Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The “Recoverable Value” is “the net dollar amount that a prudent lender could reasonably expect to recover by liquidating a particular piece of collateral.” See SOP 50 57. Liquidation Methods.

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Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first. Which creditors can they pay?

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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. Mortgages and car loans are both considered secured debts because they both have backing collateral.

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Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

ABI

JANUARY 19, 2024

In 2017, Allegiance Bank loaned Burts Construction, Inc. the “Debtor”) $1.5 The loan was secured by a lien on “all assets of the debtor, including all accounts.” [1] 1] In May of 2020, Allegiance filed a UCC-1 Financing Statement with the Texas Secretary of State to perfect its lien on the debtor’s assets. [2]

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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. See SOP 50 57. Short Sale.

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Qualco

NOVEMBER 7, 2023

Although 2022 saw a modest reduction in Non-Performing Exposures (NPEs) across the European Union, financial entities, including banks and servicers, are advised to proceed with heightened vigilance. This method allows a servicer to initiate legal proceedings to pressure a debtor while negotiating an extrajudicial settlement.

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Debt Free Colorado

JANUARY 27, 2022

The Trustee confiscates your bank and savings accounts when the bankruptcy order is issued. Additionally, your assets may contain items that are often overlooked, such as bank accounts, life insurance, inheritance, and possible litigation. Additionally, creditors may take such property if a judgement against the debtor is entered.

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FFGN COLLECT NY

SEPTEMBER 22, 2021

The preliminary steps to investigate the collectability of most judgments and judgment debtors are the same. The first step with this and all other judgments is basic: Call the debtor’s number and check their website to see if they are still up and running. In this instance, we found six cases filed against the debtor.

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Debt RR

AUGUST 3, 2020

Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts. Review this guide for everything businesses need to know about bank account garnishment in Texas and how to avoid it.

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FFGN COLLECT NY

JULY 29, 2021

Consider how a bank or alternative lender works: if collateralized, a loan is made based on the collateral of a borrower. A lender or creditor can obtain a security interest in specific collateral owned by the borrower is considered a secured lender. Your customer is a borrower.

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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.

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PBWT

NOVEMBER 20, 2022

The FTX filing estimates the debtors’ liabilities at between $10 billion and $50 billion, and while the number of creditors is estimated at over 100,000, the actual number could be over one million. Prepackaged cases are preferred by would-be debtors because these cases are quicker, simpler, and cheaper.

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Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. What is Secured Debt?

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Collections Law

MAY 7, 2021

It is all too common to see a deadbeat debtor make every effort possible to hide assets and other information in an effort to avoid paying you, either partially or in full. One is through post-judgment discovery, where we work to follow your debtor’s money trail to find any assets that they may be attempting to hide.

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Jimerson Firm

DECEMBER 30, 2020

Before liquidating any collateral or incurring costs of litigation, Lenders and CDCs should make a good faith effort to first negotiate a “workout agreement” with the borrower. 60 calendar days), the lender/CDC must move forward with liquidating the collateral. SOP 50 57 2; SOP 50 55. See SOP 50 57 2 ; SOP 50 55.

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FFGN COLLECT NY

APRIL 21, 2022

Absent a sense of urgency, most creditors want to start with a demand to see if the debtor will respond. A written demand can be sent via email (depending on whether the debtor is commercial or consumer), by fax, mail, or hand delivery. Demand should include additional outreach to the debtor so that messages can’t get lost.

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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.

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Creditors Bankruptcy Unsecured Creditor Debtor 72

Troutman Sanders

FEBRUARY 13, 2024

The judge stated that since Genesis never transferred the assets, they cannot be considered as collateral pledged by the debtor. However, the judge found that the contracts between Genesis and Gemini clearly required a transfer for the assets to be pledged as collateral. For more information, click here. They cited a U.S.

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Financial services Student loans Student Loans Collection Agencies 52

Collections Law

OCTOBER 5, 2020

When faced with this dilemma, don’t further waste your time and efforts chasing your debtor, spend your time making money and leave your bad debt recovery to the experienced and aggressive collections attorneys at the Law Offices of Alan M. Cohen LLC utilize aggressive, effective, and ethical practices to get the most out of your debtors.

