Collections Law

JANUARY 13, 2023

It is extremely frustrating to discover that your debtor owes other people a lot of money. If your debtor hasn’t declared bankruptcy, there are several ways we can use to try to get you paid, even if you don’t have collateral or a court judgment yet. Since your debtor isn’t in bankruptcy, we can pursue the debt aggressively.

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Debtor Judgment Collateral Garnishment 52

Jimerson Firm

DECEMBER 30, 2020

Before liquidating any collateral or incurring costs of litigation, Lenders and CDCs should make a good faith effort to first negotiate a “workout agreement” with the borrower. 60 calendar days), the lender/CDC must move forward with liquidating the collateral. SOP 50 57 2; SOP 50 55. See SOP 50 57 2 ; SOP 50 55.

Loans 98

Loans Collateral Lender Foreclosure 98

Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

Debt Free Colorado

JANUARY 27, 2022

The Trustee confiscates your bank and savings accounts when the bankruptcy order is issued. Additionally, your assets may contain items that are often overlooked, such as bank accounts, life insurance, inheritance, and possible litigation. Additionally, creditors may take such property if a judgement against the debtor is entered.

Bankruptcy 75

Bankruptcy Chapter 7 bankruptcy Unsecured Creditor Debtor 75

Qualco

NOVEMBER 7, 2023

Although 2022 saw a modest reduction in Non-Performing Exposures (NPEs) across the European Union, financial entities, including banks and servicers, are advised to proceed with heightened vigilance. This method allows a servicer to initiate legal proceedings to pressure a debtor while negotiating an extrajudicial settlement.

Financial Institution 105

Financial Institution Debtor Loans Collateral 105

Fraser

JUNE 25, 2020

The petition date is the date on which a debtor files a chapter 11 bankruptcy proceeding. The debtor is required to serve all known creditors with notice of the commencement of the chapter 11 case. In order to participate in the distribution of the debtor’s assets to satisfy pre-petition claims, a creditor must have a valid claim.

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Creditors Bankruptcy Unsecured Creditor Debtor 72

PBWT

NOVEMBER 20, 2022

The FTX filing estimates the debtors’ liabilities at between $10 billion and $50 billion, and while the number of creditors is estimated at over 100,000, the actual number could be over one million. Prepackaged cases are preferred by would-be debtors because these cases are quicker, simpler, and cheaper.

Bankruptcy 77

Bankruptcy Debtor Government Collateral 77

Jimerson Firm

JANUARY 27, 2021

If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” An offer in compromise is appropriate when the borrower’s business has closed down and all of the collateral has been liquidated. SOP 50 57 2; SOP 50 55.

Loans 96

Loans Lender Collateral Creditors 96

FFGN COLLECT NY

SEPTEMBER 22, 2021

The preliminary steps to investigate the collectability of most judgments and judgment debtors are the same. The first step with this and all other judgments is basic: Call the debtor’s number and check their website to see if they are still up and running. In this instance, we found six cases filed against the debtor.

Judgment 52

Judgment Mechanic’s Liens Debtor Banks 52

Debt RR

AUGUST 3, 2020

Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts. Review this guide for everything businesses need to know about bank account garnishment in Texas and how to avoid it.

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Garnishment Banks Student loans Student Loans 40

Collections Law

MAY 7, 2021

It is all too common to see a deadbeat debtor make every effort possible to hide assets and other information in an effort to avoid paying you, either partially or in full. One is through post-judgment discovery, where we work to follow your debtor’s money trail to find any assets that they may be attempting to hide.

Judgment 52

Judgment Mechanic’s Liens Collections Debtor 52

Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first. Which creditors can they pay?

Bankruptcy 52

Bankruptcy Unsecured Creditor Debtor Creditors 52

Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. What is Secured Debt?

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Unsecured Debt Collateral Secured debt Bankruptcy 52

The Kaplan Group

SEPTEMBER 17, 2020

Credit cards are unsecured loans, meaning you do not have to put down collateral to use the money. If the bank reduces the limit on one card from $10,000 to $5,000, your total limit is now $15,000 and the $10,000 outstanding results in a 67% credit utilization rate. This is not necessarily a bad thing.

