Creditors Rights

What do "Creditors Rights Attorneys" do?

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LeClairRyan

With 380 attorneys in a full range of practices, LeClairRyan is an entrepreneurial law firm providing trusted business counsel and client representation in matters of corporate law and litigation. Our mission is to achieve excellence for our external and internal clients by providing responsive and timely services. Each member and employee of LeClairRyan is asked to effectively contribute toward this mission. We commit to excel in our individual areas and to provide our clients the full benefit of our knowledge, enthusiasm, ability, effort and integrity. By achieving this mission, LeClairRyan provides practical advice that is highly responsive to the business objectives behind the legal needs of our clients. Practice Area Teams Alternative Dispute Resolution, Antitrust, Appellate, Bank Finance & Lending, Bankruptcy & Creditors'​ Rights, Business Litigation, Compliance Investigations & White Collar, Corporate Services, Discovery Solutions, Financial Services Litigation & Regulation, Government Relations & Contracts, Insurance, Intellectual Property, Labor & Employment, Private Wealth Services, Professional Liability Defense, Real Estate, Taxation, Utilities Regulation & Governance, Venture Capital Industry Teams Banking, BioPharma & Life Sciences, Community Associations, Construction, Energy, Franchise, Healthcare, Hospitality & Tourism, Insurance, Manufacturing, Media, Internet & E-Commerce, Retail, Sports & Entertainment, Telecommunications, Trucking & Transportation

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Bradley Arant Boult Cummings LLP

Bradley is a national law firm with a reputation for skilled legal work, exceptional client service, and impeccable integrity. We provide business clients around the world with a full suite of legal services in dozens of industries and practice areas. Our 10 offices are located in Alabama, Florida, Mississippi, North Carolina, Tennessee, Texas, and the District of Columbia, giving us an extensive geographic base to represent clients on a regional, national, and international basis. We frequently serve as national coordinating counsel, regional counsel, and statewide counsel for clients in various industries. Although we are a large law firm with more than 500 lawyers, our clients still enjoy the personal attention, responsiveness, and deep relationships they would expect from a boutique firm. Our attorneys and staff combine legal experience and knowledge with a sophisticated understanding of industries to work side by side with clients and come up with practical, strategic solutions specifically tailored to their business operations. Bradley lawyers use their talents, judgment, work ethic, and experience to go above and beyond expectations to help our clients meet their goals.

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Introduction to Law: Debtor/Creditor Rights

