Tuesday , November 5 2024
Home / Mike Norman Economics / Rebecca Burns — How Lenders Are Turning Low-Level Courts Into Dickensian “Debt Collection Mills

Rebecca Burns — How Lenders Are Turning Low-Level Courts Into Dickensian “Debt Collection Mills

Summary:
Federal law outlawed debt prisons in 1833, but lenders, landlords and even gyms and other businesses have found a way to resurrect the Dickensian practice. With the aid of private collection agencies, they file millions of lawsuits in state and local courts each year, winning 95 percent of the time. If a defendant fails to appear at post-judgement hearings known as “debtors’ examinations,” collectors can seek a warrant for contempt of court — even if the debtor didn’t realize they were being sued.... What was that about "sh*t-holes"again?The InterceptHow Lenders Are Turning Low-Level Courts Into Dickensian “Debt Collection Mills Rebecca Burns

Topics:
Mike Norman considers the following as important: , , ,

This could be interesting, too:

Mike Norman writes Bill Mitchell — Racial prejudice in Britain rises with unemployment

Mike Norman writes David F. Ruccio — Sciences of inequality

Mike Norman writes Brittany Shoot — Bulletproof Backpacks: A Must-Have for Back-to-School in 2018?

Matias Vernengo writes Debtors’ Prisons

Federal law outlawed debt prisons in 1833, but lenders, landlords and even gyms and other businesses have found a way to resurrect the Dickensian practice. With the aid of private collection agencies, they file millions of lawsuits in state and local courts each year, winning 95 percent of the time. If a defendant fails to appear at post-judgement hearings known as “debtors’ examinations,” collectors can seek a warrant for contempt of court — even if the debtor didn’t realize they were being sued....
What was that about "sh*t-holes"again?

The Intercept
How Lenders Are Turning Low-Level Courts Into Dickensian “Debt Collection Mills

Rebecca Burns
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *