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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.
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.
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. However, the Court noted the term “fraud” had long been used by courts to describe a debtor’s transfer of assets which impairs a creditor’s ability to collect a debt.
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.
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.”
Much of his practice includes representing various interests in Chapter 11, pursuing claims of commercial lenders against the debtor, the collateral, and guarantors in bankruptcy, federal, state, and receivership courts. Houston IV was named in the Bankruptcy & Financial Restructuring, especially Litigation specialty.
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.
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.
Originally founded in 1993, the National Creditor Bar Association is dedicated to serving law firms engaged in the practice of creditorsrights law. The firm’s Bankruptcy and Recovery Practice Group represents debtors, committees, trustees, and creditors in and out of bankruptcy court. Barron & Newburger, P.C.
These notices, such as the proposed Statement of Rights, make it appear that the collection attorney is providing legal advice to the consumer. Such advice would violate the Rules of Professional Conduct, since the attorney for the creditor may not also provide legal advice to the debtor.
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.
Its purpose was not to encourage claimants to timely pursue claims against a debtor, but rather its purpose is to prevent dishonest debtors from abusing the bankruptcy process by evading the consequences of their misconduct. SEC (In re Sherman) , 658 F.3d 3d 1009 (9 th Cir.
The bankruptcy court agreed with the debtor, concluding the new loan under the plan “paid” the debt within the meaning of Entz-White , and confirmed the plan. The BAP stated that the determination is accompanied with a presumption that the contract’s default interest rate is reasonable unless the debtor introduces evidence that it is not.
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”).
He represents various financial institutions, creditors, landlords, and other parties in all aspects of loan modifications and restructuring, commercial foreclosures, enforcement of security interests and domestic and foreign judgments, Chapter 7 and 11 bankruptcies, and creditors’ rights litigation. About Burr & Forman LLP.
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.
2) SBA Form 770 (Financial Statement of Debtor) , or other current financial statement, signed under penalty of perjury, showing the borrower’s assets, liabilities, income, and expenses. If the borrower is a going concern, the borrower must include their last year-end financial statements.
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. 1), Fla.
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. Bryan, 384 So. 2d 1323, 1324 n.3
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.
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. Have a nice day.”
In Opportunity Finance , the debtors were Petters Company, Inc. (“PCI”) The Eighth Circuit recently answered this question in the negative, holding a lender to a special purpose entity is not a person aggrieved by an order of substantive consolidation and, therefore, lacks standing to appeal the order. Opportunity Finance, LLC et al v.
A debt collector who violates these proscriptions faces civil liability to the debtor. Debt collectors are a narrow subset of creditors who might file proofs of claim in chapter 13 cases.
[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]
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