FFGN COLLECT NY

JUNE 12, 2022

Are you or your collection attorney attempting debt collection efforts even though the debtor filed for bankruptcy? The debtor did not pay. We executed on the judgment and before any monies could be restrained to satisfy the client’s judgment, the debtor filed for bankruptcy; a no-asset case.

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ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Under section 362 of title 11 of the United States Code (the “Bankruptcy Code”), the filing of a bankruptcy petition results in an automatic stay that generally enjoins any creditor from taking any action against a debtor or its property. [1]

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Troutman Sanders

JULY 28, 2020

Does a judicial foreclosure action constitute “debt collection activity” under the Fair Debt Collection Practices Act (“FDCPA”)? Due to a mortgage borrower’s payment default, Federal National Mortgage Association (“Fannie Mae”) filed a judicial foreclosure action in Oregon state court, seeking to force a sheriff’s sale of the property.

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Collections Law

APRIL 9, 2021

You’ve won your case in court, and your debtor needs to make the necessary payments to resolve the outstanding debt. Cohen LLC will frequently seek to attach your debtor’s bank accounts — either with notice or ex parte — in our efforts to secure payments from your debtor. But it rarely is that easy. Reach and Apply Injunctions.

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Troutman Sanders

FEBRUARY 26, 2021

In denying summary judgment, this decision serves as a reminder to servicers to ensure a thorough review of correspondence from a borrower to evaluate whether they may file for nonjudicial foreclosure without implicating the FDCPA or state collection laws. In that case, the plaintiffs fell behind on their mortgage payments.

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Collection Industry News

AUGUST 18, 2020

Does a judicial foreclosure action constitute “debt collection activity” under the Fair Debt Collection Practices Act (“FDCPA”)? Due to a mortgage borrower’s payment default, Federal National Mortgage Association (“Fannie Mae”) filed a judicial foreclosure action in Oregon state court, seeking to force a sheriff’s sale of the property.

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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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Collections Law

APRIL 9, 2021

You’ve won your case in court, and your debtor needs to make the necessary payments to resolve the outstanding debt. Cohen LLC will frequently seek to attach your debtor’s bank accounts — either with notice or ex parte — in our efforts to secure payments from your debtor. But it rarely is that easy.

Debtor 40

Debtor Judgment Collections Debt Recovery 40

Sawin & Shea

FEBRUARY 22, 2023

And although there are benefits to obtaining this type of mortgage, debtors often have to pay increased interest and monthly payments. These increased payments can put financial pressure on debtors, leading them to fall behind on their housing payments. Adjustable rate mortgages have been on the rise in recent years.

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PBWT

SEPTEMBER 8, 2021

Debtors and trustees seeking to avoid the hardship of a foreclosure often attempt to employ sections 547 and 548 of the Bankruptcy Code. [1] 1] In accordance with the former section, a debtor may avoid any transfer of an interest in property “on or within 90 days before the date of the filing of the petition.”

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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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Qualco

JANUARY 26, 2024

Over-indebtedness refers to situations where debtors face difficulties meeting financial obligations due to immediate payment challenges or chronic issues like insolvency, where debts outweigh assets. The primary criterion for eli gibility is that individuals must have debts to at least two different creditors.

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Qualco

JANUARY 26, 2024

Over-indebtedness refers to situations where debtors face difficulties meeting financial obligations due to immediate payment challenges or chronic issues like insolvency, where debts outweigh assets. The primary criterion for eli gibility is that individuals must have debts to at least two different creditors.

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Roths Child Law

APRIL 10, 2023

One of these is when you have to file for bankruptcy immediately to avoid a foreclosure, wage garnishment or repossession Requirement for debtor education Debtor education is meant to equip you with the tools and resources necessary to better manage your finances after bankruptcy.

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Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Lenders holding defaulted loans will first need to consider relevant Florida laws prior to beginning any foreclosure proceedings. Foreclosures are a state law proceeding first and foremost. Busey Bank, N.A.,

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Jimerson Firm

NOVEMBER 13, 2020

if the collateral is likely to be acquired by SBA or the lender at the foreclosure sale, the expenses associated with the care, preservation and resale of the acquired collateral. In Florida, the lender can choose from the following methods: Deed in Lieu of Foreclosure. Lien Foreclosure. See SOP 50 57. Short Sale.

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Foster Swift

OCTOBER 26, 2021

.” That legal maxim guided the Sixth Circuit’s reasoning in a recent decision [1] in a case involving a Chapter 13 debtor’s repeated filings and requests for dismissal of his bankruptcy cases in order to avoid foreclosure of his home. Read More › Tags: 6th Circuit Court of Appeals , Chapter 13.

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Troutman Sanders

JULY 14, 2021

At the time Carrington became the mortgage servicer, Heinz’s loan was already in default and a foreclosure sale was scheduled for the first of the following month. Thereafter, the foreclosure sale of Heinz’s property was postponed to November 14, 2017. However, the foreclosure sale proceeded as scheduled on November 14, 2017.

