Collections Archives - Page 3 of 4 - Garmo & Kiste PLC | Troy Michigan Attorney | Lawyer 248-398-7100Garmo & Kiste PLC | Troy Michigan Attorney

Have you been sued by Cavalry SPV I, LLC? As a debt buying agency, Cavalry SPV I, LLC purchases bad debts or otherwise troubled accounts from loan initiators. Because a large proportion of these investments will not pay off, Cavalry is often willing to work with a borrower who comes to the table to negotiate. Furthermore, since they are not the originators of the note, and got a deal on the debt in the first place post-charge off, they may be willing to take a lower settlement amount. Our offices have had great success negotiating with Cavalry SPV I, LLC for pennies on the dollar.

There are several keys to our success. First, we work with Cavalry all the time. We know the attorneys who more than likely will end up handling the suit if you are ultimately sued. We know what collectors want to see to get lower offers. This is because our attorneys worked as debt collectors prior to opening our debt collection defense firm. We know the tricks of the trade and how to turn them around for your benefit.

While Michigan is generally a very creditor friendly state, recently we have had some favorable decisions for debtors. In McDonald v Asset Acceptance it was held that a third party debt buyer (Asset Acceptance and Cavalry are very similar in this respect) may not charge interest for the period of time post charge off. Charge off is when the originator of the loan writes off the debt and the actual amount of loss (which is much lower), at times makes an insurance claim on the amount lost. There is some debate as to whether courts will interpret this to mean that once the debt buyers own the debts they can begin charging their own interest, or whether the interest is forever waived as assignees stand in the shoes of their assignors.

If you have outstanding debt, have been harassed by a debt collection agency, or contacted by a law firm or third party debt buyer like Cavalry SPV, Call Garmo & Kiste, PLC at (248) 398-7100 for a free consultation or contact us with a private message.

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Attachment v. Execution of Realty:

If you have a judgment against someone, default or otherwise, a frequent question is what to do next. While you can always set up a creditor’s exam, or attempt to garnish the defendant’s paycheck or tax return, sometimes even these techniques come up with nothing. Once you have tried these tactics, you may want to explore attachment or execution of realty especially if the defendant has his or her money all wrapped up in real estate where it is inaccessible to the more common collection attempts.

Attachment is the process by which a judgment lien attaches to the Defendant’s interest in real property. This is accomplished by the creditor filing a notice of judgment in accordance with MCL 600.2803 with the register of deeds. This can even apply to after acquired property. There is no right to foreclose a judicial lien pursuant to MCL 600.2819.

Execution of realty is slightly different. One may only move for an execution after execution has been made against personal property pursuant to MCL 600.6004. Some property is exempt from levy and sale under execution pursuant to MCL 600.6023. This exempt property includes:

a homestead exemption
household goods under $1000.00 all apparel for the debtor and his family
provisions and fuel for comfortable subsistence of each household member
a seat, pew, or slip in the place of worship and cemetery plots
per household member: 10 sheep, 2 cows, 5 swine, 100 hens, 5 roosters, and feed for six months
occupational tools less than $1000.00

As you can see, this is a pretty unusual statute. If you are at your wits end trying to collect a judgment, or if you have had your property executed or attached, you need an experienced attorney to assist you and protect your rights. To retain Garmo & Kiste, PLC, for assistance in these matters call us at (248) 398-7100 for a free consultation or contact us with a private message. Need help Collecting Money from a Judgment in Michigan? We are experienced Michigan attorneys with offices in Troy, MI.

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Sued by Stenger and Stenger in Michigan? We can help.

Stenger & Stenger is a law firm that represents creditors and specializes in debt collection cases. In some instances, individuals have reported that Stenger & Stenger has, on behalf of its clients, taken large sums of money from bank accounts for judgments on debts. It may seem unfair but it may still be legal. Debt collectors are notorious for using abusive and fraudulent means to collect money. It is not uncommon for them to add on interest or fees to increase the balance you supposedly owe. If they do this, they are in violation of the Federal Fair Debt Collection Practices Act. Some individuals report that they never received notice of a default judgment entered against them. These situations can be confusing and frustrating but the attorneys at Garmo & Kiste, PLC are here to help. If you are having trouble with a debt collector or have been sued by a law firm such as Stenger & Stenger, call Garmo & Kiste, PLC at (248) 398-7100 for a free consultation or contact us with a private message. We are an aggressive law firm that will fight for your rights.