okay we're gonna talk about debt or creditor rights here and you know first of all with respect to creditors these people lent you money right and you know smart creditors will protect their interest via contract so if I lend you money I would want to make sure you obviously can pay off pay the loan so I may want a cosigner and your book talks about these sureties and guarantors far better they have a surety sureties person is primarily liable on the loan remember we talked about negotiable instruments the maker is primarily liable if you have a co maker cosigner they're gonna be primarily primarily liable so sureties art that guarantor fallbacks remember under statute of frauds guarantor has to be in writing but any negotiable instrument has to be in writing anyway so if you're going to do that in your creditor make sure you get a cosigner and I would put on the contract and they're there their capacity as a surety you know a creditor can require certain types of collateral and we talked about if real property is use as collateral you hear the term mortgage right often people say have a 30-year mortgage well you have a 30-year loan contract to pay off the mortgage right the loan the but a mortgage consists really of two documents when in common parlance the mortgage is the loan itself which is normally a negotiable instrument right where you're the maker and of the instrument and the payee is the lender now the payee can transfer that etc via negotiation or assignment the but that's where real property is collateral has to be in writing pursuant to the statute frauds right now in our state we refer to a deeds of trust as it's a three-party arrangement where in theory a trustee is as is holding the deed in theory and if you don't pay the bank the bank notifies the trustee the trustee then begins a a non judicial process to foreclose so foreclosure is the right term use if you don't pay off your your real property loan your mortgage loan so you foreclose on real property all right you don't repossess real property because the theory you own the property the real property so foreclosures the right term and foreclosure can occur both judicially the lender can go to the bank and start a foreclosure action or they can do it non judicially through the trustee and the deed of trust statute another number of ways to avoid foreclosure your book talks about this you try to work out a modification short sales are very common the dilemma there is that the bank allows you a bank has agreed as I said the bank allows you to sell the property for maybe what you owe on it even though the property or the value of the property you're underwater let's say you have a half a million dollar loan the property is only worth 250 you you solve a property for 250 you can still be liable for the deficit on they're personally liable so very gotta be very careful with short sales to make sure you're not liable for the deficit or the deficiency other way is deed-in-lieu this is very rare the banks have to agree to accept your deed back in lieu of a foreclosure very rare opportunity to anything that happened some people deal what are called strategic defaults he's stay in the house wait for the bank to foreclose and then they leave that's real risky because you're still liable on the loan but it may make sense to stay there rather than and you know and save your money and then and move on that's called strategic default you can google that or being it and look up more on that so that's that's where real property is used as the collateral to secure the loan that's a mortgage with now personal property can be used as collateral to secure a loan with creditors and this is false under the concept of secured transactions now the UCC article 9 is the law that talks about this but again it's a default based on what your loan agreement is so a secured transaction you have personal property can be tangible or intangible issues as collateral to secure the loan so you can have accounts receivables as the collateral and you'll see it with a secured transaction it's it's much like a mortgage in the sense that there are two documents at least normally you know as we discuss with a mortgage you have the loan itself and then you have the the deed itself where you record the mortgage of the deed so with with a mortgage you have to two documents alone and the mortgage that you've recorded or the deed of trust then with a secured transaction you have normally a contract a loan agreement and you have some way of perfecting that and what do I mean by perfection that's a do you notify the world that a I have I have some rights in this collateral and you'll see this discussion your book depends on the weather the type of collateral that you're talking about but a typical scenario is it you'll have a loan agreement that that will describe the name of the debtor described the collateral this will be then filed with the state as a under the UCC article one form filing that state of Washington Department of Licensing is where you file it which is kind of unusual some states it's the Secretary of State's office so you file this and the ideas that is notification that you have priority over that collateral likewise with real property you would normally record mortgage to give you priority over any subsequent credit smart to do that but not mandatory there are five stages of a security agency there's a useful video on this from Professor Ali Khan at Washburn University he uses the acronyms alright PS craps that's what he says the creation of the security instant attachment which is basically the contract that should occur in different ways depending on the nature of the personal property if you're a pawnbroker perfection occurs by taking possession you also have you know perfection body silence see one statement so that's perfection priority obviously is first with first to perfect gets priority one major exception that's purchase money security interest where a lender lends you money to buy particularly they will normally take priority even if someone else has a blanket security agreement covering all inventory are all equipment so you know it gets a little nuance a little complicated just be aware that it's five stages of a secured transaction and why they're important for businesses obviously a creditors can also lead on property