Qualco

SEPTEMBER 12, 2023

This approach involves taking proactive measures, even when the credit is still in good standing, and the creditor has not yet taken possession of the collateral. This categorisation is pivotal in effectively monitoring the collateral portfolio and ensuring consistent practices when performing valuation calculations.

Collateral 105

Collateral Financial Institution Collections Loans 105

Jimerson Firm

MAY 5, 2021

Some small businesses debtors will close without reorganizing and before having received forgiveness for or paying off the funds they received through the PPP loan and/or EIDL programs. The degree of risk largely depends upon the individual loan terms and, in particular, whether the loan is collateralized and/or required personal guarantees.

Collateral 98

Collateral Loans Government Debtor 98

Sawin & Shea

AUGUST 9, 2022

With a Chapter 13 bankruptcy, the debtor agrees to a payment plan to pay off their debt, which means they don’t have to surrender their property as collateral. For those that choose a Chapter 7 bankruptcy, a reaffirmation agreement can help protect property from being repossessed as collateral.

Chapter 7 bankruptcy 98

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Collateral 98

Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. If the collateral is real property, the lender must liquidate all parcels of real property that has a Recoverable Value over $10,000. See SOP 50 57. Short Sale.

Loans 98

Loans Collateral Foreclosure Lender 98

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.

Debtor 52

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

Roths Child Law

APRIL 30, 2021

All debtors must pass the means test to file for Chapter 7 bankruptcy. Consumers can only file Chapter 7 bankruptcy once every eight years. The court will likely reject your request to do so if that amount of time hasn't elapsed since your last discharge. . Not passing the means test. A recently dismissed case.

Chapter 7 bankruptcy 98

Chapter 7 bankruptcy Bankruptcy Repossession Collateral 98

Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. With consumer debts, co-debtors receive the protection of an automatic stay. When it comes to filing Chapter 13, your consumer and non-consumer debt classifications determine what is and isn’t protected by an automatic stay.

Chapter 7 bankruptcy 122

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student Loans 122

FFGN COLLECT NY

NOVEMBER 21, 2022

Seeking replevin is common and used by debt collection lawyers to recover goods or collateral for their clients. Replevin is available to a party seeking the return of goods pursuant to a court order directing a party to return the goods or collateral to you. This would require the debtor to deliver the item(s) to the secured party.

Collateral 52

Collateral Repossession Debtor Creditors 52

PBWT

AUGUST 16, 2022

The extension came with the caveat, however, that the Owners’ property (along with the personal property of the individual behind the project, and his wife’s property) became collateral for repayment of the debt. ” The extension agreements “eliminated that small chance.

Debtor 65

Debtor Construction Collateral Lender 65

PBWT

OCTOBER 27, 2021

The debtor operated 28 franchise restaurants primarily in the Sun Belt region. The debtor encountered financial problems related to the onset of the COVID-19 pandemic, resulting in a chapter 11 filing in April 2021. In re Platinum Corral, LLC , No. 21-00833-5-JNC, 2021 WL 4695327 (Bankr. Bankruptcy Judge Joseph N. ’" Id.

Creditors 59

Creditors Debtor Collateral Unsecured Creditor 59

Sawin & Shea

NOVEMBER 15, 2023

In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something. What is the difference?

Unsecured Debt 52

Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

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.

Creditors 72

Creditors Bankruptcy Unsecured Creditor Debtor 72

Qualco

NOVEMBER 7, 2023

These often involve initiating legal proceedings against debtors intending to repossess, auction, and sell collaterals or executing payment orders to seize the debtor’s assets or income. 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

Sawin & Shea

DECEMBER 7, 2022

Many debtors make the mistake of racking up more debt before filing because they figure that they’ll be able to discharge it. Some debtors attempt to avoid the luxury item bankruptcy provision by taking a cash advance on their credit card, but this will also likely not work.

