Jimerson Firm

MAY 5, 2021

This blog points out certain considerations that small business owners and their advisors should be cognizant of when shuttering businesses with open PPP loans, including reputational impact and risk to federally held assets. Small Loan Default. Additionally, large percentages of these loans are forgivable.

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Collateral Loans Government Debtor 98

Qualco

SEPTEMBER 12, 2023

As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses. These exposures involve borrowers who have extended their loan terms and are now at risk of facing difficulties meeting their obligations.

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Collateral Financial Institution Collections Loans 105

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. Are Student Loans Consumer or Non-Consumer Debts?

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

PBWT

AUGUST 16, 2022

In an adversary proceeding, the collective owners of the Makaha Valley Country Club , golf courses, surrounding undeveloped land, and other related assets (the “Owners”) avoided obligations undertaken in connection with a loan extension provided by Tianjin Dinghui Hongjun Equity Investment Partnership (the “Lenders”).

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Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. This scenario underscores the pressing need for resilient and adaptable strategies in managing loan portfolios. Several member nations of the European Union have adopted this approach.

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Financial Institution Debtor Loans Collateral 105

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.

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

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.

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Creditors Debtor Collateral Unsecured Creditor 59

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

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.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Debt Free Colorado

JANUARY 27, 2022

Another aspect is the increased accessibility of credit loans, which makes it simpler for Americans to end up spending more than they can afford. 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.

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Bankruptcy Chapter 7 bankruptcy Unsecured Creditor Debtor 75

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.

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Credit Card Debt Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 52

Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. What is Secured Debt? Examples of Secured Debts.

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Unsecured Debt Collateral Secured debt Bankruptcy 52

Debt Free Colorado

DECEMBER 9, 2021

Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. Chapter 7 bankruptcy is appropriate for unsecured debtors. Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Sawin & Shea

JUNE 7, 2023

Co-signers are beneficial for those seeking to obtain loans and credit cards. If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. Plus, being a co-signer can help a debtor build credit.

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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 Unsecured Creditor Debtor 52

Qualco

APRIL 15, 2024

A CHANGING CREDIT LANDSCAPE Over the past five years, there has been a significant increase in the usage of unsecured credit products, such as personal loans and credit cards, particularly following COVID- 19 and the rising cost of living.

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Financial Institution Collections Debt Recovery Unsecured Debt 97

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?

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Bankruptcy Unsecured Creditor Debtor Creditors 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. Lower credit scores make it harder for you to obtain a loan. Businesses often use credit cards in the same ways that people do in their personal lives. This is not necessarily a bad thing.

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Sawin & Shea

MAY 2, 2024

If you qualify for Chapter 7 bankruptcy, our attorneys can guide you through the process of eliminating unsecured debts, such as credit card balances, medical expenses, and personal loans, within a matter of months. Student loans are also difficult but not impossible to discharge in bankruptcy.

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Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

FFGN COLLECT NY

JULY 29, 2021

And if you are loaning money you can do the same so long as the goods are not owned or pledged to another. Consider how a bank or alternative lender works: if collateralized, a loan is made based on the collateral of a borrower. The borrower, in return for the loan, pledges assets or other capital to secure the loan.

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Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. Pension loans: If you took out a loan against your pension, an automatic stay would not protect you from wage garnishment to repay the loan. What Does an Automatic Stay Do? Automatic Stay Violations.

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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. Pension loans: If you took out a loan against your pension, an automatic stay would not protect you from wage garnishment to repay the loan. What Does an Automatic Stay Do? Automatic Stay Violations.

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Bankruptcy Garnishment Repossession Foreclosure 52

ABI

JANUARY 12, 2022

In In re Shoot the Moon, LLC , the United States Bankruptcy Court for the District of Montana held that a transaction between a restaurant business and a lender was a loan with a security interest in receivables as opposed to a sale with an ownership interest in receivables. [i] 8) the language of the agreement and the conduct of the parties.

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Loans Bankruptcy Creditors Debtor 40

Sawin & Shea

MARCH 7, 2023

This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. Also, if you have a debt that is a lien against collateral (a car loan, a mortgage loan), the creditor can force a return of that collateral to try and partially satisfy their debt.

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Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 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.

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Consumer Financial Services Law

JANUARY 31, 2020

Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. Section 542 provides that an entity in possession, custody, or control of property of the debtor “shall deliver” the property to the bankruptcy trustee.

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Sawin & Shea

AUGUST 23, 2023

Most Debtors, however keep everything they have. With Chapter 7 bankruptcy, you’ll be able to eliminate most unsecured debts, which includes: Credit card debt Medical debt Personal loans Payday loans Utility bills It’s important to keep in mind, though, that Chapter 7 will not eliminate all kinds of debt.

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Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 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

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. Consolidate your loans. 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.

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Collection Agent Collections Collateral Loans 64

Debt Free Colorado

NOVEMBER 28, 2024

Certain debts—such as credit card debt, medical bills, and personal loans—can be discharged. This enables debtors to keep important items while addressing their debts. However, eligibility requires debtors to pass a means test. Personal Loans: Unsecured personal loans from banks or credit unions are usually dischargeable.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Debt Free Colorado

MARCH 3, 2023

This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time.

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Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Debt RR

OCTOBER 13, 2019

How can lenders feel confident in approving businesses for loans or leasing? UCC filings are the standard for placing liens against other businesses or individuals with collateralized agreements. There are different instances in which a UCC filing may be used, including: Loans for a small business. Leasing equipment or vehicles.

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Collateral Creditors Loans Lender 40

Debt Free Colorado

DECEMBER 23, 2024

Unsecured debt is a type of debt that is not backed by collateral. Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate. These debts have no collateral, so creditors cannot take your property without going to court first. This means there is no property tied to it.

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The Creditors Rights

MAY 24, 2016

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. The facts in Beltway One were straightforward.

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Bankruptcy Debtor Creditors Collateral 40

Sawin & Shea

APRIL 17, 2024

Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable. Fortunately, you can obtain a secured card that includes collateral.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Debt Free Colorado

JANUARY 20, 2024

That means the debtor is no longer legally obligated to repay these debts. The debtor can move forward without medical bills once the process is finalized. Chapter 13 Bankruptcy In Chapter 13 bankruptcy , the debtor proposes a three to five-year repayment plan to pay off debts gradually.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

ABI

JANUARY 22, 2024

In a Chapter 12 bankruptcy, the debtor generally proposes a plan for repaying creditors from future earnings. [1] 6] This ensures complete repayment, covering both the principal loan amount and accrued interest, in accordance with the United States Code. [7] 10] These loans were secured by $1.45 SCS Credit Corp. ,

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Secured Creditor Creditors Bankruptcy Unsecured Creditor 40