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? See SOP 50 57.

Loans 98

Loans Collateral Foreclosure Lender 98

Nexa Collect

MARCH 12, 2021

The CFPB has the authority to stretch its long arm as far as the most remote corner of the United States and its territories in order to supervise and audit local banks, credit unions, payday lenders, debt collection agencies, and more. 981p (12)). All that being said, in Puerto Rico interest is allowed on money judgments, at a rate of 6%.

Collection Agencies 130

Collection Agencies Collections Agency Collections Garnishment 130

Troutman Sanders

DECEMBER 28, 2023

B 25-0609 is intended to prevent out-of-state lenders from charging rates higher than the District’s usury cap of 24%. The Code of the District of Columbia would be amended to adopt a totality of the circumstance test to determine the “true lender” of a consumer loan. However, whether the legislation will be effective is unclear.

Lender 64

Lender Banks Credit Unions Credit Unions 64

Troutman Sanders

SEPTEMBER 12, 2022

On September 8, Second Circuit ruled that lenders must return $500 million to Citibank, which had mistakenly wired the funds to them. funded by a group of lenders. funded by a group of lenders. Citibank was responsible for transmitting Revlon’s payments to the lenders. Citibank administered a $1.8

Lender 52

Lender Construction Loans Debtor 52

Jimerson Firm

JULY 1, 2020

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Therefore, it is critical for lenders to confirm that no prior assignment exists on life insurance collateral prior to taking the collateral on as security for a loan.

Collateral 98

Collateral Loans Lender Secured Creditor 98

Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. With consumer debts, co-debtors receive the protection of an automatic stay. This test calculates whether an individual can repay lenders and creditors without declaring Chapter 7 bankruptcy.

Chapter 7 bankruptcy 122

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

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

Jimerson Firm

JULY 30, 2020

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults.

Lender 98

Lender Foreclosure Loans Banks 98

PBWT

SEPTEMBER 30, 2022

To encourage parties to transact with debtors in bankruptcy, the Bankruptcy Code in corporate bankruptcies provides highest priority to “administrative expenses,” which include “the actual, necessary costs and expenses of preserving the estate.” ” 11 U.S.C. § § 503(b); id. § § 507(a)(2).

Bankruptcy 112

Bankruptcy Debtor Lender Government 112

Jimerson Firm

JANUARY 27, 2021

SBA lenders should understand the appropriate protocols after receiving an offer in compromise from a borrower, including what an offer in compromise is, when it is appropriate, the general requirements, and the process for reviewing, approving and completing a compromise. If there are any discrepancies, the lender must investigate them.

Loans 96

Loans Lender Collateral Creditors 96

Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Lenders must ensure compliance with all relevant State and Federal laws and regulations to preserve their remedies for recovery. Florida State Laws. Foreclosures are a state law proceeding first and foremost.

Loans 98

Loans Foreclosure Lender Accrued Interest 98

Fraser

JULY 7, 2020

Every real estate loan payment missed by a borrower puts lenders in a more precarious financial position. Economic woes are likely to continue, which means that lenders will be forced to deal with more financially distressed borrowers. In some instances, this means the possibility of foreclosure.

Lender 41

Lender Foreclosure Bankruptcy Loans 41

Fraser

JUNE 25, 2020

The petition date is the date on which a debtor files a chapter 11 bankruptcy proceeding. The debtor is required to serve all known creditors with notice of the commencement of the chapter 11 case. In order to participate in the distribution of the debtor’s assets to satisfy pre-petition claims, a creditor must have a valid claim.

Creditors 72

Creditors Bankruptcy Unsecured Creditor Debtor 72

Sawin & Shea

APRIL 20, 2021

When an Indiana homeowner is unable to make their mortgage payments, the lender eventually starts a foreclosure. If a mortgage lender determines that an Indiana homeowner is failing to make their mortgage payments, the lender will start contacting the borrower to demand payment. How the Foreclosure Process Works in Indiana.