Another thing to keep in mind is that all debt collection communications are not necessarily legitimate. Debt Collection Scams are increasingly common. These are different from the legitimate debt collection actions taken by actual creditors. Consumers have reported getting frightening and threatening phone calls demanding payment of outstanding payday or internet check cashing loans. The caller may claim to be a representative of a law firm or even the government. These callers probably won’t abide by the rules of the FDCPA so if you are being subjected to abusive debt collection behavior such as calling before 8 am or after 9 pm, this is a red flag and you should seek help. The scariest aspect of being contacted by fake debt collectors is that they may have a lot of accurate personal information about you including your birthday or even your Social Security number. Be sure not to give any additional information about yourself and seek help.

Even dealing with legitimate debt collectors can be a harrowing experience. If you are in this position the attorneys at Garmo & Kiste, PLC are here to fight for you. If you have outstanding debt, have been harassed by a debt collection agency or contacted by a law firm such as Stenger & Stenger, please contact us at (248) 398-7100 or send us a private message.

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Sued by RAzOR Capital? We Defend Michigan RAzOR Capital Lawsuits:

Credit cards, auto loans, mortgages and other forms of debt are very common in the modern world. The way you handle your debts impacts your credit score which is increasingly important. That little number can affect your chances of getting a car, house, or even a job. It is important to check your credit score and report. By regularly checking your credit report, you can ensure that the debt reflected there is really yours, that there are no mistakes and ensure you are not blind-sided by a debtor or debt collection agency such as RAzOR Capital.

When you check your credit score you may see a single number or multiple ones depending on what website or provider you use. This is because there are three different credit bureaus, TransUnion, Equifax, and Experian and each may have different information about your borrowing practices. Some of the factors they use to calculate your credit score include the amount you owe, if you make payments on time, and the length of your credit history.

There are a number of things you can do if you want to raise your credit score. You can maintain your balance at less than 30% of your credit limit, withhold from applying for new cards more than a few times a year and try to slowly pay down your outstanding debt.

Maintaining your credit can help you achieve your goals in life but your efforts will be hindered if you have unsettled debt disputes. Individuals may be contacted by debt collection agencies seeking to obtain payment of outstanding debt. They may do this on behalf of a creditor such as a bank or they may purchase the debt from the original debtor and collect on their own behalf. RAzOR Capital is one such agency. They purchase credit card portfolios and collect in order to collect payments on the outstanding debt, and are regularly represented by Stenger & Stenger here in Michigan. If you have been contacted by RAzOR Capital or another debt collection agency, please call Garmo & Kiste, PLC at (248) 398-7100 for a free consultation or contact us with a private message so that you can take the first step to resolving the situation and moving on with your life.

We have handled many debt collection cases and pride ourselves on our keen understanding of both sides of the issue. We have extensive experience in the Metro Detroit and in all of Michigan with debt collection agencies such as RAzOR Capital.

For more information about Debt Collection Defense and RAzOR Capital or to retain Garmo & Kiste, PLC, call us at (248) 398-7100 for a free consultation or contact us with a private message.

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Have you been contacted or served CACH, LLC? Most individuals who have been contacted by CACH, LLC have never heard of the company before. CACH, LLC is a debt purchaser or a Junk Debt Buyer. They buy debt from banks and other financial institutions, and then bring action against the borrowers. In Michigan CACH, LLC is often represented by G. Reynolds Sims and Associates, P.C. ans Weltman Weinberg & Reis.

