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Can a Secured Creditor Refuse to Sell the Collateral?

Jimerson Firm

If the debtor consents and no one otherwise objects, a secured party may accept the collateral in full or partial satisfaction of the obligation. A debtor is deemed to consent to the acceptance of collateral in partial satisfaction of the obligation if the debtor agrees to the terms of acceptance in a record authenticated after the default.

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5 Common Bankruptcy Myths and the Truth Behind Them

Debt Free Colorado

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. Definitely not.

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Personal Insolvency rising sharply according to new figures

UK debt collections

The bankruptcies were made up of 553 debtor applications and 150 creditor petitions. Debtor applications were 18% higher and creditor petitions 90% higher than in October 2022. It can have serious implications for individuals and their families, as it can lead to bankruptcy or repossession.

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The Automatic Stay and Bankruptcy

Sawin & Shea

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. It goes into effect immediately when you file and protects you from those trying to collect from you, such as creditors, collection agencies, government entities, or any other person coming after you for money.

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The Automatic Stay and Bankruptcy

Sawin & Shea

An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. It goes into effect immediately when you file and protects you from those trying to collect from you, such as creditors, collection agencies, government entities, or any other person coming after you for money.

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What Assets Do You Lose in Chapter 7?

Sawin & Shea

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. Bankruptcy Code requires debtors to complete credit counseling courses 180 days before filing.

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Update: Supreme Court Resolves Circuit Split Regarding Pre-Bankruptcy Seizure

PBWT

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. by the existence of a separate provision, §542, that expressly governs the turnover of estate property.”