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. Take advantage of payment waivers.

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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?

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Sawin & Shea

SEPTEMBER 13, 2023

A foreclosure is a process used by mortgage lenders to recover their money when a homeowner defaults on their mortgage payments. During this process, the lender will typically repossess the house and then sell it off at a public auction. The individual (you) The lender Who controls the property? What’s the Difference?

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Qualco

NOVEMBER 7, 2023

To identify the best solution for Non-Performing Loans (NPLs) , stakeholders such as lenders, servicers, and debt collection agencies need to deploy all available tools, starting a thorough appraisal of the NPL portfolio via a dedicated Workout Unit. Several member nations of the European Union have adopted this approach.

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Sawin & Shea

JANUARY 18, 2024

Debtors with a steady income create a court-approved repayment plan spanning three to five years. The debtor works closely with a bankruptcy trustee to create a manageable repayment plan, and upon successful completion, any remaining eligible debts are typically discharged. What is Chapter 13 Bankruptcy?

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Debt Free Colorado

DECEMBER 9, 2021

Chapter 7 bankruptcy is appropriate for unsecured debtors. The lender protects the borrower against foreclosure. Occasionally, creditors may refuse to repossess little goods due to the expense of picking them up. A mortgage or car loan secures the lender’s interest in your house. The Majority of Unsecured Debts.

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Debt Free Colorado

MARCH 10, 2023

At the beginning of the bankruptcy process, a petition is filed by the debtor or, less frequently, by creditors. After all the assets have been reviewed and evaluated for the debtor, some of the debt may be partially fulfilled utilizing the assets. A bankrupt person or business is unable to pay its debts.

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Sawin & Shea

NOVEMBER 15, 2023

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.

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BN Lawyers

MARCH 23, 2020

Most creditors (lenders, suppliers, employees) will be aware of the distress facing the entire service industry. A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy. High Priority: Critical Vendors, Secured Lenders, and Lessors.

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Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Instead, when a debtor fails to pay, the lender must first file a lawsuit in order to collect what is owed.

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Sawin & Shea

APRIL 10, 2024

With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy. The automatic stay prohibits creditors and lenders from attempting to recover what you owe.

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Sawin & Shea

MAY 2, 2024

Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. Bankruptcy law was created to give debtors a true fresh start and pathway to rebuilding wealth. Repossessions are pending.

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Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed.

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Debt Free Colorado

MARCH 3, 2023

For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment.

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Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. While Chapter 13 can negatively affect your credit report, lenders and creditors usually favor those who filed Chapter 13 compared to those who filed Chapter 7 bankruptcy.

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Collection Industry News

JULY 20, 2020

The group, which spent $780,000 lobbying federal officials last year, has worked to expand the industry’s ability to inundate debtors with robocalls and legal threats. Debt collection activities, including legal proceedings, garnishments, repossessions, and debt selling, must be prohibited during the state of emergency.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. Colorado – On June 29, 2020, the Colorado legislature enacted Senate Bill 20-211.

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Fico Collections

JANUARY 26, 2022

An approach that treats all debts and debtors the same, will not be as successful because there will be a significant number of consumers who owe money and have no ability to repay their debt. Lenders that can get the right combination of digital-first customer support are likely to reap benefits, including long-term customer loyalty.

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