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.
Jimerson Firm
NOVEMBER 23, 2020
When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. See SOP 50 57. 679.609(2)(b), Fla. .
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Sawin & Shea
NOVEMBER 15, 2023
However, it is important to note that before bankruptcy is declared, lenders can still come after you to get you to pay off the unsecured debt. That means that you must continue to pay on most secured debts to keep or hold onto the collateral. This is accomplished by entering into a reaffirmation agreement in a Chapter 7.
Sawin & Shea
JANUARY 25, 2022
In some cases, the assets or secured interest is something a creditor voluntarily agrees to in a lien; in other cases, the lien may be involuntary. However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors. What collection remedies are allowed will vary by state.
Jimerson Firm
FEBRUARY 3, 2021
In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired?
Troutman Sanders
APRIL 24, 2023
The pro se plaintiff in Shelton alleged that her lender violated the FCRA by erroneously reporting her auto loan as charged-off, i.e., written off as a loss and closed. Americredit Financial Services, Inc. provides a nuts-and-bolts analysis of what does not constitute inaccurate credit reporting for purposes of the FCRA.
BN Lawyers
MARCH 23, 2020
Work with Creditors. 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.
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