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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.

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Troutman Sanders

FEBRUARY 27, 2023

The communications were made in connection with various foreclosure proceedings against the plaintiffs where Fein Such represented the foreclosing entity. The plaintiffs alleged that Fein Such improperly contacted them regarding attorneys’ fees and costs purportedly incurred in connection with the foreclosure proceedings.

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Jimerson Firm

FEBRUARY 10, 2022

Generally, if debtors owe a debt to a lender, and the lender cancels or forgives that debt for less than its full amount, the debtor is treated for income tax purposes as having income and may have to pay tax on this income by virtue of a 1099-C filing from the lender. 684, 689 (Bankr.W.D.Pa.2009) Old Nat’l Bank Corp.,

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Jimerson Firm

NOVEMBER 23, 2020

if the collateral is likely to be acquired by SBA or the lender at the foreclosure sale, the expenses associated with the care, preservation and resale of the acquired collateral. If a secured creditor breaches the peace, it may be liable to the debtor for damage done to the debtor or its premises during an unauthorized entry.

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Collection Industry News

JULY 12, 2022

The appeal arose from a lawsuit brought by two Florida homeowners (“Debtors”) against their home loan servicer (“Servicer”) for alleged violations of the FDCPA and Florida’s Consumer Collection Practices Act. After defaulting on their home loan, a foreclosure suit was instituted. Debtors appealed. to be paid in one year.

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Debt Free Colorado

MARCH 10, 2023

At the beginning of the bankruptcy process, a petition is filed by the debtor or, less frequently, by creditors. After all the assets have been reviewed and evaluated for the debtor, some of the debt may be partially fulfilled utilizing the assets. A bankrupt person or business is unable to pay its debts.

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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.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Roths Child Law

APRIL 4, 2023

This opportunity is restricted to low-income filers because it doesn’t require debtors to repay their creditors before they can secure a discharge. This streamlined ability to achieve a fresh financial start makes this bankruptcy opportunity ideal for just about anyone who qualifies unless they’re trying to save a home from foreclosure.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Foreclosure 52

Debt Free Colorado

MARCH 3, 2023

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. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time. What Can’t Bankruptcy Do?

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ABI

JANUARY 22, 2023

ii] Consequently, the designation of a debtor as a SARE may have significant ramifications in a case. vi] Shady Bird Lending LLC (“Shady Bird”) subsequently purchased Evertrust’s interests in the loan and initiated a foreclosure action on The Source Hotel–which was 85% completed and was not generating any income. 362(d)(3). [ii]

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Bankruptcy Debtor Construction Foreclosure 40

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. Can You Cancel a Reaffirmation Agreement?

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Fraser

JULY 21, 2020

What’s worse—and which often comes as a big surprise—is when a business gets sued by the debtor or bankruptcy trustee seeking to recover payments made by the debtor before the bankruptcy. The SBRA created a new “subchapter V” to Chapter 11 of the Bankruptcy Code , which provides small business debtors an easier path through bankruptcy.

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Creditors Bankruptcy Debtor Construction 56

Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do?

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Bankruptcy Garnishment Repossession Foreclosure 52

Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do?

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Bankruptcy Garnishment Repossession Foreclosure 52

Collections Law

APRIL 1, 2020

Collecting debts from debtors having assets in Massachusetts while you are in another state or a different country used to be difficult, even if you had a judgment against them. If you are in another state or country and have obtained a judgment against a Massachusetts debtor, or if your debtor has assets in Massachusetts, we can help.

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FDCPA Defense

SEPTEMBER 22, 2018

(the “FDCPA”) if it never asks the debtor to pay any money? These seemingly simple questions have divided the circuit courts, and they may soon be resolved by the United States Supreme Court when it decides a case that arose out of a nonjudicial foreclosure proceeding in Colorado. See Obduskey v. See, e.g., Ho v. ReconTrust Co.,

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Sawin & Shea

SEPTEMBER 14, 2022

With consumer debts, co-debtors receive the protection of an automatic stay. For example, if you co-own a house with someone filing Chapter 13 bankruptcy and the house is your primary residence, the automatic stay will protect you from a home foreclosure because it’s considered consumer debt.

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Sawin & Shea

MARCH 20, 2024

If you’re worried about garnishments, foreclosures , lawsuits, repossessions , or other consequences of your debt, connect with an experienced bankruptcy lawyer at Sawin & Shea as soon as possible. They typically answer questions from a debtor about back taxes, filing annual tax returns, and tax penalties they may owe.

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Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Lawyers 52

Sawin & Shea

FEBRUARY 16, 2022

Some situations in which an individual may want to consider filing for emergency bankruptcy include: Wage garnishment Creditors levying your bank accounts or property An impending home foreclosure sale Imminent car repossession. The Debtor(s) need to complete the required credit counseling session.

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