What are the Conditions Precedent (if any) to Perfecting a Claim to an Assignment of a Life Insurance Policy as Security Collateral for a Loan?

Jimerson Firm

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. Furthermore, in the event the collateral was pledged to multiple lenders, lenders will need to know how to discern whether their assignment of life insurance takes precedent over the collateral interest of a competing secured creditor.

Master the 5 C’s of Credit

Nerd Wallet

The five C’s, or characteristics, of credit — character, capacity, capital, conditions and collateral — are a framework used by many traditional lenders to evaluate.

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How SBA Lenders Ensure Expense Recovery in Loan Liquidation and Litigation

Jimerson Firm

Recoverable Expenses” are defined as SBA approved, necessary, reasonable, and customary costs incurred to collect and enforce the terms of the Loan Documents, or to preserve or dispose of collateral.

Deepening Circuit Split, Third Circuit Holds that Items Seized Pre-Petition Did Not Violate Automatic Stay

Consumer Financial Services Law

The Third Circuit’s Ruling: Meaning of Section 362’s Automatic Stay and the Interplay of Section 542’s Turnover Provision Noting a split in authority among the federal circuits, the Third Circuit sided with the minority of circuits by holding that a secured creditor does not violate § 362’s automatic stay by maintaining possession of collateral that it lawfully repossessed pre-petition, even after notice of the debtor’s bankruptcy.

Burr’s Derek Meek and Mike Hall Named to Lawdragon’s Inaugural Leading Bankruptcy Lawyers List

Burr Forman

Most of his practice includes representing various interests in Chapter 11; pursuing claims of commercial lenders against the debtor, the collateral, and guarantors in bankruptcy, federal, state and receivership courts. Birmingham Partners Derek Meek and Mike Hall have been recognized on the 2020 Lawdragon “ 500 Leading U.S. Bankruptcy and Restructuring Lawyers.

Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

The difference is that unsecured debts are not backed by collateral. Instead, consider a personal loan (that is unsecured and doesn’t require collateral to get approval) to consolidate your debt.

Debt Collection Agency for Concrete Pumping Industry

Nexa Collect

Most Concrete Pumping companies do not require collateral for their accounts receivable; however, the Company may file statutory liens or take other appropriate legal action when necessary on construction projects in which collection problems arise. Concrete Pumping companies often run into overdue accounts receivable. Pumps, belts cost, fuel, staffing costs, and equipment maintenance cost a lot, therefore unpaid AR can hurt the finances of a pumping company dearly.

UCC Filings for Your Business – Everything you Need to Know

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UCC filings are the standard for placing liens against other businesses or individuals with collateralized agreements. In each of these instances, the collateral for the UCC will vary. For example, if a business is leasing equipment, the collateral for that particular UCC filing is the equipment that is being leased. If a business is receiving inventory financing, the collateral for that particular UCC filing is the inventory being financed.

CFPB Reaches Settlement with Automobile Loan Servicer for Unfair Practices Related to Loss Damage Waivers

Troutman Sanders

This LDW coverage was in lieu of force-placing collateral-protection insurance and had been represented as a product where Lobel would pay for the cost of covered repairs and, in the event of a total vehicle loss, cancel the borrower’s debt.

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

On October 1, the Federal Reserve Board extended temporary actions, increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis until March 31, 2021.

How Does a Debt Consolidation Program Work?

Titan Consulting

HELOC ( home equity line of credit ) will convert unsecured debts into a secured loan using your home as collateral. Converting unsecured debt to secured debt could put collateral, such as your home, at risk of foreclosure. Key Takeaways.

Understanding Your Credit Card Limit: 3 Things to Know

The Kaplan Group

Credit cards are unsecured loans, meaning you do not have to put down collateral to use the money. aDIudGItaGVhZGluZ1tkYXRhLXRvb2xzZXQtYmxvY2tzLWhlYWRpbmc9IjM2OGNkZGQ4YzFkOThkNzlmMTFlNWUyNzc0NTgwOGE4Il0gIHsgdGV4dC1hbGlnbjogbGVmdDsgfSA=.

