Jimerson Firm

JANUARY 27, 2021

If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” An offer in comprise allows borrowers to settle their debt on the SBA loan for less than the full amount owed. What is an Offer in Compromise? SOP 50 57 ; SOP 50 55.

Loans 96

Loans Lender Collateral Creditors 96

Troutman Sanders

SEPTEMBER 4, 2020

On August 31, 2020, the Tenth Circuit affirmed the United States Bankruptcy Court for the District of Colorado’s holding that certain student loans not guaranteed by a governmental unit may be discharged in bankruptcy. Third, to read the word “loans” into § 523(a)(8)(A)(ii) “would violate the canon against surplusage.

Student loans 78

Student loans Student Loans Loans Education 78

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. Additionally, specific Federal regulations may also apply and provide additional requirements for lenders holding VA loans or FHA loans, or provide protections for service members. Florida State Laws.

Loans 98

Loans Foreclosure Lender Accrued Interest 98

Nexa Collect

APRIL 27, 2021

Simple Answer: Once the bad debt entry hits the credit report, the fear in the debtor’s mind is gone. You just used the most effective tool in debt recovery before giving enough time to the debtor to settle your unpaid bills. The debtor thinks “ What worse can happen? The fear in the debtor’s mind is gone.

Collections Agency 130

Collections Agency Collection Agencies Debtor Debt Recovery 130

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. SOP 50 57 ; SOP 50 55. SOP 50 57 2; SOP 50 55.

Loans 98

Loans Collateral Lender Foreclosure 98

Sawin & Shea

JANUARY 11, 2024

Medical bills, credit cards, payday loans, and struggling businesses – it can seem like the letters and calls from creditors will never stop. Since 2005, a debtor education course from an approved provider is mandatory for anyone who files for bankruptcy. Staring down mountains of debt can feel overwhelming.

Education 52

Education Debtor Bankruptcy Chapter 13 bankruptcy 52

Nexa Collect

JUNE 25, 2023

The professional life of a debt collector involves communicating with individuals and businesses to collect payments on overdue bills, loans, or other financial obligations. Communication Skills : Debt collectors need excellent communication skills to effectively convey information and negotiate with debtors.

Debt collector 130

Debt collector Debtor Fair Debt Collection Education 130

ABI

JANUARY 12, 2022

In general, a student loan may not be discharged under title 11 of the United States Code (the “Bankruptcy Code”) unless the debtor demonstrates “undue hardship.” [1] 4] Ultimately, the debtor accumulated $653,843.22 seeking a discharge of her student loan debt pursuant to § 528(a) of the Bankruptcy Code. [7].

Student loans 40

Student loans Student Loans Debtor Loans 40

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

PBWT

AUGUST 18, 2020

Yet, as has been widely reported, debtors in chapter 11 cases are not allowed to receive PPP loans. [1] If enacted, bankruptcy judges could permit debtors to obtain PPP loans. These loans would be granted superpriority status, receiving the highest priority as administrative expense claims against a debtor's estate.

Loans 62

Loans Debtor Bankruptcy Education 62

Nexa Collect

JANUARY 19, 2022

If the debtor is not traceable or unresponsive, a collection agency can file a lawsuit and if you do not respond in the court on time, it can result in a default judgment against you. However, most unpaid bills are reported on the debtor’s credit report and stay there for seven years. Not every case lands in court.

Collections 130

Collections Debt collector Collections Agency Collection Agencies 130

FFGN COLLECT NY

DECEMBER 12, 2023

Is there a law in NYC that protects consumers and debtors from debt collecting agencies, businesses, and their attorneys? Overview of NYC Law on Debt Collection Most people might not be aware of it, but New York has some of the strictest regulations and laws regarding debt collection and debtor protection.

Debtor 52

Debtor Debt collector Debt Buying Original Creditor 52

Better Credit Blog

DECEMBER 22, 2021

If you have multiple debts, such as overdue credit cards you need to pay down, a debt consolidation loan might be able to help you to better keep track of what you owe by getting it all in one place, perhaps even at a lower interest rate. How Debt Consolidation Loans Work. When Might It Make Sense To Get A Debt Consolidation Loan.

Debt Consolidation 65

Debt Consolidation Loans Lender Student loans 65

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] 523(a)(8). [2]

Debtor 40

Debtor Loans Student loans Student Loans 40

Re:Ceeve

JUNE 23, 2020

Non-performing loans (NPLs) continue to put pressure on European banks, playing a critical role in profitability and determining the overall financial health of the banking infrastructure. Most technological solutions used by banks to address non-performing loans focus on automating the collections process.

Loans 78

Loans Banks Acquisition Collections 78

Nexa Collect

JANUARY 16, 2023

Higher mortgage and car loan payments. The more you defer working on your overdue bills, the financial situation of your customers/debtors will deteriorate. Most economists believe that a recession is inevitable. Impact of Rising Interest rates on Consumer Debt. Everything around you gets expensive, including food and clothing.

Debt Recovery 130

Debt Recovery Credit Card Debt Collections Agency Collection Agencies 130

Jimerson Firm

MAY 5, 2021

This blog points out certain considerations that small business owners and their advisors should be cognizant of when shuttering businesses with open PPP loans, including reputational impact and risk to federally held assets. Small Loan Default. Additionally, large percentages of these loans are forgivable.

Collateral 98

Collateral Loans Government Debtor 98

Roths Child Law

JANUARY 15, 2021

The debtor receives a discharge after they meet all requirements, which usually takes three to six months. Since bankruptcies are public records, lenders will be able to view it, making it more difficult to get loans. Bankruptcy also impacts debtors with higher credit scores more than it affects debtors with lower scores.

