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

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

FFGN COLLECT NY

APRIL 21, 2022

By choosing to enlist the help of a debt collection law firm you can take advantage of a number of different debt collection options to assist in the collection of monies owed to you. Absent a sense of urgency, most creditors want to start with a demand to see if the debtor will respond. The ability to lien is limited.

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Creditors Collections Debtor Judgment 52

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.

Collateral 98

Collateral Loans Secured Creditor Lender 98

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.

Loans 98

Loans Collateral Foreclosure Lender 98

Debt Free Colorado

DECEMBER 30, 2023

Chapter 7 Bankruptcy In Chapter 7, where non-exempt assets may be liquidated to pay creditors , IRAs are often protected up to a specific limit. Federal bankruptcy law provides an exemption for IRAs up to $1,512,350 per individual, which is adjusted periodically to account for inflation. Will I Preserve My 401(k) Plan in Bankruptcy?

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Debtor 52

Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. They will then determine what, if any, non-exempt property they can seize and will use the proceeds from that property to repay a percentage to your creditors.

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Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52