Sawin & Shea

NOVEMBER 15, 2023

In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something. What is the difference?

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 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.

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Collateral Loans Secured Creditor Lender 98

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

FFGN COLLECT NY

NOVEMBER 21, 2022

Seeking replevin is common and used by debt collection lawyers to recover goods or collateral for their clients. Replevin is available to a party seeking the return of goods pursuant to a court order directing a party to return the goods or collateral to you. This would require the debtor to deliver the item(s) to the secured party.

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Sawin & Shea

AUGUST 9, 2022

With a Chapter 13 bankruptcy, the debtor agrees to a payment plan to pay off their debt, which means they don’t have to surrender their property as collateral. For those that choose a Chapter 7 bankruptcy, a reaffirmation agreement can help protect property from being repossessed as collateral.

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Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Collateral 98

Nexa Collect

JUNE 19, 2020

Debtors pay directly to you, no other fees. A debt collector calls debtor many times. A collection agency with its three-step collection process can assist businesses to recover money in an amicable manner. Need a collections agency for your business: Contact us. Written Notices sent by a Collection Agency. Low-cost option.

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Collection Agencies Collections Agency Collections Debt collector 130

Jimerson Firm

MAY 5, 2021

Some small businesses debtors will close without reorganizing and before having received forgiveness for or paying off the funds they received through the PPP loan and/or EIDL programs. The degree of risk largely depends upon the individual loan terms and, in particular, whether the loan is collateralized and/or required personal guarantees.

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Collateral Loans Government Debtor 98

Qualco

MARCH 12, 2024

There is no need for human resources to be involved in simple payment plan extension agreements with a well-intended debtor when this can be done through a portal or an application. However, neither are all debtors well-intended, nor are all well-intended debtors convinced by the automated solutions offered.

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Collections Debtor Banks Loans 97

Sawin & Shea

DECEMBER 21, 2023

For debtors, the automatic stay provides critical breathing room to address financial issues under bankruptcy court protection. It is one of the fundamental debtor protections under the Automatic Stay in the Bankruptcy Code. Within 30 days of filing bankruptcy, a debtor must file a Statement of Intent regarding secured property.

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Bankruptcy Debtor Repossession Creditors 52

ABI

JANUARY 19, 2024

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] 2] In 2022, the Debtor commenced a chapter 11 bankruptcy case. [3]

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Secured Creditor Bankruptcy Debtor Collateral 40

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.

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Loans Collateral Foreclosure Lender 98

PBWT

AUGUST 16, 2022

The extension came with the caveat, however, that the Owners’ property (along with the personal property of the individual behind the project, and his wife’s property) became collateral for repayment of the debt. ” The extension agreements “eliminated that small chance.

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Debtor Construction Collateral Lender 65

PBWT

OCTOBER 27, 2021

The debtor operated 28 franchise restaurants primarily in the Sun Belt region. The debtor encountered financial problems related to the onset of the COVID-19 pandemic, resulting in a chapter 11 filing in April 2021. In re Platinum Corral, LLC , No. 21-00833-5-JNC, 2021 WL 4695327 (Bankr. Bankruptcy Judge Joseph N. ’" Id.

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Creditors Debtor Collateral Unsecured Creditor 59

Taurus Collect

MAY 24, 2022

Therefore, it is vital to have a robust debt collection strategy to enable you to stabilise your cash flow and acquire money from your debtors without hampering your business relationships. Several times collectors end up calling debtors who have already paid off their debts long back due to the inefficiency in the recording.

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Collection Agent Debt Recovery Collections Collateral 52

BN Lawyers

APRIL 5, 2019

The initial stage of a Chapter 11 filing is the most crucial and debtors must be ready for the tactics of aggressive creditors and stakeholders jockeying for priority in the restructuring proceedings. These motions also serve the dual purpose of dealing with the urgent concerns of major players in the debtor’s operations.

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Collateral Debtor Creditors Bankruptcy 52

Collection Industry News

JUNE 8, 2023

Communication and negotiation: Begin by establishing open lines of communication with the debtor. Personal visits: If initial attempts fail, consider scheduling a personal meeting with the debtor. These actions can help secure the debt by leveraging their assets as collateral.

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Sawin & Shea

JUNE 7, 2023

If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. For example, a parent or another family member may become a co-signer for a low-credit borrower so that the primary debtor can obtain a desirable loan.

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Jimerson Firm

DECEMBER 30, 2020

Before liquidating any collateral or incurring costs of litigation, Lenders and CDCs should make a good faith effort to first negotiate a “workout agreement” with the borrower. 60 calendar days), the lender/CDC must move forward with liquidating the collateral. SOP 50 57 2; SOP 50 55. See SOP 50 57 2 ; SOP 50 55.

