Remove Credit Management Remove Creditors Remove Judgment
article thumbnail

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges – Part 3: Commercial Mortgage Default Options Including Acceleration and Enforcement of Personal Guaranties

Jimerson Firm

Goldome Realty Credit Corp., 1st DCA 1992) (providing that where the borrower filed for bankruptcy after a default judgment of foreclosure, the lender was able to sever its claim for enforcement of the personal guaranty and pursue the personal guarantor). See, e.g. , Guirlinger v. 2d 1135, 1136 (Fla. This prevents a double recovery.

Lender 98
article thumbnail

How will Hunstein v. Preferred Collection & Mgmt. Impact The Collections Industry?

Credit Management Company

Name of the creditor. It’s important to note that this is only binding in the Eleventh Circuit and the consumer is not entitled to a judgment for damages. To learn more about Credit Management Company and how we can help you understand these recent changes, contact us. Background on This Case. Balance owned. 1692c(b).

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

A Review of Supreme Court Justice Amy Coney Barrett’s Prior FDCPA Court Decisions

Collection Industry News

Midland Credit Management, Inc. The court did not address whether or not the problematic envelope being inside another envelope has any impact on its decision, but that’s likely because they were reviewing a decision on a motion to dismiss rather than a motion for summary judgment.). Creditor ID Claims—A Mixed Bag.

article thumbnail

Best practice tips for Legal Processes

CICM

However, if the Statutory Demand does not prompt payment and you proceed to insolvency, you may not recover your full debt if you are an unsecured creditor. If you do secure a judgment at court, you have access to enforcement action to recover the debt. Issue a claim in the court system, either directly or with the help of a solicitor.

article thumbnail

Personal Guarantees in Commercial Collection: How Helpful Are They?

The McHughes Law Firm

It is a prudent credit manager that attempts to obtain personal guarantees from the principals of an incorporated entity to which credit is being extended. Therefore, when drafting a personal guarantee, a creditor should specify that the guarantee is one of payment. Lubitz, Esq., When Should the Guarantee be Obtained?

article thumbnail

How Does Validation of Debts Work?

Credit Management Company

The full name of the creditor. A statement that if the consumer notifies the debt collector in writing within the 30-day period that the debt, or a portion of the debt, is disputed, the debt collector will obtain proof of the debt of a copy of the judgment against the consumer.

article thumbnail

7th Circuit Says Credit Agencies Need Not Dig Into Debt Ownership

Collection Industry News

We hold that plaintiffs’ allegations that the creditors did not own their debts are not factual inaccuracies that the consumer reporting agencies are statutorily required to guard against and reinvestigate, but primarily legal issues outside their competency,” Brennan wrote for the three-judge panel. ’”. “We