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Fraudulent Transfers and Creditors’ Rights to Collect

When a debtor fraudulently transfers property to avoid collection of a judgment, Arizona allows a creditor to recover from the beneficiary of the transfer. Many attorneys know they can file a lawsuit to recover a fraudulent transfer, but there is often a faster and cheaper way. Arizona law also allows a creditor to garnish the [...]

By | September 26th, 2014|Uncategorized|0 Comments

Objections to Claims in a Bankruptcy

In certain cases, in order to receive a distribution in a bankruptcy case, it is incumbent upon the creditor to file a proof of claim. Filing a proof of claim is the first step in getting paid. Once the claim is filed, it is critical that the creditor monitor the bankruptcy, because there may be [...]

By | September 19th, 2014|Creditor's Rights|0 Comments

Terminology for Creditors: Chapter 13 lien stripping

In bankruptcy cases, the law generally provides a higher payment priority to secured creditors.  By removing liens through a procedure known as lien stripping, a Chapter 13 debtor is empowered to turn secured creditors into unsecured ones. Stripping a lien can only be applied to mortgage debt.  If a debtor owns a home and its [...]

By | November 14th, 2013|Creditor's Rights|0 Comments

Terminology For Creditors: REO and OREO

A property is foreclosed upon by a lender, but the property remains unsold after a foreclosure auction or Trustee’s sale. The lender still retains the property, which is now classified as an REO – “Real Estate Owned.” The original term from which REO is derived is OREO –“Other Real Estate Owned.” This is a term [...]

By | November 12th, 2013|Creditor's Rights|0 Comments

Storage Lockers and Liens in Arizona

Readers of this blog may be learning about how bankruptcy and creditor actions may impact a debtor’s property.  Now, let’s consider a less-common entity that is also subject to Arizona laws regarding creditors and personal property:  self-storage facilities.  There are occasions when liens may be placed against a debtor’s storage locker and its contents. Suppose [...]

By | November 8th, 2013|Creditor's Rights|0 Comments

Terminology For Creditors: Termination-Upon-Bankruptcy Contract Clauses

  A typical contract may contain a clause allowing one party to terminate the contract should the other party encounter financial trouble such as insolvency or bankruptcy. This type of provision is known as a “Termination Upon Bankruptcy” clause.  The specific contract language in such a provision is known as an ipso facto (i.e. “by [...]

By | November 6th, 2013|Creditor's Rights|0 Comments

Countering Strategic Default

Recently, news outlets across the country reported that government mortgage lenders Fannie Mae (FNMA) and Freddie Mac (FDMC) may soon be taking more aggressive legal steps against debtors who carry out a strategic default on their mortgage loans. Strategic default can be defined as what occurs when a borrower/debtor intentionally defaults on a loan, even [...]

By | November 4th, 2013|Creditor's Rights|0 Comments

Topics in Bankruptcy: LLCs and Creditors’ Rights

In the business entity known as a limited liability company (LLC), the individual members of the LLC are not responsible for the company’s debts and financial obligations when money problems arise. An LLC can have a single member or more than one member.  Depending on the circumstances, even though there is a single member, the [...]

By | October 31st, 2013|Creditor's Rights|0 Comments

Limited Partnerships: A Pitfall For Creditors?

A limited partnership (LP) is a type of business entity that provides a method to own property while also maintaining control over the management, supervision, and transferability of the ownership of the property interests.  Limited partnerships can also be structured in certain ways to protect assets from the reach of creditors. While a limited partnership [...]

By | October 29th, 2013|Creditor's Rights|0 Comments

Bankruptcy Basics: Default Risk

Default risk, also called insolvency risk, refers to a situation in which a person or company is potentially unable to make payments on their financial commitments.  Nearly all lenders, investors and creditors must take default risk into account before offering mortgages, choosing investment vehicles, and when evaluating potential borrowers/debtors. To gauge an individual or business’s [...]

By | October 25th, 2013|Creditor's Rights|0 Comments