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Collateral Loans Banks Debtor 93

FFGN COLLECT NY

JULY 29, 2021

Consider how a bank or alternative lender works: if collateralized, a loan is made based on the collateral of a borrower. A lender or creditor can obtain a security interest in specific collateral owned by the borrower is considered a secured lender. Your customer is a borrower.

Collateral 40

Collateral Collections Lender Creditors 40

Sawin & Shea

APRIL 10, 2024

With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy. Mortgages and car loans are both considered secured debts because they both have backing collateral.

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Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Collections Law

OCTOBER 5, 2020

When faced with this dilemma, don’t further waste your time and efforts chasing your debtor, spend your time making money and leave your bad debt recovery to the experienced and aggressive collections attorneys at the Law Offices of Alan M. Cohen LLC utilize aggressive, effective, and ethical practices to get the most out of your debtors.

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Debt Recovery Debtor Judgment Collections 52

ABI

JANUARY 19, 2024

In 2017, Allegiance Bank loaned Burts Construction, Inc. the “Debtor”) $1.5 The loan was secured by a lien on “all assets of the debtor, including all accounts.” [1] 1] In May of 2020, Allegiance filed a UCC-1 Financing Statement with the Texas Secretary of State to perfect its lien on the debtor’s assets. [2]

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Secured Creditor Bankruptcy Debtor Collateral 40

FFGN COLLECT NY

APRIL 21, 2022

Absent a sense of urgency, most creditors want to start with a demand to see if the debtor will respond. A written demand can be sent via email (depending on whether the debtor is commercial or consumer), by fax, mail, or hand delivery. Demand should include additional outreach to the debtor so that messages can’t get lost.

Creditors 52

Creditors Collections Debtor Judgment 52

Collections Law

AUGUST 11, 2020

Cohen LLC, you don’t have to suffer from the stress and frustration that comes with the legwork involved in following up with debtors. You also don’t have to sit helplessly in the face of bad debts when your debtor fails to make payments. A mechanics lien serves like collateral. With us, the Law Offices of Alan M.

Judgment 52

Judgment Debtor Construction Lawyers 52

Sawin & Shea

MAY 2, 2024

Bankruptcy law was created to give debtors a true fresh start and pathway to rebuilding wealth. Just be sure to hire an experienced bankruptcy lawyer to correctly file all the required paperwork with the courts and properly list all assets, your bank account, and creditors. How Much Debt Is Enough?

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

The Creditors Rights

MAY 24, 2016

In Wells Fargo Bank, N.A. The value of the bank’s collateral exceeded the amount the bank was owed. The debtor’s plan, however, provided that the bank would not be entitled to any default interest on its claim, and treated the claim by modifying its terms and providing for payment amortized over 30 years.

Bankruptcy 40

Bankruptcy Debtor Creditors Collateral 40

Collections Law

JULY 1, 2020

You’ve tried everything in your power, but the debtor doesn’t respond or keeps making excuses to buy more time. A debtor who is unwilling to pay has to be pursued much more aggressively, and our diligent debt collection attorneys have the skills and knowledge to make this happen. Why Hire a Collections Attorney?

Mechanic’s Liens 52

Mechanic’s Liens Debt Recovery Collections Judgment 52

BN Lawyers

MAY 28, 2019

Vigilant and proactive creditors can request that a separate bank/escrow account be created to prevent, or, at the least, minimize, commingling, resulting in the protection and preservation of important collateral. Texas, March 7, 2019). Del.Code Ann. 6, § 9–310(a).

Bankruptcy 40

Bankruptcy Collateral Creditors Debtor 40

Debt RR

OCTOBER 13, 2019

UCC filings are the standard for placing liens against other businesses or individuals with collateralized agreements. Making bank deposits into a collection account. In each of these instances, the collateral for the UCC will vary. What laws govern business to business transactions? That’s where a UCC filing comes in.

