Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. However, lenders should only use this option if it maximizes recovery on the SBA loan. draft settlement statement.

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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 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.

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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. 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. Busey Bank, N.A.,

Loans 98

Loans Foreclosure Lender Accrued Interest 98

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. Repercussions can include wage garnishment, frozen bank account and other assets. Not every case lands in court.

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Collections Debt collector Collection Agencies Collections Agency 130

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.

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Lender Credit Unions Credit Unions Collections 98

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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Collateral Loans Lender Secured Creditor 98

Collection Industry News

OCTOBER 27, 2020

Axiom Acquisition Ventures, LLC (“Axiom”) bought Robert Valenzuela’s consumer debt from a bank after he allegedly defaulted on his personal loan payments. The post District Court Holds Letter Notifying Debtor of Change in Debt Ownership Can Fall Under FDCPA appeared first on Collection Industry News.

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Debtor Debt collector Fair Debt Collection Acquisition 40

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.

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Financial Institution Debtor Loans Collateral 95

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.

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Loans Collateral Lender Foreclosure 98

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.

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Secured Creditor Repossession Collateral Creditors 98

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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Debt RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. 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.

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Garnishment Banks Student loans Student Loans 40

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff In In re Raza, a bankruptcy court in Virginia overruled a trustee’s objection to certain of the debtor’s claimed exemptions and held that a small business owner who received an Economic Injury Disaster Loan (“EIDL Loan”) with the U.S.

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Bankruptcy Debtor Banks Loans 40

Troutman Sanders

OCTOBER 15, 2020

Axiom Acquisition Ventures, LLC (“Axiom”) bought Robert Valenzuela’s consumer debt from a bank after he allegedly defaulted on his personal loan payments. Axiom sent Valenzuela a letter informing him that his debt had been reassigned and instructing him to remit future payments to Axiom.

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Debtor Debt collector Fair Debt Collection Acquisition 40

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

Collection Industry News

MAY 17, 2024

Kenya has been grappling with acute liquidity challenges, and a senior administration official told Reuters on Monday that the United States is urging big creditor countries like China, Kenya’s biggest creditor, to offer debtor countries relief. policy toward the African continent.

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Debtor Financial Institution Creditors Banks 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. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. Entry Upon the Debtor’s Premises.

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Secured Creditor Collateral Repossession Creditors 69

Debt Free Colorado

JANUARY 27, 2022

Another aspect is the increased accessibility of credit loans, which makes it simpler for Americans to end up spending more than they can afford. The Trustee confiscates your bank and savings accounts when the bankruptcy order is issued. Additionally, creditors may take such property if a judgement against the debtor is entered.

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Bankruptcy Chapter 7 bankruptcy Unsecured Creditor Debtor 75

Qualco

SEPTEMBER 12, 2023

During a tightening cycle, central banks worldwide raise interest rates in an attempt to curb inflation. As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses.

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Collateral Collections Financial Institution Loans 104

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?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. On November 8, while at the Central Bank of Ireland, Federal Reserve Governor Lisa D.

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Sawin & Shea

SEPTEMBER 27, 2023

Chapter 7 is also known as liquidation bankruptcy because in exchange for receiving a discharge of most kinds of debts, the debtor has to give up non-exempt assets. Debtors have rights and protections under these laws to prevent harassment, false representations, or unfair practices by debt collectors.

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Chapter 7 bankruptcy Bankruptcy Debt collector Debtor 52

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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UK debt collections

JULY 5, 2023

Situation set to get worse Price Bailey says the closing rate is only likely to get worse with restaurants closing as rising interest rates prevent heavily indebted companies in the sector from repaying their loans. Banks will likely begin to put increasing pressure on debtors to perform or repay their loans.”

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Debtor Loans Banks 59

Taurus Collect

MARCH 7, 2022

Most industries, including medical offices, utilities, credit card companies, loan services, and phone companies, work with debt collectors. While some agencies only deal with a specific kind of debt (such as medical or student loan debt), others may deal with obligations that are gone old. How do debt collectors work?

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Collections Debt collector Collection Agencies Collections Agency 52

Debt RR

SEPTEMBER 8, 2022

But if you hold or loan out commercial debt, you might be wondering how inflation affects you. In other words, it’s when one business entity loans money to another business. This debt can take many forms, including loans from banks, bonds, and commercial paper. Let’s look at some potential impacts.

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Debt Recovery Debtor Loans Lender 58

PBWT

OCTOBER 19, 2021

Gargotta rejected a debtor’s attempt to use “CARES Act” funds, which it did not actually qualify for, to pay creditors in its chapter 11 case. BR Healthcare Solutions (the “Debtor”) operated a nursing home under the name Karnes City Health & Rehabilitation Center near San Antonio.

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Creditors Debtor Bankruptcy Healthcare 65

Taurus Collect

JUNE 13, 2022

most people tend to think of a debt collector trying to contact debtors about some unresolved debts. While some companies typically deal with specific debts only (like student loan debt or business debt), others deal with a few years old obligations. They will contact your debtors only between 8 a.m. The Process.

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Collection Companies Collections Collection Agencies Collections Agency 52

ABI

JANUARY 19, 2024

Bankruptcy Code, there are various provisions that allow debtors and trustees to avoid certain types of prepetition transfers. [1] 3] In BMO Harris Bank v. Bankruptcy Code, there are various provisions that allow debtors and trustees to avoid certain types of prepetition transfers. [1] 3] In BMO Harris Bank v.

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Bankruptcy Financial Institution Loans Banks 40

Collection Industry News

MARCH 2, 2021

Debt: ~$16,000 student loan, nothing else.Paycheck Amount (1x/month): $2,898Pronouns: She/herMonthly ExpensesRent: $717 (C. I took out student loans for courses and textbooks and was able to live at home almost all the way through, and I worked part-time most years. Hopefully, my bank account will appreciate me in the long run.

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Debtor Student loans Student Loans Education 40

Debt RR

NOVEMBER 4, 2022

And this is important to know if you plan on taking out a loan in the near future. Because interest rates affect almost everything, but most especially loans. The Federal Reserve, also known simply as the Fed for short, is the central bank of the United States. And it’s responsible for setting monetary policy.

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Debt Recovery Loans Banks Collection Agencies 40

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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Creditors Bankruptcy Debtor Construction 56

The Kaplan Group

AUGUST 6, 2020

Negotiating discounts, consolidating loans, crowdfunding, and arranging payment plans are possibilities. We also strongly urge clients to make sure they get all of the money they are owed before taking out additional loans. We can also garnish payments from the debtors’ customers and garnish their credit card and Paypal accounts.

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Garnishment Bankruptcy Creditors Debtor 105

FFGN COLLECT NY

SEPTEMBER 23, 2022

The goal of the merchant cash advance lender, or any lender, is to be able to enter a judgment and seize assets quickly once a loan goes bad. The loans almost always include a personal guaranty , which provides relief for the lender against more than the corporate borrower, who might likely be failing. They can not execute statewide.

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Judgment Lender Judgment Enforcement Banks 52

PBWT

NOVEMBER 15, 2020

The Bankruptcy Code enables a trustee to set aside certain transfers made by debtors before bankruptcy. ” The court held that Merrill Lynch was not a “trustee, receiver, or agent,” and was neither enforcing a lien nor acting for the benefit of the debtor’s creditors. See 11 U.S.C. §§

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Bankruptcy Financial Institution Debtor Judgment 104

Sawin & Shea

APRIL 17, 2024

Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Troutman Sanders

OCTOBER 16, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.

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Financial services Student loans Student Loans Credit Unions 52