Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. Barnett Bank of Pensacola , 397 So.

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ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff An unpaid secured lender with a prepetition mortgage does not have a right to receive payment of proceeds from a postpetition sale of real property. In 2017, Allegiance Bank loaned Burts Construction, Inc. the “Debtor”) $1.5

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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)). of the inhabitants unemployed.

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Collection Industry News

JANUARY 19, 2021

Those were just two of more than 1,800 loans that went to debt collectors and high-interest lenders through the Paycheck Protection Program, according to an analysis by The Washington Post. who represents debtors in collection cases. Payday lenders, strip clubs vie for PPP loans. Andrew Harnik/AP).

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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.

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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.

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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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FFGN COLLECT NY

FEBRUARY 15, 2024

No Regulation From the Banking Industry The banking industry does not regulate MCAs since these types of advances are not considered “business loans.” This allows merchant cash providers to charge interest rates that are well beyond that permissible under banking usury laws.

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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.

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FFGN COLLECT NY

SEPTEMBER 23, 2022

Merchant cash advance agreements are drafted in a way that offers an advantage to the lender. In the past, merchant cash advance companies and other lenders required their clients to sign a confession of judgment that could, in the event of default, be entered in New York without any further notice if and when the default occurred.

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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. Is the Recoverable Value of the Property Over $10,000? See SOP 50 57.

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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. What Does “Primarily” Consumer Debt Mean?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

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.

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FFGN COLLECT NY

DECEMBER 6, 2022

Can you use a New York debt collection judgment to lien a debtor’s co-op or condo? As a judgment creditor, you want to restrain, attach and lien as many of the judgment debtor’s assets in order to satisfy your judgment. When a bank lends against a co-op, they hold the stock and lease as security.

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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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Garnishment Banks Student loans Student Loans 40

Taurus Collect

MAY 11, 2023

In fact, most creditors and lenders will use a third party to follow up on outstanding accounts as soon as they become past due. Look Through Bank Statements Nobody likes being in debt, and the thought of collectors scrutinising your every financial move can be intimidating. And unfortunately, that’s not too far from the truth.

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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). The SLA anti-evasion provision was expanded to target nonbank participants of bank model programs.

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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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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.

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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.

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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.

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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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Foreclosure Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy 52

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. Busey Bank, N.A., Florida State Laws. Konsulian v. 3d 1283, 1285 (Fla.

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FFGN COLLECT NY

JUNE 29, 2022

A client came to us recently because their bank account was restrained. The underlying agreement provided that the borrower would comply with a laundry list of items as it related to her bank accounts and receivables so as to not interfere with the merchant’s ability to pull a daily amount from the borrower’s account.

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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.

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Debt RR

SEPTEMBER 8, 2022

This debt can take many forms, including loans from banks, bonds, and commercial paper. Lenders typically charge higher interest rates during periods of inflation, which increases the cost of borrowing for businesses. At Debt Recovery Resources, we know how to handle commercial debtors. How Does Inflation Affect Commercial Debt?

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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.

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Loans Collateral Lender Foreclosure 98

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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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. By taking security interest , you are technically taking a position as a lender. A secured lender has additional remedies in the event of non-payment by the borrower. Your customer is a borrower.

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Hudson Weir

MAY 13, 2021

Financial institutions, for example banks, will normally seek some kind of security when lending money. The bank requires genuine reassurance they can regain the money lent, should the loanee be unable to pay it back. The bank requires genuine reassurance they can regain the money lent, should the loanee be unable to pay it back.

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Taurus Collect

MARCH 5, 2024

Persistent Contact: Debt collectors may contact debtors through phone calls, emails, letters, or even personal visits. Consider a Payment Plan: Many debt collectors are open to negotiating payment plans that are manageable for the debtor. Over time, these can accumulate, significantly increasing the total amount owed.

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FFGN COLLECT NY

MAY 24, 2022

Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the borrower or debtor. The proposed bill does not currently apply to commercial lenders. Therefore, it will most likely be “business as usual” for commercial lenders and the like.

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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.

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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.

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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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Fraser

SEPTEMBER 28, 2020

If you’re owed money by a bankrupt debtor, you likely have to file a claim. A creditor must take care to ensure that the claim amount listed on the debtor’s schedules is accurate and the claim is scheduled against the right debtor (in cases involving more than one debtor entity). Do You Have to File a Claim? Walton, Jr.’s

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Hudson Weir

APRIL 15, 2021

A debenture is a document representing a loan agreement between a lender and a borrower, granting the lender security over the borrower’s assets. This gives the lender a means of collecting the debt if the borrower cannot pay. Debentures are typically used by traditional lenders like banks to provide funding to large companies.

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