Debt Collection Research: Consumer and Commercial
Installment Payment Agreements with Debtors. At some point in the collection process, the debtor may be either forced to settle the debt or voluntarily settle the debt with the creditor. The debtor might not have sufficient assets or income to pay off the entire debt at once…. (more)
Beginning on January 1, 2009, New York State enacted new measures relating to the restraint of debtors’ bank accounts, through the enactment of the Exempt Income Protection Act (“Act”).
The Act materially changes the process of restraints on debtors’ bank accounts, and the steps that each party to the process must take. The Act imposes new requirements on (a) the bank, to identify and analyze the source(s) of income and deposits into an account; (b) the judgment creditor’s attorney, to issue new exemption notices and forms, and appropriately address claimed exemptions by the debtor; and (c) the debtor, to timely raise any exemption claims upon restraint of an account. Since this process is “brand new” to New York law, the manners in which all of these parties, as well as the court system address the process will evolve from practice and procedure…. (more)
[This article first appeared in the November 20, 2014 edition of the New York Law Journal.
New York Civil Practice Law and Rules Article 52 dictates the procedures that a judgment creditor must follow to exercise its rights to enforce a judgment entered in New York.
When both the judgment debtor and its assets are located within New York State, the procedure is fairly straightforward. When the assets of the judgment debtor are located outside of New York State, however, the ability to levy upon the judgment debtor’s assets can be tricky…. (more)
The Fair Debt Collection Practices Act, as codified in 15 USC Section 1692, is a federal statute which governs the practices of “debt collectors.” Attorneys engaged in the general practice of law, and debt collection in particular should be mindful of the rules of this federal law…. (more)
Dunkin Donuts may want us to believe that “America runs on Dunkin,” but the truth is, America runs on its service industry. In our everyday lives there are people who provide a service to us; whether it is waiting on us in a restaurant, a physician or health care worker taking care of us, or a contractor working on our homes. America’s service industry is a vital part of our economy and everyday lives…. (more)