One of a consumer’s biggest fears is when a creditor tries to bring a lawsuit against them. How do they stop it? One way is by filing bankruptcy. The automatic stay goes into place as soon as a bankruptcy case is filed, stopping collection lawsuits, foreclosure, wage garnishment, and more. Learn more about collection lawsuits and how to stop them from the following articles.
NYC’s Worst Debt Collectors: Who are They?
Over 20 million people live in one of our country’s biggest regions, metropolitan New York. Unfortunately, New York City has been hard hit by the coronavirus which is a threat to public health as well as the economy. The economic impact of COVID-19 shutdowns could put millions in dire straits financially, and sadly, many of these…Read more
Debt Collectors in the US You Need to Know
The debt collection industry is big — estimated to be a $12 billion industry in fact, and growing. There are literally thousands of debt collectors in the form of collection companies, law firms, and yes, even debt buyers. How does it all work? The origin of debt collectors had humble beginnings. They were often in-house departments of…Read more
Wage Garnishment Laws in NY: Can Creditors Take My Paycheck?
Last updated Oct. 30, 2017. Although many people believe that missing a payment or two on a debt can result in a quick garnishment of their wages, this is not the case. Having one’s wages garnished in New York State is the end result of a process that can last for several months. With credit…Read more
What Does Bankruptcy do to Credit Scores?
When you’re in debt and trying to decide what action to take, you may be concerned about how to protect your credit score. That’s often one of the last barriers to deciding to file for bankruptcy – what will this do to my credit? The answer may surprise you. Bankruptcy certainly does have an effect…Read more
Wage Garnishment Must Stop After a Bankruptcy Case is Filed; You Might Even be Able to Get Money Back
Bankruptcy Stops Wage Garnishment The minute a bankruptcy cases filed, an injunction called the automatic stay is issued, which prohibits creditors from trying to collect on debts that were included in the bankruptcy. The Ninth Circuit Court of Appeals has called the automatic stay “one of the most important protections in bankruptcy law.” The automatic…Read more
Are You Judgment Proof?
We all know why people are considering filing for bankruptcy. We have seen an unprecedented “black swan” type event in the coronavirus. Unemployment numbers are way up and many Americans face an uncertain financial future. Under these circumstances, bankruptcy is a natural consideration. Those thinking of filing bankruptcy, or even families facing mounting credit card…Read more