Lend Money to Family and Friends the Smart Way

Rocket Lawyer

You might also specify the collateral for the loan, and, if applicable, specify that the loan obligation is transferable to a third party. Many people turn to friends and family for loans when buying a large asset or starting up a business.

How the Law Offices of Alan M. Cohen LLC Can Help With Debt Recovery of Your B2B Debt Collections

Collections Law

Attachments can be used to seize collateral such as real estate or bank accounts to create a path for debt recovery on the judgment. For companies dealing with other business entities, debt recovery for services rendered can prove a difficult task.

How Do CDs Work?

Credit Corp

This is a loan that uses your CD deposit as collateral. A certificate of deposit, more commonly known as a CD, is a special type of savings account. You deposit your money into the account and agree not to make any withdrawals for a certain period of time.

Sixth Circuit Holds Consumer Has No Standing to Bring FDCPA Claim

Consumer Financial Services Law

Furthermore, you inquired as to should a deficiency balance be realized after the sale of the collateral would Green Tree pursue Mr. & Mrs. Hagy for the amount of the deficiency. I have been informed by my client that in return for Mr. & Mrs. Hagy executing the Warranty Deed in Lieu of Foreclosure Green Tree will not attempt to collect any deficiency balance which may be due and owing after the sale of the collateral.

Using Aggressive Methods to Domesticate Foreign Judgments and Enforce Mechanics Liens

Collections Law

A mechanics lien serves like collateral.

Is Invoice Factoring Good for Your Company?

Nexa Collect

And because your invoices provide the collateral, you don’t need to worry about putting assets in jeopardy. Invoice factoring can be an appealing way for businesses with outstanding accounts receivables to raise needed cash quickly.

As Chapter 11 Bankruptcy Filings Surge, Here’s What Creditors Need to Know to Protect and Enforce Their Rights

Fraser

Because debtors require sufficient cash to operate their businesses and pay for the administrative expenses of the chapter 11 process, many seek interim court approval for financing (called “debor-in-possession” or “DIP” financing) and/or the use cash collateral that is subject to a secured creditor’s lien. The National Bureau of Economic Research recently announced that the U.S.

What Happens When You Pay Off Your Car Loan?

Credit Corp

You’ll need the title if you ever want to sell your car or use it for collateral when applying for credit. According to the Consumer Financial Protection Bureau, around 2.3 million car loans originate every year. Car loans can take years to pay off.

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Should Seniors Consider a Reverse Mortgage to Raise Cash During the Pandemic?

Titan Consulting

Like a traditional mortgage, a reverse mortgage uses your home as collateral while allowing you to own and live in the house as long as you wish. Key Takeaways. A reverse mortgage is a unique loan, secured by the equity in your home, available to seniors 62 years of age and older.

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Determining Your Debt-to-Income Ratio

Debt Guru

Or you resorted to a loan using your car as collateral. If you’re an American, chances are pretty good that you carry debt. In fact, a Pew report from 2015 found that 80% of us owe money. While that means we’re in good company, it also means that most of us are feeling the stress of debt and the strain of repayment. So, just how much debt is “too much?”

5 Ways to Reduce Your Debt and Avoid Collections

The Kaplan Group

Debts secured with collateral might make it impossible for you to run your business if you lost the equipment. If collection agents like me are calling you, you need to reduce your debt. The Covid-19 pandemic has been hard on a lot of businesses and business owners. People who have never been late with a payment in their life are suddenly facing a pile of bills. To avoid your account being sent to collections, you need to find ways to reduce your debt. Prioritize your bills.

Dos & Don’ts of a Payment Plan

The Kaplan Group

Are you offering collateral? Normally on this blog we give advice to our clients and creditors who are owed money. The pandemic and resulting economic impact are causing many companies to struggle financially for the first time. Here are some tips for both debtors and creditors considering a payment plan as a way to resolve an issue.

Certification of Original Promissory Note is Required To Bring a Mortgage Foreclosure Action

Jimerson Firm

In 2013, the Legislature enacted Section 702.015 , Florida Statutes, which sets forth new pleading requirements for residential foreclosure actions.