The process of selling and buying debt is perfectly legal and is fairly common. However, there are rules in place that protect individuals and to control how Debt Collectors conduct themselves. The Fair Debt Collections Act covers personal and household debt including debt from credit cards and auto loans. The FDCA dictates that debt collectors may not harass anyone or use deceptive practices in attempts to collect the debt. Harassment includes calling repeatedly with the intent to annoy or abuse any person at the called number. Debt collects cannot contact you at unreasonable times. For example, they shouldn’t be contacting you at 6 a.m. or 10 p.m. If CACH, LLC has engaged in this or other abusive behavior, they are in violation of the FDCA. CACH, LLC and other debt collectors are permitted to contact third parties to get information about you. Further, they may make multiple attempts to contact you. Obtaining an Attorney can help you avoid the stress of communicating with debt collection agencies. If you are being contacted in regards to paying a debt please contact Garmo & Kiste, PLC at (248) 398-7100 for a free consultation or contact us with a private message.

If CACH, LLC is taking legal action against you to collect the debt, you will need an attorney that can navigate the unique legal landscape of debt collection. The legal process can be confusing and frustrating even when debt collectors conduct themselves legitimately. The attorneys at Garmo & Kiste, PLC can do just that. We regularly handle debt collections cases and have worked with debt collectors in the past. This gives us a unique advantage because we understand both sides of litigation.

For more information about Debt Collection Defense and Bankruptcy Work or to retain Garmo & Kiste, PLC, call us at (248) 398-7100 for a free consultation or contact us with a private message.

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LVNV Funding is a debt collection agency, often referred to as a Junk Debt Buyer. Their business is based in purchasing your debt from an organization that you owe money to. The organizations they may have purchased your debt from include banks or other financial institutions or even other debt collection agencies. Once they own your debt, they will become the collector and will pursue payment from you. If they contact you about debt collection or if their name appears on your credit report this may mean that you owe them money. Understanding and handling your debt situation is complicated and often times confusing to the point of frustration. For more information about LVNV Funding, call us at (248) 398-7100 for a free consultation or contact us with a private message. We are licensed Michigan attorneys, with offices in Troy, and Lake Orion Michigan.

In Michigan LVNV Funding is often represented by Mary Jane Elliot’s office, Weltman Weinberg & Reis, or Stenger & Stenger, P.C. You may have received letters about the amount you owe, describing the transfer of your debt. You may see names of debt collection agencies you’ve never heard of before, including LVNV Funding. That’s because your debt can legally be transferred multiple times without your consent. Amidst these transfers, you may lose track of a debt you owe. Often times individuals receive notification about owing a debt that is higher than they were expecting. It can be very difficult to understand the transfer of your debt and even more difficult to get any information from debt collection agencies such as LVNV Funding. The attorneys at Garmo & Kiste, PLC are here to answer your questions and will pursue the information you need. It is important to go through the process with an expert to ensure that your debt payments are given to the correct debtor and that the proper documentation follows in order to ensure that your debt will be legitimately and wholly cleared. This is especially important when you see multiple names, including LVNV Funding, on statements.

In some cases, the behavior of LVNV is not legal. Their actions could be in violation of the Fair Debt Collection Practices Act (FDCPA). The FDCPA is a federal law that serves to protect consumers from abusive debt collection behavior. This includes communicating at unusual times or contacting you directly once you have obtained an attorney. Though this law applies in Michigan, many are unaware of the protection it grants. If LVNV or another debt collection agency has engaged in behavior such as this, please contact Garmo & Kiste, PLC to help. For more information about LVNV Funding, call us at (248) 398-7100 for a free consultation or contact us with a private message. We are licensed Michigan attorneys, with offices in Troy, and Lake Orion Michigan.

The attorneys here at Garmo & Kiste, PLC have expertise in this area of law. Hiring Garmo & Kiste, PLC will give you a leg up on LVNV Funding and other debt collectors because we have worked with debt collectors in the past. We are knowledgeable about the debt collections process and how these businesses handle these matters. We have also handled numerous cases for defendants facing legal action by a debt collection agency. We have the experience to handle your case no matter what your needs are. Call us at (248) 398-7100 for a free consultation or contact us with a private message.

