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. The automatic stay prohibits creditors and lenders from attempting to recover what you owe.

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Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

PBWT

AUGUST 16, 2022

In an adversary proceeding, the collective owners of the Makaha Valley Country Club , golf courses, surrounding undeveloped land, and other related assets (the “Owners”) avoided obligations undertaken in connection with a loan extension provided by Tianjin Dinghui Hongjun Equity Investment Partnership (the “Lenders”).

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Debtor Construction Collateral Lender 65

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. 60 calendar days), the lender/CDC must move forward with liquidating the collateral.

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Loans Collateral Lender Foreclosure 98

PBWT

OCTOBER 27, 2021

One way committees try to enhance recoveries is by seeking “derivative standing” to commence adversary proceedings challenging the validity of a secured lender’s pre-petition liens. The debtor operated 28 franchise restaurants primarily in the Sun Belt region. In re Platinum Corral, LLC , No. ’" Id.

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Creditors Debtor Collateral Unsecured Creditor 59

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. When a business defaults on a loan with the federal government, the government “lender” may report the business to credit scoring companies.

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Collateral Loans Government Debtor 98

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff An unpaid secured lender with a prepetition mortgage does not have a right to receive payment of proceeds from a postpetition sale of real property. the “Debtor”) $1.5 2] In 2022, the Debtor commenced a chapter 11 bankruptcy case. [3]

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Secured Creditor Bankruptcy Debtor Collateral 40

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 101

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. If the lender is concerned about the borrower’s ability to repay the debt, they may require a co-signer. What’s a Guarantor?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. What is Secured Debt? Examples of Unsecured Debts.

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Unsecured Debt Collateral Secured debt Bankruptcy 52

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.” All borrowers must submit their own offer in compromise to the lender or CDC. If there are any discrepancies, the lender must investigate them.

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Loans Lender Collateral Creditors 96

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. This test calculates whether an individual can repay lenders and creditors without declaring Chapter 7 bankruptcy.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

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. By taking security interest , you are technically taking a position as a lender. A secured lender has additional remedies in the event of non-payment by the borrower.

Collateral 40

Collateral Collections Lender Creditors 40

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.

Collection Agent 52

Collection Agent Debt Recovery Collections Collateral 52

Burr Forman

JANUARY 26, 2022

In his bankruptcy practice, Eric focuses on representing creditors, including financial institutions, special servicers, private equity groups, and other non-traditional lenders as well as other secured and unsecured creditors in state and federal court litigation, chapter 11 bankruptcy cases, and in out-of-court workouts and resolutions.

Lawyers 52

Lawyers Bankruptcy Unsecured Creditor Creditors 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

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.

Collateral 52

Collateral Debtor Creditors Bankruptcy 52

Burr Forman

AUGUST 10, 2020

Derek regularly represents debtors, creditors, committees, asset purchasers and other clients in matters related to insolvency, financial distress, and bankruptcy, both in and out of court. He often represents secured lenders, typically after a borrower’s default.

Lawyers 40

Lawyers Bankruptcy Collateral Manufacturing 40

Qualco

NOVEMBER 7, 2023

To identify the best solution for Non-Performing Loans (NPLs) , stakeholders such as lenders, servicers, and debt collection agencies need to deploy all available tools, starting a thorough appraisal of the NPL portfolio via a dedicated Workout Unit. Several member nations of the European Union have adopted this approach.

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Financial Institution Debtor Loans Collateral 95

Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. While Chapter 13 can negatively affect your credit report, lenders and creditors usually favor those who filed Chapter 13 compared to those who filed Chapter 7 bankruptcy.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Sawin & Shea

MARCH 7, 2023

However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed. Also, if you have a debt that is a lien against collateral (a car loan, a mortgage loan), the creditor can force a return of that collateral to try and partially satisfy their debt.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

The Creditors Rights

JULY 5, 2016

Lenders often go to great lengths to ensure their borrowers are Special Purpose Entities —entities whose assets will not be commingled with the assets of parent or affiliated companies—rendering bankruptcy filings by the SPE less likely. In Opportunity Finance , the debtors were Petters Company, Inc. (“PCI”) The Eighth Circuit agreed.

