When a debt collection agency files a lawsuit against you for an outstanding debt, it must serve you with the papers so that you are aware of the action. However, one New York agency allegedly didn't ...
The Fair Debt Collection Practices Act (FDCPA) is a federal law that protects consumers against the illegal practices of creditors. Various states have enacted their own versions of the FDCPA that ma...
A wage garnishment is a legal process whereby the court orders your employer to withhold a portion of your earnings each pay period to pay off a debt. The law sets forth the maximum amounts that can b...
The actual mechanics of creation of a judgment lien vary state-to-state but tend to be generally similar. The judgment creditor first perfects the judgment and then tries to get the judgment debtor to...
When one individual or company, or creditor, sues for payment of a debt and the court rules in their favor, it issues a judgment. The judgment requires the debtor to pay the amount determined by the c...
If you owe money to a bankrupt company, whether for a debt, line of credit, purchase, or any other past financial transaction, you are obligated to pay that debt even if the company in question files ...
What is credit? There are three main types of consumer credit. Noninstallment credit, Installment Closed-End Credit, is the simplest form of credit and is usually for a very short term, such as 30 da...
The Truth in Lending Act (TILA), passed in 1968, is a federal law that regulates the credit market and sets minimum standards for the information that a creditor must provide in an installment credit ...
Committing bankruptcy fraud is a serious offense. In any situation where fraud is proven, the person in question will have his or her case thrown out of court without having his debts discharged. He w...
Under execution and levy, property owned by the judgment debtor is taken and either delivered to the judgment creditor or sold with the proceeds of the sale delivered to the judgment creditor. Since a...
Twinkies maker, Hostess Brands, is shutting its doors for good. Hostess products have been an American staple since the 1930s. What happened?...
The American snack food we all remember savoring at some point in our lives is soon to be no more. The maker of cream-filled Twinkie, Hostess Brands Inc., announced last week that it is liquidating an...
It may seem that celebrities have more than enough money to get by, but even movie stars and famous singers file for consumer bankruptcy; and sometimes they even get in trouble with the law in the pro...
A federal class action lawsuit has been filed against credit card company Capital One and the Law Offices of Cohen and Slamowitz, the company's legal counsel. Capital One is being accused of employing...
The largest community college in the country, City College of San Francisco, may be on the verge of bankruptcy, with overpaid employees partially to blame. ...
Most people believe that debtors can't be put in prison or jail for failing to pay money they owe. The truth is, however, debt collectors and creditors still have a way to impose jail on debtors. ...
A judgment creditor is the party a money judgment is issued to and is entitled to enforcement of the judgment through liens, execution and levy. Simply put, the judgment creditor is the person who rec...
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