Foreclosure 93

Foreclosure Bankruptcy Lender Repossession 93

PBWT

AUGUST 16, 2022

In an adversary proceeding, the collective owners of the Makaha Valley Country Club , golf courses, surrounding undeveloped land, and other related assets (the “Owners”) avoided obligations undertaken in connection with a loan extension provided by Tianjin Dinghui Hongjun Equity Investment Partnership (the “Lenders”).

Debtor 65

Debtor Construction Collateral Lender 65

PBWT

OCTOBER 27, 2021

One way committees try to enhance recoveries is by seeking “derivative standing” to commence adversary proceedings challenging the validity of a secured lender’s pre-petition liens. The debtor operated 28 franchise restaurants primarily in the Sun Belt region. In re Platinum Corral, LLC , No. ’" Id.

Creditors 59

Creditors Debtor Collateral Unsecured Creditor 59

Debt Free Colorado

FEBRUARY 21, 2022

What can debtor collectors do to you under the FDCPA: Contact other people to find out where you live, your current telephone number, or where you work, but they can’t contact anyone more than once or tell anyone you owe a debt. The federal Fair Debt Collection Practices Act (FDCPA) does not apply to the actual lender.

Debt collector 98

Debt collector Fair Debt Collection Collection Agencies Collections Agency 98

Jimerson Firm

MAY 5, 2021

Some small businesses debtors will close without reorganizing and before having received forgiveness for or paying off the funds they received through the PPP loan and/or EIDL programs. When a business defaults on a loan with the federal government, the government “lender” may report the business to credit scoring companies.

Collateral 98

Collateral Loans Government Debtor 98

The Creditors Rights

SEPTEMBER 13, 2016

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.

Bankruptcy 40

Bankruptcy Lender Debtor Creditors 40

ABI

JANUARY 13, 2022

Section 523 of Title 11 of the United States Code (the “Bankruptcy Code”) generally provides that a student loan cannot be discharged unless it would impose “undue hardship” on the debtor. [1] 3] In 2013, Rodger Dean Love (“Debtor”) filed for bankruptcy under chapter 13 of the Bankruptcy Code. [4] 16] . . [1] 1] See 11 U.S.C. §

Debtor 40

Debtor Loans Student loans Student Loans 40

ABI

JANUARY 12, 2022

Subject to court approval, a trustee or debtor in possession may assume or reject an executory contract or unexpired lease of a debtor under section 365 of title 11 of the United States Code (the “Bankruptcy Code”). [i] i] The trustee or debtor in possession must cure any defaults to assume a contract or lease. [ii]

Debtor 40

Debtor Bankruptcy Unsecured Creditor Secured Creditor 40

The Creditors Rights

JUNE 7, 2016

Many lenders attempt to render their borrower bankruptcy remote by requiring the borrower to have on its board a director, known as a “blocking director,” whose consent is required for any bankruptcy filing. This harsh lesson was learned by the lender in In re: Lake Michigan Beach Pottawattamie Resort, LLC , 547 B.R. 899 (Bankr.

Lender 40

Lender Bankruptcy Foreclosure Government 40

PBWT

SEPTEMBER 8, 2021

Debtors and trustees seeking to avoid the hardship of a foreclosure often attempt to employ sections 547 and 548 of the Bankruptcy Code. [1] 1] In accordance with the former section, a debtor may avoid any transfer of an interest in property “on or within 90 days before the date of the filing of the petition.”

Bankruptcy 52

Bankruptcy Foreclosure Debtor Lender 52

Troutman Sanders

SEPTEMBER 4, 2020

Navient Solutions, LLC argued that the debtors’ student loans were excepted from their Chapter 13 discharge under 11 U.S.C. § The bankruptcy court dissected the provision and held that the debtors’ tuition loans are not “obligations to repay funds received as an educational benefit.”.

Student loans 78

Student loans Student Loans Loans Education 78

Fraser

JULY 21, 2020

What’s worse—and which often comes as a big surprise—is when a business gets sued by the debtor or bankruptcy trustee seeking to recover payments made by the debtor before the bankruptcy. The SBRA created a new “subchapter V” to Chapter 11 of the Bankruptcy Code , which provides small business debtors an easier path through bankruptcy.

