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. 679.609, Fla. Brinkley , 282 So.
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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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.
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.
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. draft settlement statement.
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.
Burr Forman
AUGUST 10, 2020
Honorees are selected through a process of law firm submissions, journalistic research and editorial vetting from a board of legal peers. Derek is the chair of the firm’s Creditors’ Rights and Bankruptcy practice group and a Fellow in the American College of Bankruptcy. Bankruptcy and Restructuring Lawyers.
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