify many people from the best rates on consolidation loans.

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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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Bankruptcy Chapter 13 bankruptcy Student loans Student Loans 52

Sawin & Shea

DECEMBER 28, 2023

By stretching out, modifying, or reducing payments, Chapter 13 helps make debt more manageable for financially distressed individuals while allowing them the opportunity to save assets like their homes from foreclosure and cars from repossession. As long as you keep up with repayment plan payments, you can avoid repossession or foreclosure.

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Credit Corp

APRIL 26, 2024

A property is foreclosed or repossessed. For example, you don’t need to file a 1099-C form if you loaned your brother $1,000 and then told him on his birthday you’ve decided he doesn’t have to pay you back. So, if your debt isn’t canceled via repossession, bankruptcy or other such processes, cancellation could happen at any time.

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Debt Free Colorado

MARCH 23, 2020

Dealing with Credit Card, Medical, and Student Loan Debts. Vehicle Repossessions. Surviving Debt tells you what c onsumers need to know about: Stopping Debt Harassment. Which Debts to Pay First. Essential Information about Credit Reports. Collection Lawsuits. Saving Your Home from Foreclosure. When and When Not to Refinance.

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Troutman Sanders

APRIL 17, 2023

District Court for the Southern District of Florida arguing that the Equal Credit Opportunity Act’s (ECOA) prohibition on discrimination covers every aspect of an applicant’s dealings with a creditor, not just the specific terms of a loan (like the interest rate or fees). Health Career Institute, LLC, et al. Townstone Financial, Inc.

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Sawin & Shea

JANUARY 18, 2023

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. What Happens After You File Chapter 7 Bankruptcy? Additionally, your creditors will not be allowed to contact you.

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Collection Industry News

MAY 16, 2022

The CFPB recently issued its Spring 2022 Supervisory Highlights , discussing findings from its examinations in connection with auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Student Loan Servicing.

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Sawin & Shea

MARCH 9, 2022

Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts. Firstly, you need to understand the difference between unsecured and secured debts. Unsecured debts refer to debts that don’t have collateral.

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Chapter 13 bankruptcy Bankruptcy Unsecured Debt Collateral 102

Titan Consulting

APRIL 26, 2020

Deferring your auto payments may put you at risk for repossession if your lender requires you to catchup and make all deferred payments at the end of the deferral period. These options could extend the loan term, or reduce the interest rate to lower the payment permanently. . Some payment waivers could come back to haunt you.

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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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Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Titan Consulting

AUGUST 23, 2020

Filers can typically retain the home and vehicle as long as you make payments on the loan. Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt. Federally managed student loans received an automatic six-month payment waiver.

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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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Sawin & Shea

AUGUST 30, 2023

Car loans (unless you allow your car to be repossessed, in which case you will not owe any past payments). Most federal student loans. Personal loans. Payday” type loans. Which Debts Cannot be Discharged in Bankruptcy? Alimony payments. Debts from willful and reckless acts, embezzlement, fraud, or larceny.

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Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

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. The CFPB sees wrongful repossessions everywhere. Student Loan Servicing.

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Sawin & Shea

APRIL 17, 2024

Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Credit Corp

MAY 3, 2021

The bank repossesses the car, but you still owe $20,000 on it. If the car is worth $15,000, the bank can sell it and recover that much of the loan—leaving $5,000 of debt to be canceled. You buy a car for $30,000 and make a total of $10,000 in payments. You can no longer afford the payments and fall behind on payments.

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Repossession Bankruptcy Creditors Unsecured Debt 94

Debt Free Colorado

JANUARY 10, 2022

Only student loans, taxes, and past-due child support are non-dischargeable. . After filing for bankruptcy, most people may apply for credit cards and auto loans. Bankruptcy instantly halts collection efforts, judgements, and repossessions and allows an opportunity to renegotiate or be forgiven.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Creditors 59

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. The CFPB sees wrongful repossessions everywhere. Student Loan Servicing.

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Collection Industry News

JUNE 14, 2021

President Biden’s nominee to lead the CFPB, Federal Trade Commission member Rohit Chopra, was the bureau’s first student loan ombudsman under former CFPB Director Richard Cordray and is expected to return the bureau to its former place at the forefront of consumer protection in financial services.

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Better Credit Blog

AUGUST 4, 2020

Home loans. Auto loans. Personal loans. Student loan refinancing. Repossessions. If your credit score is holding you back from being able to secure a home or auto loan or a credit card, a credit repair company could be very beneficial. Investment accounts. Credit cards. Wealth advising. Foreclosures.

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Banks Lender Loans Student loans 52

Better Credit Blog

APRIL 1, 2022

It’s smart to know how to remove negative items from your credit report, especially if you are soon to be applying for a mortgage or car loan. This would be money well spent if it restored your good standing with lenders in time to secure a loan with low-interest rates. Repossessions. You may spend $400 to $500. Ads by Money.

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Bankruptcy Collection Agencies Collections Agency Lender 114

Debt Free Colorado

MARCH 3, 2023

For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. What Can’t Bankruptcy Do? Not all financial issues can be resolved through bankruptcy.

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Sawin & Shea

APRIL 10, 2024

Mortgages and car loans are both considered secured debts because they both have backing collateral. Although you can’t eliminate your mortgage or car loan in Chapter 7 bankruptcy and hold onto the collateral, you can reaffirm these debts.

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Credit Corp

SEPTEMBER 12, 2023

Typically, they only appear if you listed them on a credit card application or loan. They include auto repossessions or foreclosures. As a result, evictions, broken leases, and late or missing payments may appear. Employment history: Current or past employers may show up on a credit report.

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Bankruptcy Lender Student loans Student Loans 93

Better Credit Blog

AUGUST 7, 2020

Whether you’re in the market for a mortgage, auto loan, or credit card, your application can result in a hard inquiry on your credit report, which can damage your credit score for years. Synchrony offers several financial products, from CDs, MMAs, and IRAs to credit cards and loans through partnerships with other lenders. Charge offs.

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Retail Lender Debt collector Banks 52

Collection Industry News

JULY 20, 2020

The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. Debt collection activities, including legal proceedings, garnishments, repossessions, and debt selling, must be prohibited during the state of emergency.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

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Better Credit Blog

NOVEMBER 23, 2020

When you fail to repay a debt, whether it’s a medical bill, student loan, or credit card balance, it eventually enters collections. If you’re dealing with more than just debt collectors, these companies can help get you on track, whether you’re recovering from bankruptcy, foreclosure, a judgment, or repossession. Bank cards.

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Better Credit Blog

SEPTEMBER 4, 2020

It is possible that Sky Blue may be able to help you remove other negative marks from your credit report, such as charge offs , late payments , and repossessions. They collect loans for auto lenders, banks, commercial lenders, credit unions, credit card issues, student loans, telecommunications, and utility providers.

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Fico Collections

JANUARY 26, 2022

Student Loan Challenges. In December, the Federal Government extended the Student Loan Forbearance Period through January 31, 2021. This means that student loan borrowers do not have to make any payments during this period. Trillion owed. What will occur in 2021 is anyone’s guess.

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