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Loans Collateral Lender Foreclosure 98

Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. What is Secured Debt?

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Unsecured Debt Collateral Secured debt Bankruptcy 52

Roths Child Law

APRIL 30, 2021

All debtors must pass the means test to file for Chapter 7 bankruptcy. Consumers can only file Chapter 7 bankruptcy once every eight years. The court will likely reject your request to do so if that amount of time hasn't elapsed since your last discharge. . Not passing the means test. A recently dismissed case.

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Qualco

NOVEMBER 7, 2023

These often involve initiating legal proceedings against debtors intending to repossess, auction, and sell collaterals or executing payment orders to seize the debtor’s assets or income. This method allows a servicer to initiate legal proceedings to pressure a debtor while negotiating an extrajudicial settlement.

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Financial Institution Debtor Loans Collateral 90

PBWT

NOVEMBER 20, 2022

The FTX filing estimates the debtors’ liabilities at between $10 billion and $50 billion, and while the number of creditors is estimated at over 100,000, the actual number could be over one million. Prepackaged cases are preferred by would-be debtors because these cases are quicker, simpler, and cheaper.

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Bankruptcy Debtor Government Collateral 77

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. A lender or creditor can obtain a security interest in specific collateral owned by the borrower is considered a secured lender. Your customer is a borrower. They will also need to be renewed periodically.

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Burr Forman

JANUARY 26, 2022

Much 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. Houston IV was named in the Bankruptcy & Financial Restructuring, especially Litigation specialty.

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Lawyers Bankruptcy Unsecured Creditor Creditors 52

Debt Free Colorado

JANUARY 20, 2024

That means the debtor is no longer legally obligated to repay these debts. The debtor can move forward without medical bills once the process is finalized. Chapter 13 Bankruptcy In Chapter 13 bankruptcy , the debtor proposes a three to five-year repayment plan to pay off debts gradually.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. With consumer debts, co-debtors receive the protection of an automatic stay. When it comes to filing Chapter 13, your consumer and non-consumer debt classifications determine what is and isn’t protected by an automatic stay.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

Sawin & Shea

AUGUST 23, 2023

Most Debtors, however keep everything they have. Examples of secured debt that Chapter 7 does not eliminate include: Student loans (unless you can prove undue hardship) Certain types of tax debt Child support or alimony Chapter 7 can eliminate secured debts like mortgages and cars only if you surrender your interest in the collateral.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

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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Creditors Bankruptcy Unsecured Creditor Debtor 72

Debt Free Colorado

DECEMBER 30, 2023

Chapter 13 Bankruptcy In Chapter 13 bankruptcy, which involves a structured repayment plan over a specified period, debtors are not required to liquidate their assets. IRAs are generally protected in Chapter 13, allowing debtors to maintain their retirement savings while addressing their financial obligations.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Debtor 52

Consumer Financial Services Law

JANUARY 31, 2020

The Court also considered and rejected a related argument made by the debtor that Section 362 should be read in pari materia with 542(a)’s “allegedly self-effectuating” turnover provision. Section 542 provides that an entity in possession, custody, or control of property of the debtor “shall deliver” the property to the bankruptcy trustee.

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Collateral Repossession Bankruptcy Chapter 13 bankruptcy 40

Debt Free Colorado

JANUARY 27, 2022

In Chapter 7 bankruptcy proceedings, the phrase “non-exempt property” refers to a debtor’s estate property that does not qualify for a statutory exemption. Additionally, creditors may take such property if a judgement against the debtor is entered. portion of the debtor’s home’s equity.

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Bankruptcy Chapter 7 bankruptcy Unsecured Creditor Debtor 75

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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FFGN COLLECT NY

APRIL 21, 2022

Absent a sense of urgency, most creditors want to start with a demand to see if the debtor will respond. A written demand can be sent via email (depending on whether the debtor is commercial or consumer), by fax, mail, or hand delivery. Demand should include additional outreach to the debtor so that messages can’t get lost.

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Creditors Collections Debtor Judgment 52

Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. The Court allows these actions so that a creditor can recover collateral for which they are not receiving payment. What Does an Automatic Stay Do? The automatic stay is a temporary protection in bankruptcy.

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52

Sawin & Shea

NOVEMBER 24, 2021

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. The Court allows these actions so that a creditor can recover collateral for which they are not receiving payment. What Does an Automatic Stay Do? The automatic stay is a temporary protection in bankruptcy.

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Bankruptcy Garnishment Repossession Foreclosure 52

PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. ” [ii] In December, the Supreme Court granted certiorari and on Thursday adopted the minority view. [i]

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