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MAIDENBAUM & ASSOCIATES DEBT SETTLED

Our firm was contacted after our client’s bank account was restrained as the result of a default judgment entered by Accounts Receivable System a debt buyer that bought this particular debt from Chase, the original creditor. The judgment was from 1999 and our client was never served with the court documents indicating that he was being sued. He remained unaware of the suit and corresponding judgment entered against him until he began to experience problems with his bank account. The judgment was entered in Westchester, NY but our client had been living in Manhattan at this time making it impossible for him to be served properly.

Chase is the United States consumer and commercial banking business of JPMorgan Chase & Co. They are a leading global financial services firm. Nearly half of America’s households have accounts with Chase including personal banking, small business lending, mortgages, credit cards, and auto financing. Chase likely sold this debt to Accounts Receivable for pennies on the dollar. Maidenbaum & Associates, is the debt collection law firm that was attempting to enforce the judgment on behalf of Accounts Receivable. The firm is located in New York and commonly deals with the collection and judgment pursuit of auto loans, foreclosures, hospital providers, mortgage lenders, student loans, and repossessions.

We contacted Maidenbaum & Associates, and informed them that we would be filing an Order to Show Cause to vacate the default judgment due to faulty service. In many cases, it can be difficult to reduce the judgment amount when a bank restraint is involved because there is evidence that the debtor has the money necessary to pay off the debt. However, our firm was successful in obtaining a low settlement and Maidenbaum agreed to vacate the judgment. Our client was able to save 70% off of the original amount owed.

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