Creditors 56

Creditors Bankruptcy Debtor Construction 56

FFGN COLLECT NY

AUGUST 26, 2024

At that time, the marshal posts a notice of sale and takes an inventory of the debtor’s assets. Between the time of levy and the sale date, the debtor often contacts the marshal’s office to arrange payment of the judgment and marshal fees. The secured lender has a right to foreclose on the assets.

Judgment 52

Judgment Debtor Creditors Lender 52

Troutman Sanders

JANUARY 19, 2023

When deciding the amount of homestead exemption to which a debtor is entitled, should a bankruptcy court apply the state exemption in effect on the creation date of the lien or on the bankruptcy filing date? The debtor filed for bankruptcy protection in 2021. recorded against his home.

Bankruptcy 52

Bankruptcy Debtor Judgment Lender 52

Jimerson Firm

AUGUST 7, 2020

This new legislation is likely to be important to lenders and borrowers due to the anticipated higher volume of commercial foreclosures due to economic effects of the current COVID-19 pandemic. What is a Receiver, and Why are They Important? When Can the Court Appoint a Receiver Under the Act? Authors: C. Ryan Maloney, Esq. Candidate 2021.

Foreclosure 98

Foreclosure Lender Judgment Creditors 98

Sawin & Shea

JUNE 7, 2023

If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. If the lender is concerned about the borrower’s ability to repay the debt, they may require a co-signer. What’s a Guarantor?

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

The Creditors Rights

JULY 5, 2016

Lenders often go to great lengths to ensure their borrowers are Special Purpose Entities —entities whose assets will not be commingled with the assets of parent or affiliated companies—rendering bankruptcy filings by the SPE less likely. In Opportunity Finance , the debtors were Petters Company, Inc. (“PCI”) The Eighth Circuit agreed.

Lender 40

Lender Bankruptcy Creditors Collateral 40

Jimerson Firm

NOVEMBER 16, 2020

When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. Florida courts have also found a secured creditor breached the peace, if the secured creditor damaged the debtor’s property during repossession efforts, or used force to repossess the collateral.

Secured Creditor 69

Secured Creditor Collateral Repossession Creditors 69

Credit Corp

OCTOBER 16, 2023

While a debt collector contacting you can be stressful, it’s important to pause and remember your rights as a debtor. The letter should include details about the debt, the original lender, and the debt collector’s authority to collect the money. Before paying the debt collector, verify that the debt is actually yours.

Debt collector 105

Debt collector Creditors Original Creditor Lender 105

Credit Corp

MAY 3, 2021

Not only are canceled debts a hit to your credit score, they can cause future lenders to question whether you’re someone who makes payments on debts as agreed. Canceled accounts may still show up on your credit report—along with notes about any payments that you missed before that point—for up to 7.5

Repossession 94

Repossession Bankruptcy Creditors Unsecured Debt 94

Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. Can You Cancel a Reaffirmation Agreement?

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Titan Consulting

AUGUST 23, 2020

The bankruptcy trustee will sell any non-exempt assets to repay debtors before a discharge occurs. At your request, lenders must grant a forbearance for up to 180 days, renewable for up to a year with a hardship attestation. Auto lenders could also waive payments for those impacted by COVID-19.

Chapter 13 bankruptcy 86

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 86

PBWT

MARCH 2, 2021

There are only a handful of examples, and for many debtors it is not an option. Even a small minority of dissenting holders could have jeopardized the Debtors’ plans: valuation fights and disputes over feasibility, to give just two examples among dozens of possible hurdles, are unlikely to be resolved on such an accelerated timeline.

Bankruptcy 65

Bankruptcy Debtor Creditors Trade 65

Better Credit Blog

DECEMBER 22, 2021

A debt consolidation loan is a personal loan that can be used to pay off all of your debts, so instead of owing money to multiple sources, you will just have to pay back one lender with a monthly payment. Student loans that were secured through a private vendor can, sometimes, be consolidated through a lender.

Debt Consolidation 65

Debt Consolidation Loans Lender Student loans 65