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Do you have mounting Debt? Have you been sued by a medical provider, a credit card company on a bank loan, or by a former landlord, etc.? Let us help you. The Attorneys of Garmo & Kiste, PLC are experienced Debt Collection Attorneys who now specialize in Debt Collection Defense and Bankruptcy Work. In the past we learned the trade working for Credit Card Companies and Debt Collection Agencies. Yearly we handle hundreds of collections and collections defense cases.

For more information about Bankruptcy Lawyers in Troy | Royal Oak | Novi | Clawson | Michigan and Bankruptcy Work or to retain Garmo & Kiste, PLC, call us at (248) 398-7100 for a free consultation or contact us with a private message. We are licensed Michigan attorneys, with offices in Troy, MI. We are not a debt relief agency.

Our Familiarity with Collections Industry…

One of the greatest advantages of hiring our firm is the connections we bring to the process. Because of our past employment, typically we know the Plaintiff, their Attorney, the Court, and the Judge. We can quickly assess the facts of your case, in efforts of determining the best course of action and in turn the best possible result for you, our client. We know more loop holes than most attorneys, and we know when it’s time to fight and when it’s time to settle. For this reason, looking for an attorney who practices in the county where you were ticketed is particularly helpful, that said we regularly practice in Oakland, Macomb, Wayne, and Lapeer Counties. What follows is a list of Collections Defense matters our firm has handled recently.

BANKRUPTCY:

During your free consultation, we will go over your personal situation and explain how bankruptcy may affect each of your debts, property and assets. We will never recommend bankruptcy unless we believe you need it. Unfortunately with the economic recession, mounting obligations, and dramatic home devaluation, debt has become a major anchor around the neck of Americans both in Michigan and nationwide. As a consequence, bankruptcy has become a high volume industry in which many attorneys push unnecessary bankruptcies on consumers to turn quick profits for themselves. At Garmo & Kiste, PLC our aim has always been to provide the very best counsel to our clients and to be as objective as possible about your options, not to turn quick profits.

For more information about Debt Collection Defense and Bankruptcy Work or to retain Garmo & Kiste, PLC, call us at (248) 398-7100 for a free consultation. Payment plans are available, and as always you are under no obligation to retain our services and our advice during the consultation is free.

What is a Chapter 7 Bankruptcy?

Chapter 7 is the most common form of bankruptcy in the United States. Chapter 7 bankruptcy is sometimes called “liquidation” bankruptcy it cancels your debts, but you might have to let the bankruptcy court liquidate sell some of your property for the benefit of your creditors. If you are being crippled by high credit card debt or medical bills, Chapter 7 may be a way for you to discharge those debts, once complete you will receive a Bankruptcy Discharge and your obligation to the discharged debts will be over. The whole Chapter 7 bankruptcy process takes about four to six months, and commonly requires at least one trip to the courthouse.

For more information about Debt Collection Defense and Bankruptcy Work or to retain Garmo & Kiste, PLC, call us at (248) 398-7100 for a free consultation.

What is a Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, often called “reorganization” or “consolidation” bankruptcy is very different from Chapter 7 bankruptcy, which wipes out most of your debts. When your income is determined to be too high for a Chapter 7, but you are facing foreclosure on your home, auto repossessions or tax debts, Chapter 13 can help give you some breathing room. In a Chapter 13 bankruptcy you use your income to pay some or all of what you owe to your creditors over time. 99% of all debtors who file Chapter 13 keep their assets, however not everyone qualifies for Chapter 13, and some debtors would be better off filing for Chapter 7.