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Collateral Creditors Loans Lender 40

Debt Free Colorado

NOVEMBER 28, 2024

This enables debtors to keep important items while addressing their debts. However, eligibility requires debtors to pass a means test. Chapter 13 Bankruptcy In a repayment plan, debtors develop a strategy to repay all or part of their debts over a period of three to five years. Many personal assets may be exempt.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

The Kaplan Group

JULY 15, 2020

Debts secured with collateral might make it impossible for you to run your business if you lost the equipment. If you have different loans with varying interest rates, ask your bank if you can consolidate them into a lump-sum and apply the lowest interest rate. Consolidate your loans.

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Collection Agent Collections Collateral Loans 64

Jimerson Firm

AUGUST 7, 2020

The receiver will also be required to post with the court a bond that is conditioned on the faithful discharge of the receiver’s duties, is issued by one or more sureties approved by the court, is in an amount specified by the court, and is effective as of the date of the receiver’s appointment. 1), Fla.

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Foreclosure Lender Judgment Creditors 98

Consumer Financial Services Law

JANUARY 22, 2021

Background The case arose from four separate chapter 13 bankruptcy cases in which the debtors sought to regain possession of their vehicles from the City of Chicago, which had seized and impounded the vehicles prepetition due to unpaid parking tickets and similar traffic fines. quoting Citizens Bank of Md. The case, City of Chicago v.

Bankruptcy 40

Bankruptcy Chapter 13 bankruptcy Construction Debtor 40

Sawin & Shea

APRIL 17, 2024

This means that unsecured creditors, such as credit card companies, won’t receive what the debtor owes. Fortunately, you can obtain a secured card that includes collateral. While larger lenders usually don’t offer these loans, you may be able to find one through a community bank or credit union.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Debt Free Colorado

DECEMBER 23, 2024

Unsecured debt is a type of debt that is not backed by collateral. These debts have no collateral, so creditors cannot take your property without going to court first. To qualify for Chapter 7 bankruptcy, debtors must pass a means test that compares their income to their state’s median income.

Unsecured Debt 52

Unsecured Debt Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy 52

Consumer Financial Services Law

OCTOBER 25, 2017

By Zachary Dunn October 25, 2017 An unpublished opinion from the Sixth Circuit provides a useful application of the statute of limitations to bar a debtor’s claims under the Equal Credit Opportunity Act, 15 U.S.C. Mercantile Bank Mortg. 1691e (“ECOA”). LEXIS 19329 (6th Cir.

Loans 40

Loans Collateral Garnishment Judgment 40

Debt RR

DECEMBER 13, 2019

Banks can seize business assets and liquidate as a last resort to cut their losses. Many businesses are both debtors and creditors. If collateral is seized, it often occurs in court, leaving a record for other partners and vendors to dig up. That’s why it behooves everyone to understand debt restructuring.

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Chapter 7 bankruptcy Bankruptcy Creditors Retail 42

Jimerson Firm

JULY 1, 2020

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Therefore, it is critical for lenders to confirm that no prior assignment exists on life insurance collateral prior to taking the collateral on as security for a loan.

Collateral 98

Collateral Loans Lender Secured Creditor 98

Qualco

MARCH 12, 2024

In our recent study on the collections sector conducted in partnership with Deloitte France, difficulty in finding the right staff emerged as a key challenge for respondents, both among those managing Banks’ collections departments and those overseeing servicing operations. This seems to be a recurring theme.

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Collections Debtor Banks Loans 105

Better Credit Blog

JANUARY 11, 2022

When this happens, the debtor files a petition to a federal bankruptcy court in which their assets are measured and evaluated. Retirement and bank account statements. However, you can lose your property if you keep collateral to take out a consolidation loan and can’t pay it back,” he adds. About Bankruptcy. Last two W-2s.

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Bankruptcy Chapter 13 bankruptcy Debt Consolidation Lawyers 63

Troutman Sanders

FEBRUARY 13, 2024

The judge stated that since Genesis never transferred the assets, they cannot be considered as collateral pledged by the debtor. However, the judge found that the contracts between Genesis and Gemini clearly required a transfer for the assets to be pledged as collateral. For more information, click here. They cited a U.S.

Financial services 52

Financial services Student loans Student Loans Collections Agency 52