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Debt Recovery Debtor Judgment Collections 52

Sawin & Shea

APRIL 17, 2024

This means that unsecured creditors, such as credit card companies, won’t receive what the debtor owes. Fortunately, you can obtain a secured card that includes collateral. While larger lenders usually don’t offer these loans, you may be able to find one through a community bank or credit union.

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Collections Law

AUGUST 11, 2020

Cohen LLC, you don’t have to suffer from the stress and frustration that comes with the legwork involved in following up with debtors. You also don’t have to sit helplessly in the face of bad debts when your debtor fails to make payments. A mechanics lien serves like collateral. With us, the Law Offices of Alan M.

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BN Lawyers

MAY 28, 2019

Vigilant and proactive creditors can request that a separate bank/escrow account be created to prevent, or, at the least, minimize, commingling, resulting in the protection and preservation of important collateral. Texas, March 7, 2019). Del.Code Ann. 6, § 9–310(a).

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Collections Law

JULY 1, 2020

You’ve tried everything in your power, but the debtor doesn’t respond or keeps making excuses to buy more time. A debtor who is unwilling to pay has to be pursued much more aggressively, and our diligent debt collection attorneys have the skills and knowledge to make this happen. Why Hire a Collections Attorney?

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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 compromise is appropriate when the borrower’s business has closed down and all of the collateral has been liquidated. SOP 50 57 2; SOP 50 55.

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Debt RR

OCTOBER 13, 2019

UCC filings are the standard for placing liens against other businesses or individuals with collateralized agreements. Making bank deposits into a collection account. In each of these instances, the collateral for the UCC will vary. What laws govern business to business transactions? That’s where a UCC filing comes in.

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The Creditors Rights

MAY 24, 2016

In Wells Fargo Bank, N.A. The value of the bank’s collateral exceeded the amount the bank was owed. The debtor’s plan, however, provided that the bank would not be entitled to any default interest on its claim, and treated the claim by modifying its terms and providing for payment amortized over 30 years.

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Consumer Financial Services Law

JANUARY 22, 2021

Background The case arose from four separate chapter 13 bankruptcy cases in which the debtors sought to regain possession of their vehicles from the City of Chicago, which had seized and impounded the vehicles prepetition due to unpaid parking tickets and similar traffic fines. quoting Citizens Bank of Md. The case, City of Chicago v.

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The Kaplan Group

SEPTEMBER 17, 2020

Credit cards are unsecured loans, meaning you do not have to put down collateral to use the money. If the bank reduces the limit on one card from $10,000 to $5,000, your total limit is now $15,000 and the $10,000 outstanding results in a 67% credit utilization rate. This is not necessarily a bad thing.

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The Kaplan Group

JULY 15, 2020

Debts secured with collateral might make it impossible for you to run your business if you lost the equipment. If you have different loans with varying interest rates, ask your bank if you can consolidate them into a lump-sum and apply the lowest interest rate. Consolidate your loans.

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Collection Agent Collections Collateral Loans 64

Consumer Financial Services Law

OCTOBER 25, 2017

By Zachary Dunn October 25, 2017 An unpublished opinion from the Sixth Circuit provides a useful application of the statute of limitations to bar a debtor’s claims under the Equal Credit Opportunity Act, 15 U.S.C. Mercantile Bank Mortg. 1691e (“ECOA”). LEXIS 19329 (6th Cir.

Loans 40

Loans Collateral Garnishment Judgment 40

Debt RR

DECEMBER 13, 2019

Banks can seize business assets and liquidate as a last resort to cut their losses. Many businesses are both debtors and creditors. If collateral is seized, it often occurs in court, leaving a record for other partners and vendors to dig up. That’s why it behooves everyone to understand debt restructuring.

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Chapter 7 bankruptcy Bankruptcy Creditors Retail 43

Jimerson Firm

AUGUST 7, 2020

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.

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Better Credit Blog

JANUARY 11, 2022

When this happens, the debtor files a petition to a federal bankruptcy court in which their assets are measured and evaluated. Retirement and bank account statements. However, you can lose your property if you keep collateral to take out a consolidation loan and can’t pay it back,” he adds. About Bankruptcy. Last two W-2s.

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