Chapter 7 bankruptcy 97

Chapter 7 bankruptcy Bankruptcy Unsecured Debt Debtor 97

Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees. Are Student Loans Consumer or Non-Consumer Debts?

Chapter 7 bankruptcy 122

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

Student loans 52

Student loans Student Loans Bankruptcy Chapter 7 bankruptcy 52

ABI

JANUARY 12, 2022

Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” 7] The debtor disagreed and filed a cross motion for Summary Judgment. [8]. 1] In Hull v. 2d 395 (2d Cir.

Student loans 45

Student loans Student Loans Loans Debtor 45

Sawin & Shea

JANUARY 18, 2024

As you think about filing bankruptcy, it’s crucial to understand the interaction between Chapter 13 and car loans. Bankruptcy can impact various aspects of your financial life, including existing car loans. Debtors with a steady income create a court-approved repayment plan spanning three to five years.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Loans Bankruptcy Repossession 52

ABI

JANUARY 13, 2021

[i] Section 1102 of the CARES Act allows parties to apply for loans under the Paycheck Protection Program (“PPP”), which may be forgiven under certain circumstances. [ii] xii] Pursuant to certain regulations, the Administrator excluded debtors in bankruptcy cases from the program.

Debtor 40

Debtor Bankruptcy Loans Construction 40

Debtor Daddy

MARCH 31, 2021

Businesses that are low on cash have to either take out a loan or simply “make do” with the lack of cash because lending can seem risky and hard to do. The post 5 Ways Invoice Financing Can Boost Cash Flow appeared first on Debtor Daddy. Making it hard to pay bills, hire staff, buy inventory and grow stress-free.

Debtor 98

Debtor Loans 98

Troutman Sanders

MARCH 16, 2023

On March 16, the Consumer Financial Protection Bureau (CFPB) released a compliance bulletin entitled Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts. The compliance bulletin focused on the treatment of certain private student loans following a bankruptcy discharge.

Student loans 52

Student loans Student Loans Loans Bankruptcy 52

Public Citizen

JULY 20, 2021

As you may know, most student loans are notoriously difficult to discharge in bankruptcy. But not all loans, according to In re Hilal K. In that decision , the Second Circuit has joined the Fifth and Tenth Circuits and held that private student loans are dischargeable in bankruptcy. Homaidan (CA2 July 15, 2021).

Student loans 53

Student loans Student Loans Bankruptcy Loans 53

Roths Child Law

NOVEMBER 7, 2020

Tennessee residents may have heard about the case, which involved a class action filed by several people who defaulted on car loans. The filing gives the debtor the peace of mind knowing that debt collectors must stop all collection actions, including any existing court filings against the debtor.

Third-party Debt Collectors 98

Third-party Debt Collectors Debt collector Collections Fair Debt Collection 98

Jimerson Firm

FEBRUARY 10, 2022

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. As a result, a loan that is charged off is written off and deemed a loss of principal and interest. See Caplinger v.

Lender 98

Lender Credit Unions Credit Unions Collections 98

Roths Child Law

NOVEMBER 16, 2022

This often saves debtors from the long-term damages and consequences of unpaid debt. Otherwise, too much debt can hamper the ability to take on loans. In other words, someone's debt can be evaluated and redistributed, leaving the debtor responsible to pay off some of their debt. Chapter 13 bankruptcy is a debt refinancing plan.

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Debtor 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

Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. This scenario underscores the pressing need for resilient and adaptable strategies in managing loan portfolios. Several member nations of the European Union have adopted this approach.

Financial Institution 105

Financial Institution Debtor Loans Collateral 105

Jimerson Firm

DECEMBER 10, 2021

Many secured creditors and equipment leasing companies have encountered defaulted debts, where the debtors and lessees retain possession of the collateral, including cars, boats, machinery, or other equipment. Self-help asset recovery is more commonly known as repossession. Replevin. Security Underwriting Consultants, Inc. 2d 752 (Fla.

Secured Creditor 98

Secured Creditor Repossession Collateral Creditors 98

Collection Industry News

AUGUST 8, 2022

15 provides the Private Student Loan Collections Reform Act, which is contained in Sections 1788.200 to 1788.211. Section 1788.203 requires all settlement agreements between a private education lender or private education loan collector and a debtor to be documented in open court or otherwise reduced to writing. Title 1.6C.15

Student loans 40

Student loans Student Loans Loans Education 40

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Section 362 of title 11 of the United States Code (the “Bankruptcy Code”) provides that the filing of a bankruptcy petition results in an automatic stay generally enjoining all actions, including a foreclosure sale, against a debtor or its property. [1]

Foreclosure 40

Foreclosure Debtor Bankruptcy Judgment 40

Troutman Sanders

JANUARY 23, 2023

On January 1, 2023, House Bill 132 went into effect enacting a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act (SLA).

Loans 52

Loans Lender Debtor Banks 52

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

ABI

JANUARY 13, 2022

American Bankruptcy Institute Law Review Staff. . In In re Marlena Joy Pizzo , the United States Bankruptcy Court for the District of South Carolina held that a debtor may voluntarily contribute to her retirement plan while paying creditors under a bankruptcy plan. [1] 6] The court referred to 11 U.S.C. at *2 (quoting 11 U.S.C.

Debtor 40

Debtor Creditors Unsecured Creditor Chapter 7 bankruptcy 40