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Debt collection law firms, also known as creditor’s rights law firms, focus on the collection of debt through the court system. While traditional collection agencies are not authorized to file lawsuits against debtors, collection attorneys specialize in taking debt cases to court to try to obtain court-ordered judgments against debtors.
In addition to teams of legal professionals, many collection law firms have extensive collection operations that conduct more traditional debt recovery activity.
A grant a veteran got in 2011 still left him with a loan to pay off the remaining cost of a hearing aid. So, when he applied for a grant in late 2012 to help pay off the loan, ARMing Heroes stepped in and “doubled down” for Kenon, due to his service to his country, and paid off the remainder of the loan for the hearing aid.
The New York State General Assembly Tuesday passed a bill titled the Consumer Credit Fairness Act which significantly restricts the use of the legal collection channel in the state. In addition to a number of new requirements for bringing debt collection lawsuits, the bill would cut in half the statute of limitations in the state.
The National Association of Retail Collection Attorneys (NARCA) will be a sponsor for a fourth year of Financial Literacy Day on the Hill which takes place April 26th in Washington, D.C.
Sometimes it seems like everything a debt collector does can be parsed as a potential violation of some consumer statute, at least enough so to bring a civil action. Even when it appears the tide of precedent-setting court cases is turning in favor of the ARM industry, there are decisions that bring collection professionals back to reality.
When it comes time to sell a business, the selling company’s historical financial performance and projected growth rate will have a direct effect on how certain types of buyers will approach pricing and deal structure
The use of the court system by debt buyers for years has been a focus of both reporters and regulators. The well-chronicled practice of “robo-signing” affidavits to attest to the validity of debt now has a new entry. But the piece goes further, calling into question the relationships between debt buyers and issuers.
If your state allows wage garnishment, you might want to follow Utah’s example and try to pass a bill that allows judgment creditors to access judgment debtor employment information (name and address of last known employer) directly from the State DWS (Department of Workforce Services) database.
On April 16, The National List of Attorneys published the paper on Debt Collection Laws in Wyoming, the last of our ambitious “50 White Papers in 50 Days” project. We actually published 52 papers in 52 working days, including Washington D.C. and the U.S. Virgin Islands. A Bonus for our followers!
Wyoming has relatively low court costs. New court rules require cases under $50,000 to be brought to judgment in seven months.
In Wisconsin it is well settled that when a debtor makes a payment on a credit card, the payment not only tolls the statute of limitations, but also sets it running anew from the date on which the payment was made.