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If you are having trouble collecting a commercial debt, you may wonder what you can do to make the debtor pay. The truth is, you have many tools available to you under Massachusetts law. The experienced commercialcollections attorneys at the Law Offices of Alan M.
The process becomes even more problematic when your debtor is located in another state. Even if you do achieve a judgment in your own state, you have the added step of needing to domesticate the judgment in the debtor’s state. As an out-of-state creditor, you do have options for collecting a debt from a debtor in Massachusetts.
A guarantee of payment is a far more effective tool , as it allows a creditor to proceed directly against the guarantor without the necessity of taking any action against the primary obligor [debtor]. The post Personal Guarantees in CommercialCollection: How Helpful Are They? appeared first on McHughes LawFirm.
Repossession efforts may be lawful, provided the debtor does not object, and the collateral is taken from unenclosed parts of the debtor’s property, such as the driveway. If a secured creditor breaches the peace, it may be liable to the debtor for damage done to the debtor or its premises during an unauthorized entry.
Though you always hope your customers will pay their bills on time, delinquent debtors are an unfortunate but normal part of doing business. At Law Offices of Alan M. Cohen LLC, our experienced commercialcollection attorneys have been helping businesses recover debt since 1994. The attorneys at Law Offices of Alan M.
Florida courts have established a two-part test to determine if a secured creditor “breached the peace” within the meaning of Section 679.609(2)(b) of the Florida Statutes: “(1) whether there was entry by the creditor upon the debtor’s premises; and (2) whether the debtor or one acting on his behalf consented to the entry and repossession.”
The court can also order a deficiency judgment against the debtor—that is, a money judgment—to the extent the foreclosure sale does not produce sufficient funds to pay the debt owed to lender on the SBA loan. The post SBA Loans: How to Maximize Recovery by Liquidating Real Property appeared first on Jimerson Birr LawFirm.
When we win your case, collecting the judgment may be made easier if monies were previously frozen by way of an ex parte bank or trustee attachment. Reach and Apply Injunction s — This injunction is effective when discovering that your debtor has its own debtor. Contact the Law Offices of Alan M. Cohen LLC Today.
You’ve tried everything in your power, but the debtor doesn’t respond or keeps making excuses to buy more time. At the end of the day, a collection agency will collect only low-hanging fruit and tell you that there is nothing more that they can do to help you. Why Hire a Collections Attorney? The Law Offices of Alan M.
The post How to Maximize Recovery on a SBA Loan by Negotiating a Workout Agreement appeared first on Jimerson Birr LawFirm. The borrower’s current financial information allows the lender or CDC to make prudent lending decisions regarding the feasibility and structure of the workout agreement.
The post Overview of Florida’s New Uniform Commercial Real Estate Receivership Act appeared first on Jimerson Birr LawFirm. Authors: C. Ryan Maloney, Esq. Melissa Murrin, J.D. Candidate 2021.
What are the advantages of suing in New York and obtaining judgment to then pursue in another state where debtor maintains their assets? A debt collectionlawfirm, like Frank, Frank, Goldstein & Nager will be able to help you answer them. Understand the Laws. Where should you pursue your client for payment?
5th DCA 1980) (“Since the appellees unconditionally guaranteed payment of the debt to the bank, clearly the bank could obtain a judgment for the deficiency against each of the guarantors and the debtor. However, the indebtedness can be collected only once, and any payment on any of the judgments must be credited to the others.”).
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