your book talks about mechanic's liens this is where somebody did some work on your real property you didn't pay them could be a subcontractor they can go through a statutory process they require notices and put a lien on your property if you don't pay them they'll foreclose on it artisan lien is somebody who did work on personal property you didn't pay them take your car into a shop they put an engine in there and in pay them they can hold your car and that's referred to as an artisan lien judicial liens obviously somebody's on the court creditors gone to court got a judgment and I think it's important to understand the fact you get a judgment doesn't mean you're going to get paid so there you've got to go through a collection processes which is very painful for everybody involved and this can include things like attachment of property this can occur before you get a judgment before the creditor gets a judgment against you they can you know seize your bank account attach it they have to put up a bond normally I and if you lose the case they can have that executed on can basically as a sheriff or acquire that bank account or any other property so attachment and execution very painful process garnishment this is a very common but employers don't like it quite frankly because they are caught in the middle and this is where normally with employers but could be anybody else holding an asset for you like a bank where the creditor goes through a statutory process which involves a writ of garnishment and they execute on that red by having your employer deduct money from your paycheck etc so very common for people that don't pay their child support and things like that again there's a difference with with personal property if you don't pay on the secured transaction or earlier your home your car loan I should say then it's gonna be repossessed repossessed that's where you get somebody coming out and towing your car away and that because you're not really the owner the the lien holder has a right to take and the repossession car foreclosures which the attorney is for about real property now for debtors you're not totally out of lock there's a lot of laws that protect debtors and you'll see these discussed in your book one in particular the Fair Debt Collection Practices Act this limits what collection agencies can do you call you an odd times contact your you know employer things like that take a look at that I think there are limits it's not an absolute prohibition but you have rights and it's important to understand those rights you know and try to work out a deal before the attorneys get involved once the attorneys are involved collection attorneys they they're going to take it it's the cost escalate so it's best to work out a deal as soon as possible with the creditor before it gets into a collection agency hands and certainly before the attorneys get involved finally the at the end of the rainbow is that debtors have a right to file bankruptcy now there are different types of bankruptcy this is an area where you should talk to an attorney or at least be aware of your rights because often times people do stupid things that and the that are self and they inflict harm upon themselves because they don't understand how bankruptcy works but generally here's the deal you petition you file a petition this is normally done online this will stay collection activities now if you have a asset a home that has a mortgage with a secured creditor again this gets back to why it's important for a creditor to be a secured creditor whether it's on real or personal property if there's a if you have a home loan that secured creditor that bank will go to that court and get a relief a stay and foreclose on your house not on you personally but they'll grab the house now you can reaffirm the debt you'll see that's discussed if you want to stay in the house likewise with personal property your car give a car loan you declare bankruptcy you don't get to keep the car there the creditor is going to go to court get a relief a stay and we pull your car the if you want to keep the car you can reaffirm the debt there's a process to do that there there's two different types of bankruptcy I discussed in your book liquidation which is chapter 7 applies to both businesses and individuals and this is where financially as an individual you all under certain financial threshold that allows you to go through liquidation the other type is called reorganization chapter Elevens for business chapter 13 for wage earners I should say there are numerous exceptions or exemptions to bankruptcy what I mean by that of stuff you can keep there's a federal list of exemptions than the states have adopted most states have adopted exemptions again stuff you can keep for example in some states if you own your property you own your home and have no mortgage you can keep your home regardless of the value of the home your unsecured creditors can't force you to sell the home there's homestead exemptions of certain value of their home home is under certain value like state of watching one hundred twenty five thousand you can keep your house assuming there's no secured credit around the house jewelry some you know up to a certain amount car value up to a certain amount you know in an equipment stuff like that it's a whole laundry list big ones are like retirement funds you can keep that so you'd be an idiot to liquidate your retirement if you can keep it in bankruptcy I should say the things that are discharged are unsecured creditors especially under Chapter seven like so credit cards are unsecured so if you file bankruptcy in your chapter seven you would normally be able to wipe out your credit card debt so if you are dealing with a limited amount of money and you're looking to go to back down bankruptcy road it would be foolish to pay off your credit cards when there are other debts that you cannot get rid of like your student loan generally you cannot get rid of your student loan there there are there are exceptions hardship hardship discharge and the government has certain payment plans based on the income but you have to affirmatively choose those plans there are links on your course page about these options so I would encourage you to take a look at those because the biggest debt most people have these days our student loans