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Limits the rights of Debt Buyers in Collections Matters

Our office has worked extensively with the collectors and lawyers representing Asset Acceptance, LLC. This debt collection company was recently involved in a class action lawsuit. The Plaintiffs in the lawsuit were people like the people we often represent who had defaulted on a loan which had been sold to Asset Acceptance. In order to understand the opinion, it is critical to understand the definition of “charge-off” with respect to a debt. According to the opinion “At some point after Plaintiff’s default, the original creditor determined that these respective debts were uncollectable, and therefore decided to ‘charge-off’ the debt… Creditors charge-off debt in accordance with federal regulations that permit the creditor to remove the debt from their financial records. See Victoria J. Haneman, The Ethical Exploitation of the Unrepresented Consumer, 73 Mo. L. Rev 707, 713-14 (2008) … These accounts are treated as a loss wherein the creditor receives a tax deduction under the Internal Revenue Code[1]. Id. at 714. Asset purchased Plaintiff’s charged-off accounts for pennies on the dollar and began its own collection efforts.” At this time the Defendant Asset Acceptance began to charge interest on the notes which had already been charged-off by the original creditors.

The issue in this case is whether the original creditor can continue to charge interest on the debts once they are charged off. The Plaintiff’s argue that since Asset Acceptance, as assignees of the note, stand in the shoes of the original creditor with no greater rights. As such, interest could not be collected without violating the Fair Debt Collection Act. The court sided with the Plaintiffs holding that “Because [the original creditors] waived the interest, Asset could not retroactively impose interest for the period in which it did not own the accounts.” McDonald v. Asset Acceptance, LLC, United States District Court, E.D. Michigan, Southern Division. Aug 7 2013. Slip. Op.

So, what does this mean for you? The holding is relatively narrow as applied to most debtors. However, if you believe that interest was accrued between the time your note was charged off, and purchased by the collections company, you may be entitled to a reduction in total balance.

For clarification of this, or other debt collection matters, contact Garmo & Kiste, PLC, at (248) 398-7100 for a free consultation or contact us with a private message. We are experienced Michigan attorneys with offices in Troy, MI.

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[1] Footnote mine: Additionally, in many cases the original creditor has insurance to cover bad debts and will receive a pay out on these charged-off notes. (McDonald v. Asset Acceptance LLC Michigan Debt Defense)

Does this situation sound familiar? Your mid-twenties son or daughter currently lives in your basement. Or this one? You are in your mid-twenties and have had to approach your parents to move back home? This situation is becoming more and more common, and recent census data shows that there are 6 million young adults in this situation (meaning there are also 6 million parents wondering when their kids might finally leave the nest as well). It might seem like kids these days are just lazy, but in reality this is an example of national policy having a trickle-down effect. The vast amount of student loan debt seems to be impacting modern family structure. It is also preventing young people from making big ticket purchases such as a home or a new car. Americans between age 25 and 34 made up on 27% of home buyers in 2011, which is the smallest percentage in the last decade per the National Association of Realtors. Further, if you think about it, that is prime age for people to be buying a house so it should conceivably be the highest group.

For aggressive Debt Restructuring ideas and legal representation concerning all Debt Collection matters or to retain Garmo &Kiste, PLC call us at (248) 398-7100 for a free consultation or contact us with a private message. Including Student Loan Debt Settlement

My Mother, Daughter, Friend, Son, Nephew, etc. used my Credit Card and never paid me back and now the Credit Card Company is suing me. Am I stuck with the bill? Or do I have any recourse?

Unfortunately, you are likely liable for the debt. You could file an affidavit with your credit card company in which you attest that you did not make the charges and that these charges were unauthorized. If you timely file such an affidavit, you may not be liable for those charges. However, this might cause criminal charges to be brought against the individual using your card.

As such, most people similarly situated will do nothing in the hopes their relative or friend will make prompt repayment. Few people ever want to think that their friend or family member would ever betray them. Unfortunately, this is simply not the case.

If this has happened to you, let us help you. The Attorneys of Garmo & Kiste, PLC are experienced Debt Collection Attorneys who now specialize in Debt Collection Defense and Bankruptcy Work. In the past we learned the trade working for Credit Card Companies and Debt Collection Agencies.

Yearly we handle hundreds of collections and collections defense cases. For more information about Debt Collection Defense and Bankruptcy Work or to retain Garmo & Kiste, PLC, call us at (248) 398-7100 for a free consultation or contact us with a private message.

Have you been sued by Cavalry SPV?

Garmo & Kiste, PLC