Shaev & Fleischman P.C.

11/09/2021

The Consumer Credit Fairness Act, which goes into effect immediately, lowers the statute of limitations on consumer credit actions to three years, from six.

This new law also requires that any complaint in a collection lawsuit now contain:

* The name of the original creditor
* The last four digits of the account number printed on the most recent monthly statement recording a purchase transaction, last payment, or balance transfer
* The date and amount of the last payment
* An itemization of the amount sought
* The account balance printed on the most recent monthly statement recording a purchase transaction, last payment, or balance transfer
* Whether the plaintiff is the original creditor, and if not, information about the sale and assignment of the debt
* A copy of the contract or other written instrument on which the action is based attached to the complaint

Need help defending a collection lawsuit or getting your debt under control? Call or message - that’s what we do.

11/07/2021

If you’re behind on your rent and just need more time to catch up, filing Chapter 13 bankruptcy might give you up to 5 years to do so. It’s all a matter of timing and getting the right advice.

Get in touch if you’d like to talk.

Evictions are rising nationwide. “We don’t know where the ceiling is,” one expert said.

09/11/2021

Life changes. Where you live, your career choices, deciding to get (or stay) married, having kids ... it's all in a constant state of flux.

So why not build some flexibility into your plan to manage your student loan payments?

Here are a few of the rules I use when helping student loan borrowers construct an effective repayment strategy.

Student loan repayment has become more complicated over the past 10 years. Whether you're a borrower, a parent, or a co-signer of a student loan, you face an increasingly complex set of choices when it comes to paying off your educational debt. The ever-increasing cost of higher education forces mor...

09/08/2021

A judgment isn’t the same as a regularly collection letter, nor does it simply come into existence with the snap of a collector’s fingers. Here’s an intro to help understand judgments.

QUICK ANSWER: A judgment is a court order that decides a lawsuit. A collector who wins a judgment against you is no longer required to prove the debt and can take steps to force you to pay. If you don't pay a debt, the creditor will try to get you to voluntarily pay. Lenders will call

06/30/2020

Surprise announcement.

06/23/2020

Under the federal pandemic stimulus package, borrowers can get up to 180 days of mortgage forbearance - but they’ve got to pay the past due balance once that time is over.

4.3 million homeowners missed their mortgage payments in May; chances are slim that they’ll all be able to catch up and avoid foreclosure.

The number of people who failed to pay their mortgage last month rose to its highest level since 2011.

05/14/2020

On May 18, the counties of Broome, Chemung, Chenango, Delaware, Schuyler, Steuben, Tioga, Tompkins, Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming, Yates, Fulton, Herkimer, Montgomery, Oneida, Otsego and Schoharie will resume in-person functions.

On Wednesday, May 20 the counties of Clinton, Essex, Franklin, Hamilton, Jefferson, Lewis and St. Lawrence counties will resume in-person operations.

05/05/2020

Consumer debt hit $14.3 trillion as of March 31, 2020 (before the major brunt of coronavirus). Let's deduct $1.54 trillion in student debt, $1.5 billion in auto debt, and $9.71 trillion in mortgage debt.

That brings us to $3.035 trillion in consumer debt.

There were 209,128,094 adults in the United States as of the 2010 Census.

This means that the average US adult has a debt level of:

$14,512.63 in revolving consumer debt;
$7,363.91 in student debt;
$46,430.87 in mortgage debt; and
$7.17 in auto debt.

Adding it all together and using 2% as a monthly minimum payment, that would come to $1,366.29 per person in monthly debt payment.

Multiply that by 2 for a married couple and you have an annual debt service of $32,790.

The 2020 poverty guideline for a family of 2 people is $17,240.

REMEMBER - THIS IS ALL BEFORE THE ECONOMIC IMPACT OF CORONAVIRUS.

Household debt balances through March totaled $14.3 trillion, a 1.1% increase from the previous quarter and now $1.6 trillion clear of the previous nominal high of $12.7 trillion in the third quarter of 2008 during the financial crisis,

04/17/2020

New Yorkers have some good news about their private educational debts, courtesy of an agreement the state has signed with lenders.

The relief may not be as expansive as what the CARES Act provides for federal loans, but it's a step in the right direction.

For New Yorkers with private student loans, here's a tiny bit of relief related to the coronavirus pandemic. It's not as comprehensive as the federal student loan relief in the CARES Act, but something is better than nothing. You've read enough articles reminding you of the economic impact of corona...

02/03/2020

We've become a nation of renters. Though many large cities such as LA and NYC have extensive protections in place to allow tenants to catch up on past due rent payments. When the landlord’s demand for payment exceeds a renter's abilities, however, the bankruptcy laws provide an additional source of protection from eviction.

I wrote this article to help people understand how to stop an eviction using bankruptcy, the importance of timing, and more. If you think it may prove valuable to someone in your circle, please share it.

Though everyone wants to own their home, the reality is that most people - particularly those who live in large cities - end up renting. Higher property values, smaller spaces, and the need for flexibility make renting far more attractive than owning a house or apartment. With renting, however, come...