https://youtu.be/Cl1bzDtOjP8

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Creditor's Rights: What is Lien Perfection? Maryland Bankruptcy Attorney

My name is Ron Drescher. I'm an attorney practicing in bankruptcy and commercial litigation, and I practice in Maryland, Virginia, Delaware and Pennsylvania. An important aspect of a lien is perfection. That's a, a phrase. That's a legal term that's heard in the law all the time, and its an important concept. Perfection is the second part of a lien. The first part of lien is attachment, and as I've described before, liens attach to particular pieces of property. So, between the debtor on the one hand, and the creditor on the other hand, that lien is good; that lien is valid, but if the debtor - the debtor may have a, a piece of property and may want to borrow against that property, and someone else may want to lend the, the debtor money and take a, a lien, a consensual lien and a car or a home or something else. That creditor is going to do a search of the records - either the state records or the county records - to see if any other person has taken a lien or obtained a judgment that is already attached to that property. The act of giving that notice of recording in the county or recording with the state is perfection. It perfects the lien against the rights of third parties, and it's very important for bankruptcy purposes, because if a lien is not perfected, under some circumstances, that lien can be set aside, and the creditor treated as an unsecured creditor. My name is Ron Drescher. I'm an attorney practicing in bankruptcy and commercial litigation, and if you have a question about any of these concepts, I'd love to hear from you, and thank you very much for watching this video.

https://youtu.be/7jz1Xx_cj6s

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Creditor's Rights: What is a Lien? Maryland Bankruptcy Attorney

My name is Ron Drescher. I'm an attorney practicing in bankruptcy and commercial litigation in Maryland, Virginia, Delaware and Pennsylvania. Today I'd like to talk about a very basic concept, which is what is a lien? A lien by definition is a property interest that secures a debt. Well, a debt is a pretty easy concept. You owe somebody money, that's a debt. In general, debts are unsecured. It's an IOU. I buy something from you. I promise to pay you $50.00. I owe you the $50.00. Now, what if I don't pay? If you don't pay, you have the right to go and sue me and get a judgment. That judgment may give rise to a property interest. If you get a, an interest in my house, or if you get a, an interest in my property or in my bank account. So a lien gives a creditor rights in a specific piece of property. One of the important lien rights is that it takes away options from the debtor, the person who owes the obligation. For example, if you have a lien in real estate, you have the right as the lienholder or the creditor to bring the sheriff out and foreclose on that property. Or you can just sit and wait for the debtor to want to sell or refinance that property. They can't do that unless they take care of your lien. That lien that secures the debt becomes attached to the piece of property, and that's why it becomes a property interest. This is very important because the idea is that when you file bankruptcy, the property interests that you have and that your creditors have in your property flow through the bankruptcy. Bankruptcy is not supposed to disrupt property interests that are created under the laws that aren't the bankruptcy laws. So a lien in its most basic form is a property interest that is created to secure a debt obligation. My name is Ron Drescher. I'm an attorney practicing in bankruptcy and commercial litigation, and if you have a question about any of these concepts, I'd live to hear from you. Thank you very much for watching this video.

https://youtu.be/IgaTHnewv9Q

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Orlando Bankruptcy Attorney - When Will the Creditors Stop Calling Me?

Hi. I'm Steve Kramer of the Kramer Law Firm. Today we're going to be talking about a question that a lot of people ask when they are filing bankruptcy. And that question is, "When will the creditors stop calling me?" And the answer is this: once you file a bankruptcy, any creditor that you put notice on, any creditor that you list in your bankruptcy, must stop calling you immediately. They must cease all collections activities. Now here's the good news. If you've already filed a bankruptcy, that's your answer. But even if you haven't filed a bankruptcy, once you hire an attorney, you can tell your creditors "I'm represented by an attorney, talk to them." And that's what we can do for you. If you're looking at a bankruptcy, if you're facing debt, if you're getting calls from creditors, contact us - meet with us. And even before you file that bankruptcy we can help you avoid these calls so you don't have to deal with this harassment and constant calls from creditors. That's why I'm telling you this because obviously if you're looking at this video you're dealing with debt. You probably have people calling you. It's very stressful. They may be calling you at work, they may be calling you at home and I want to help. I'll do anything I can. Call my number below and I'd love to talk with you and help you through this in any way I'm able to. Also, if you're watching this on Youtube or Facebook, click the "Like" button below, that way you can share this information with your friends and family. Thanks for watching! I'm Steve Kramer of the Kramer Law Firm.

https://youtu.be/rK0tkfLh56o