Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. See SOP 50 57.

Collateral 98

Collateral Loans Secured Creditor Lender 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. Is the Recoverable Value of the Property Over $10,000?

Loans 98

Loans Collateral Foreclosure Lender 98

Jimerson Firm

DECEMBER 30, 2020

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan. 60 calendar days), the lender/CDC must move forward with liquidating the collateral.

Loans 98

Loans Collateral Lender Foreclosure 98

Burr Forman

AUGUST 10, 2020

Honorees are selected through a process of law firm submissions, journalistic research and editorial vetting from a board of legal peers. Mike has practiced business bankruptcy law since he graduated from Duke Law School in 1980. He often represents secured lenders, typically after a borrower’s default.

Lawyers 40

Lawyers Bankruptcy Collateral Manufacturing 40

Jimerson Firm

OCTOBER 22, 2020

Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages. Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing with hotel/restaurant mortgage defaults. 702.015(4) , Fla. York, 903 So.

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Foreclosure Lender Judgment Collateral 94

Jimerson Firm

DECEMBER 15, 2020

As discussed in parts 1-4 of this series, lenders have several options prior to instituting a commercial foreclosure action. Additionally, as briefly discussed in part 5 of this series, during the foreclosure action, lenders have options to try to preserve the value of the underlying collateral and to minimize further losses.

Foreclosure 98

Foreclosure Lender Banks Collateral 98

Sawin & Shea

MARCH 7, 2023

However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed. 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.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Jimerson Firm

AUGUST 7, 2020

The Act codifies existing common law in Florida regarding the right to have a receiver appointed by the court in commercial foreclosure actions, and provides much needed clarity, predictability, and uniformity on the standard for the appointment of a receiver and the powers of receivers. What is a Receiver, and Why are They Important?

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Foreclosure Lender Judgment Creditors 98

Jimerson Firm

JULY 20, 2020

1st DCA 2016) (“Appellant’s attorney, as the agent of appellant, was entitled under the statute to certify that appellant was in possession of the original note based on counsel’s review of the collateral file, which contained the original note and was provided to counsel in connection with legal proceedings to enforce the note.”).

Foreclosure 52

Foreclosure Banks Judgment Financial services 52

Better Credit Blog

JANUARY 11, 2022

Scott, a Managing Partner at the Minnesota bankruptcy law firm LifeBack Law recommends that you choose “only bankruptcy law firms that are within your state and do nothing but Chapter 7 and 13 Bankruptcy work.” Future lenders don’t care if you are currently $100k in debt. .

Bankruptcy 63

Bankruptcy Chapter 13 bankruptcy Debt Consolidation Lawyers 63

Debt Free Colorado

MARCH 3, 2023

Every case is unique, and every case merits the careful consideration of a law firm dedicated to providing specialized bankruptcy solutions. For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. What Debts are Discharged in Bankruptcy?

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Collection Industry News

SEPTEMBER 29, 2020

Secured lenders, whose long-term secured loans typically flow through the restructuring, will also enjoy the additional benefit of more economically viable borrowers emerging from Subchapter V. The opinions and statements made herein are for scholarship purposes only and do not necessarily reflect the opinions of the author or his law firm.

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Bankruptcy Creditors Debtor Lawyers 45