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Lender Bankruptcy Creditors Collateral 40

Qualco

APRIL 15, 2024

Its scalability and preconfigured settings enable lenders to refine their collection strategies and enhance operational efficiency, establishing the QCR Accelerator as a vital tool for meeting a wide array of needs while ensuring fast ROI and lower implementation costs.

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Collections Financial Institution Debt Recovery Unsecured Debt 78

Debt Free Colorado

MARCH 10, 2021

UpRight’s delay resulted in a creditor garnishing more than $6,000 of the debtor’s wages. In the other case, UpRight obtained payment of its attorney’s fees by advising the debtors to participate in an improper scheme whereby they surrendered their vehicle to an out-of-state towing company.

Bankruptcy 40

Bankruptcy Collateral Garnishment Debtor 40

Debt Free Colorado

DECEMBER 9, 2021

Chapter 7 bankruptcy is appropriate for unsecured debtors. The lender protects the borrower against foreclosure. Unsecured debt is debt without collateral. Collateral guarantees debt repayment. A mortgage or car loan secures the lender’s interest in your house. Disadvantages of Chapter 7 Bankruptcy.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Debt RR

OCTOBER 13, 2019

How can lenders feel confident in approving businesses for loans or leasing? 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. Occasionally, a lender may take a second position.

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Collateral Creditors Loans Financial Institution 41

Debt Free Colorado

MARCH 3, 2023

For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Jimerson Firm

AUGUST 7, 2020

This new legislation is likely to be important to lenders and borrowers due to the anticipated higher volume of commercial foreclosures due to economic effects of the current COVID-19 pandemic. What is a Receiver, and Why are They Important? When Can the Court Appoint a Receiver Under the Act? Authors: C. Ryan Maloney, Esq. Candidate 2021.

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Foreclosure Lender Judgment Creditors 98

ABI

JANUARY 12, 2022

In In re Shoot the Moon, LLC , the United States Bankruptcy Court for the District of Montana held that a transaction between a restaurant business and a lender was a loan with a security interest in receivables as opposed to a sale with an ownership interest in receivables. [i]

Loans 40

Loans Bankruptcy Creditors Debtor 40

Troutman Sanders

FEBRUARY 13, 2024

The judge stated that since Genesis never transferred the assets, they cannot be considered as collateral pledged by the debtor. However, the judge found that the contracts between Genesis and Gemini clearly required a transfer for the assets to be pledged as collateral.

Financial services 52

Financial services Student loans Student Loans Collection Agencies 52

BN Lawyers

MARCH 23, 2020

Most creditors (lenders, suppliers, employees) will be aware of the distress facing the entire service industry. A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy. High Priority: Critical Vendors, Secured Lenders, and Lessors.

Bankruptcy 67

Bankruptcy Creditors Lender Lawyers 67

Collection Industry News

SEPTEMBER 29, 2020

Secured lenders, whose long-term secured loans typically flow through the restructuring, will also enjoy the additional benefit of more economically viable borrowers emerging from Subchapter V. The Bankruptcy Court retains discretion to extend these deadlines for “circumstances for which the debtor should not justly be held accountable.”.

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Bankruptcy Creditors Debtor Lawyers 45

Troutman Sanders

FEBRUARY 26, 2021

Accordingly, it denied the defendant’s motion for summary judgment on this count.

Foreclosure 52

Foreclosure Judgment Collateral Fair Debt Collection 52

Debt RR

AUGUST 3, 2020

Common reasons for bank account garnishment in Texas include: Private creditors: These are banks, credit unions, credit card companies, peer-to-peer lenders, hard money loan providers, and other financial institutions. State tax agencies, however, might still need to obtain a Writ of Garnishment and have a bank levy placed on the debtor.

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Garnishment Banks Student loans Student Loans 40

Better Credit Blog

JANUARY 11, 2022

When this happens, the debtor files a petition to a federal bankruptcy court in which their assets are measured and evaluated. Because if I am a future lender do I really want to climb on top of this pile of debt and risk that I might be the straw that breaks the camel’s back and you file bankruptcy?” About Bankruptcy.

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Bankruptcy Chapter 13 bankruptcy Debt Consolidation Lawyers 63