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Creditors 98

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

Debt Free Colorado

JANUARY 27, 2022

In Chapter 7 bankruptcy proceedings, the phrase “non-exempt property” refers to a debtor’s estate property that does not qualify for a statutory exemption. Additionally, creditors may take such property if a judgement against the debtor is entered. portion of the debtor’s home’s equity.

Bankruptcy 75

Bankruptcy Chapter 7 bankruptcy Unsecured Creditor Debtor 75

BN Lawyers

APRIL 5, 2019

The initial stage of a Chapter 11 filing is the most crucial and debtors must be ready for the tactics of aggressive creditors and stakeholders jockeying for priority in the restructuring proceedings. These motions also serve the dual purpose of dealing with the urgent concerns of major players in the debtor’s operations.

Collateral 40

Collateral Debtor Creditors Bankruptcy 40

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

Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Debt Free Colorado

FEBRUARY 24, 2025

Complete a Debtor Education Course After your 341 Meeting, you must take a second financial education course. Secured Credit Card Debt Some credit card purchases, such as financed electronics, jewelry, or furniture, may be considered secured debt if the credit agreement states that the item serves as collateral.

Credit Card Debt 52

Credit Card Debt Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 52

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.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Taurus Collect

MAY 24, 2022

Therefore, it is vital to have a robust debt collection strategy to enable you to stabilise your cash flow and acquire money from your debtors without hampering your business relationships. Several times collectors end up calling debtors who have already paid off their debts long back due to the inefficiency in the recording.

Collection Agent 52

Collection Agent Debt Recovery Collections Collateral 52

PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. ” [ii] In December, the Supreme Court granted certiorari and on Thursday adopted the minority view. [i]

Bankruptcy 65

Bankruptcy Debtor Creditors Repossession 65

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

DECEMBER 21, 2023

For debtors, the automatic stay provides critical breathing room to address financial issues under bankruptcy court protection. It is one of the fundamental debtor protections under the Automatic Stay in the Bankruptcy Code. Within 30 days of filing bankruptcy, a debtor must file a Statement of Intent regarding secured property.

Bankruptcy 52

Bankruptcy Debtor Repossession 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?

Unsecured Debt 52

Unsecured Debt Collateral Secured debt Bankruptcy 52

Burr Forman

JANUARY 26, 2022

Much of his practice includes representing various interests in Chapter 11, pursuing claims of commercial lenders against the debtor, the collateral, and guarantors in bankruptcy, federal, state, and receivership courts. Houston IV was named in the Bankruptcy & Financial Restructuring, especially Litigation specialty.

Lawyers 52

Lawyers Bankruptcy Unsecured Creditor Creditors 52

Consumer Financial Services Law

JANUARY 31, 2020

The Court also considered and rejected a related argument made by the debtor that Section 362 should be read in pari materia with 542(a)’s “allegedly self-effectuating” turnover provision. Section 542 provides that an entity in possession, custody, or control of property of the debtor “shall deliver” the property to the bankruptcy trustee.

Collateral 40

Collateral Repossession Bankruptcy Chapter 13 bankruptcy 40

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.

Debt Recovery 52

Debt Recovery Debtor Judgment Collections 52

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

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. When that does not happen, we pursue collateral approaches. Another process we use to learn about your debtor’s assets is supplementary process.

Judgment 52

Judgment Mechanic’s Liens Collections Debtor 52

Sawin & Shea

MAY 2, 2024

Bankruptcy law was created to give debtors a true fresh start and pathway to rebuilding wealth. Some common dischargeable unsecured debts include: Credit card debt Personal loans Medical bills Utility bills Certain types of obligations without collateral However, all your debts cannot be discharged, even when you file bankruptcy.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

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

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. They will also need to be renewed periodically.

Collateral 40

Collateral Collections Lender Creditors 40

Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. The Court allows these actions so that a creditor can recover collateral for which they are not receiving payment. What Does an Automatic Stay Do? The automatic stay is a temporary protection in bankruptcy.

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52

Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. The Court allows these actions so that a creditor can recover collateral for which they are not receiving payment. What Does an Automatic Stay Do? The automatic stay is a temporary protection in bankruptcy.

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52