After-Tax Cost of Debt – How to Calculate it For Your Business

Debt RR

Businesses need collateral for secured loans, which can come in different forms: Asset-backed loans. Collateral can be real property or liquid assets. As lenders can seize the collateral, secured loans are generally easier to approve for businesses without a lot of credit or financial history. It’s not uncommon for the general population to view debt as an unfavorable financial instrument, but entrepreneurs and finance directors know the value of leveraging capital.

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Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 5 – Commercial Foreclosures 101

Jimerson Firm

Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages.

Dealing With Debt From COVID-19

Debt Free Colorado

They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments. How do I pay my Bills if I’m out of Work due to a Stay-At-Home Order? The efforts to contain the Coronavirus pandemic have pushed hundreds of thousands of people out of work. Without consistent income, paying your bills can be difficult if not impossible.

JUST IN TIME: NEW BANKRUPTCY RELIEF FOR SMALL BUSINESSES – NEW YORK LAW JOURNAL

Collection Industry News

Companies are nevertheless still required to file first day motions, including, for example, motions to use cash collateral, to make “adequate protection” payments to secured creditors after the petition date and before the plan is confirmed (via the Subchapter V trustee), and to file applications to employ professionals. Just in Time: New Bankruptcy Relief for Small Businesses. A unique opportunity for Chapter 11 restructuring of small businesses with up to $7.5

What Affects Your Credit Score

Better Credit Blog

They come with minimal fees and use your deposit as collateral. Credit scores affect almost every aspect of your financial life, but what affects them? While some factors that impact your score are obvious, like your payment history, others might surprise you.

Peering Over The Edge Of The Financial Cliff

Fico Collections

If we think about the three Cs of credit; Capacity, Character and Collateral we currently face a real risk to capacity and collateral.With so much assistance provided to Australians through their banks and the government, it is very difficult to determine their credit worthiness or character.

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How Businesses Use Corporate Debt Restructuring for Liquidity

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If collateral is seized, it often occurs in court, leaving a record for other partners and vendors to dig up. Corporations have been increasingly defaulting on debt, with many businesses are struggling to maintain revenues and liquidity. Sometimes businesses aren’t prepared for market changes or a slump stretches longer than it should have, causing them to fall further into debt as bills pile up. Banks can seize business assets and liquidate as a last resort to cut their losses.

How Aggressive Collections Attorneys Can Aid in Massachusetts Debt Recovery

Collections Law

A mechanic’s lien is collateral. Have you lost all hope of recovering a long-overdue debt? You’ve tried everything in your power, but the debtor doesn’t respond or keeps making excuses to buy more time. You’ve already tried hiring an agency, but they say there is nothing more that they can do. You might be preparing to write off these dues as bad debts — but there is still light at the end of the tunnel. The experienced collection attorneys at the Law Offices of Alan M.

Finding Business Opportunities From COVID-19

Fico Collections

During the COVID-19 lockdown I decided to play poker with some friends and it got me thinking about how quickly fortunes can shift. In poker, a game can change significantly with the fourth community card laid out by the dealer.

What Happens to Debts When Dissolving a Company?

Debt RR

Secured debt: If a business receives a loan or other credit — like a credit card — because of specific assets or liquid collateral, they have secured debt. As with equipment leases, secured debt may be reduced by surrendering the security deposit or collateral. Going out of business is a tough process regardless of the reasons.

Overview of Florida’s New Uniform Commercial Real Estate Receivership Act

Jimerson Firm

On July 1, 2020, the Uniform Commercial Real Estate Receivership Act (“Act”) became law in Florida as part of the newly created Chapter 714 of the Florida Statutes.

An In-Depth Guide to Bank Account Garnishment in Texas and How to Avoid It

Debt RR

While there might be property debt situations that warrant garnishment, it’s more often used for unsecured debt, or debt that isn’t backed by any collateral. Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. And if the debt remains unpaid for too long, it can exacerbate the situation for many business owners and finance managers. This unpaid debt can lead to a serious problem for businesses: garnishment.