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In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. The quickest and cheapest way for a secured creditor to take possession of the collateral is by self-help repossession. Entry Upon the Debtor’s Premises. 679.609, Fla.
Self-Help Repossession: In Florida, a secured creditor may use self-help repossession to take possession of collateral, provided its efforts do not breach the peace. Florida case law provides that a breach of the peace occurs if the secured creditor enters the debtor’s land to repossess the collateral, without the debtor’s consent.
This section prohibits the granting of a chapter 13 discharge if the debtor received a chapter 7 discharge within four years prior to the commencement of his chapter 13 case. 2015) held a chapter 20 debtor may in his chapter 13 case avoid a lien under § 506(d) even if § 1328(f) precludes him from receiving a discharge.
Section 523(a)(2)(A) of the Bankruptcy Code allows a creditor to obtain a judgment denying its debtor a discharge of debts incurred by false pretenses or actual fraud. Husky sued Ritz under a Texas statute which allows creditors to hold shareholders responsible for corporate debts under circumstances involving actual fraud.
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. However, foreclosures (particularly contested foreclosures) can be expensive and less efficient than other liquidation methods.
Hanna is a partner in the firm’s Creditors’ Rights & Bankruptcy group. Her practice focuses on representing creditors and debtors, both in and out of court, on a variety of issues. Hanna helps clients enforce or restructure debt obligations, including through the bankruptcy process. About Burr & Forman LLP.
Anna is an associate in the Birmingham office where she practices in the firm’s Creditors’ Rights and Bankruptcy group. At Burr, Anna represents both creditors and debtors to enforce or restructure debt obligations.
In addition, he serves as the Atlanta Office Managing Partner while practicing in the firm’s Creditors’ Rights and Bankruptcy and Lending Practice Groups. Hall was named in the Bankruptcy & Creditors’ Rights, including Litigation specialty.
5) The borrower’s proposed treatment of the SBA loan must be fair and equitable in comparison to the treatment to be received by the borrower’s other creditors. 5) The borrower’s proposed treatment of the SBA loan must be fair and equitable in comparison to the treatment to be received by the borrower’s other creditors.
Brit Suttell wins the National Creditors Bar Association Donald Kramer Award for efforts on behalf of Credit and Legal Collections Industry. AUSTIN, TEXAS, USA, October 23, 2020 / EINPresswire.com / — Brit Suttell has been awarded the National Creditor’s Bar Association’s Donald Kramer Award. About Barron & Newburger, P.C.
In an important decision for debtors and creditors alike, the United States Bankruptcy Court for the District of Delaware has ruled that provisions in a limited liability company operating agreement, granting the company’s lender absolute power to prevent the company from filing a bankruptcy petition are unenforceable as against public policy.
The receiver will also be required to post with the court a bond that is conditioned on the faithful discharge of the receiver’s duties, is issued by one or more sureties approved by the court, is in an amount specified by the court, and is effective as of the date of the receiver’s appointment. Make a distribution of receivership property.
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. This is a voluntary agreement between a secured creditor and the debtor that re-obligates the debtor on the secured debt.
DeNoce filed an adversary proceeding, seeking the denial of Neff’s discharge under § 727(a)(2) of the Bankruptcy Code, asserting the transfer of the condominium was made with intent to hinder, delay or defraud creditors. SEC (In re Sherman) , 658 F.3d 3d 1009 (9 th Cir.
I was one of four attorney members of the National Creditors Bar Association in attendance. Lastly, all groups encouraged the Bureau to publish the rules for creditors at the same time as the rules for the third party collectors. We were joined by representatives from the American Collectors Association and the Debt Buyers Association.
The Ninth Circuit BAP recently discussed on appeal the issue of whether a bankruptcy court may use the “fair and equitable” standard for confirmation in § 1129(b) to deny an oversecured creditor default interest on its claim to which it would otherwise be entitled under § 506(b). In Wells Fargo Bank, N.A. 819 (9 th Cir. The BAP reversed.
However, the court agreed it left unanswered in Crawford an additional question: whether the Bankruptcy Code preempts the FDCPA when creditors misbehave in bankruptcy. The court further noted that a “right to payment” under the Bankruptcy Code “is nothing more or less than an enforceable obligation.” Travelers Cas. & 443 (2007).
Although this scenario may sound far-fetched, it is an everyday occurrence for creditors’ rights attorneys, who have been targeted by “meaningful attorney involvement” lawsuits for years. If this can happen to creditors’ rights attorneys and their clients, might you and your clients be next? 1692, et seq. the “FDCPA”).
Therefore, if the written guaranty limits the liability of the guarantor to a sum certain, unless otherwise set forth in the guaranty, the sum certain in the guaranty represents the guarantor’s aggregate liability and is not offset by the debtor’s payments to the creditor. Bryan, 384 So. 2d 1323, 1324 n.3
In Opportunity Finance , the debtors were Petters Company, Inc. (“PCI”) Each lender was a net winner of the Ponzi scheme and, therefore, not a creditor of the bankruptcy estate of its specific SPE when the bankruptcy filings occurred. They were not creditors of the estates. Opportunity Finance, LLC et al v.
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. 3) a complete copy of the borrower’s personal federal income tax returns from the past two years, or a written explanation as to why a copy is not available.
In short, the court held that the “free and clear” language of § 363(f) applies to claims that flow from the debtor’s ownership of the sold assets. The court also agreed with the bankruptcy court that Old GM could have easily identified the holders of these claims and could have provided them with actual notice of the proposed sale by mail.
The judgment debtor is free to walk out of court (if having bothered to show up) and go about life as the debtor sees fit. You walk out of court knowing you’re the winner, and your attorney really showed the bad guys who’s right. It’s still up to the judgment creditor and the retained team of experts to make that happen.
In Lake Michigan Beach , the debtor was organized under the laws of the state of Michigan. If they don’t, a lack of the blocking director’s consent may not prevent the borrower from filing bankruptcy. This harsh lesson was learned by the lender in In re: Lake Michigan Beach Pottawattamie Resort, LLC , 547 B.R. 899 (Bankr.
[Title 11] does not affect any right of a creditor to offset a mutual debt owing by such creditor to the debtor that arose [pre-petition]. 1822(d) to be the statutory authorization for FDIC to establish pre-existing setoff rights by withholding payments from depositors to pay off their liabilities. [17] at *2930.
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