Several of my Bankruptcy Law Network colleagues have written about the scourge of “zombie debt.”  This colorful name applies to very old debt that is purchased by a debt buyer at pennies on the dollar.  The moniker “zombie” refers to the fact that usually the statute of limitations for collecting this debt has expired.Â
lawsuits
This week, the New York Times reported that consumers who had been the victim of fraud by unscrupulous debt collectors may be getting money back if the New York attorney general is successful in the lawsuit filed against two collection agencies and 35 attorneys. According to the article, the debt collectors had sued the consumers [...]
Part 15 of my review of Kevin Trudeau’s book, “Debt Cures “They” Don’t Want You to Know” examines Chapter 20: Stop Debt Collectors Cold. The purpose of the review is to examine whether Trudeau, who has had extensive involvement with credit card fraud and the Federal Trade Commission for some of his previous books, makes any sense [...]
Credit card companies, or any creditor for that matter, can sue a debtor and may be able to take the debtor’s home, real estate, car, boat or any other personal property they own. People seem to think that if they don’t sign something that gives a creditor a lien on collateral, the creditor can’t take [...]
