Debt Buyers Continue to Relentlessly–and Illegally–Pursue Consumer Debt Discharged in Bankruptcy

This post linked to BusinessWeek’s fine article about consumers who file bankruptcy under Chapter 7 and are supposed to have their debts erased. Many post-bankruptcy consumers were finding that debt collectors were continuing to pursue them for debts already discharged in bankruptcy. BusinessWeek’s article said the driving force behind this phenomenon is a vibrant market in which certain debt buyers avidly buy and sell debts that should have been extinguished. I just received a telephone call from one of these debt buyer’s New York lawyers. This person disputed the accuracy of a quote in the article from a lawyer for...

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Credit Card Industry Targets College Students to be “Credit Pushers”

Credit card companies love to market cards to college students. That point was eloquently and tragically made in the superb recent film Maxed Out. In the film, two mothers of college students describe how their bright and high-achieving children applied for credit cards as college freshmen. But they soon found themselves in serious credit card debt. Feeling profoundly depressed and overwhelmed, each of them committed suicide. These two moms have since made it their mission to stop credit card solicitation at college campuses. A new BusinessWeek article tells the tragedy from a student’s perspective. Ryan Rhoades, a freshman at the...

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