Archive for June, 2010
Judge Rules Collection Letterhead Can be an FDCPA Violation
A federal magistrate judge ruled this week that the letterhead on collection letters cannot be from a law firm unless an attorney has reviewed the file and the firm is truly poised to file a lawsuit. U.S. Magistrate Judge Andrew J. Smyser, of the Middle District of Pennsylvania, ruled that two collection letters from a [...]
Read Full Post | Make a Comment ( None so far )Bankruptcy Rate Increasing
The 136,142 consumer bankruptcies filed in May represented a 9 percent increase nationwide over the 124,838 filings recorded in May 2009, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). NBKRC’s data also showed that the May consumer filings represented a 6 percent decrease from the 144,490 [...]
Read Full Post | Make a Comment ( None so far )Credit Card Debt Declining in the United States
This week the Federal Reserve reported that in April total credit card debt in the US decreased by 12% compared to it’s usual 9% annualized rate. This is the 19th straight month of declines in credit card debt in the US mostly attributed to banks ramping up their charge-offs and reducing the number of loans [...]
Read Full Post | Make a Comment ( None so far )Debt Collection Abuse Targets Low Income Families and People of Color
According to a new report from The Legal Aid Society, MFY Legal Services Inc, debt buying companies use systematic debt collection abuses that target lower-income New Yorkers and people of color. The report shows that debt buyers in New York habitually violate New York laws by filing meritless lawsuits against low income New Yorkers without [...]
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