Creditors often obtain a judgment in one state but might be forced, for one reason or another, to attempt to collect in another state. Fortunately, in Indiana, the process is extremely simple and quick. (more…)
Posts Tagged ‘creditor’
In an economic commentary prepared by Thomas J. Fitzpatrick IV and Stephan Whitaker for the Federal Reserve Bank of Cleveland, it was projected that in weak economic markets lenders may be better off not taking properties into REO in the first place. This conclusion, of course, was due in large part to the carrying costs associated with REO properties, which include keeping the property secure, complying with local housing codes, paying property taxes, marketing the property for sale, and so on. Often, REO properties are also vacant which presents another set of challenges for local communities. (more…)
Time to write off the entire debt and move on, right? Not so fast!
One common misconception I hear frequently is that all bankruptcy filings automatically mean no payment. While this is certainly the case in some instances, it is not always true. (more…)
When a business owner seeks to protect her assets from her business debts, one technique that is typically used is for the business owner to form a limited liability company. As long as proper corporate formalities are observed, the limited liability company acts as a shield to protect the member’s personal assets. However, what happens when the individual member gets a judgment against her personally? Can the creditor of the individual member reach the member’s ownership interests in the LLC, or even the assets of the LLC? (more…)
Some of you may have heard your attorney talk about the “equitable doctrine of marshalling.” This doctrine is sometimes used when a senior creditor has a lien that covers two separate funds owned by a borrower. If a junior creditor has recourse as to only one of those funds, the senior creditor may be required to exhaust the fund that is not available to the junior creditor before going after the other fund. (more…)