What Creditors Need to Know About Collecting Debt in State Court and Bankruptcy Court?
What do Creditors Need to Know about Litigation in State Court?
When proceeding in state court, or where a company hasn’t filed for bankruptcy protection, there can be many issues. It depends if the creditor has an unsecured debt, meaning there is no collateral, or if the debt is securing, meaning there is collateral. In either case, a creditor needs to have good documentation, good … Read More
Why Bother Recording Your Judgement?
For years, one of the easiest ways to be paid on your judgment was to record your judgment with the County Recorder. By recording your judgment, it would become a lien against any real property owned in the county by your judgment debtor. Whenever the judgment debtor sold or refinanced their house, you would receive a call from the title company wanting to know how much it would cost for you to release your … Read More
Arizona Court of Appeals Decision Adds Confusion to the Interpretation of the Anti-Deficiency Statutes
In a decision issued on December 27, 2011, the Arizona Court of Appeals held that Arizona's anti-deficiency statute applies to debtors who purchase vacant land with the intent to reside on the property upon completion of construction of a home even if they do not complete construction or actually occupy the property.
In M&I Marshall & Ilsley Bank v. Mueller, 1 CA-CV 10-0804, the debtors purchased a … Read More
So I loaned my friend $25,000 and just found out he is going to file bankruptcy. Now what???
Because he is my friend, he offered to settle and pay me outside of the bankruptcy and he agreed to not include my debt in the bankruptcy case. Can I do this?
No. Once a bankruptcy case is filed an automatic stay goes into effect, whether or not you have actual notice of the bankruptcy filing, which prevents you from taking any action to collect your debt, including negotiating a settlement. If you engage in … Read More
Ten Things to Consider Before Purchasing Real Property at an Arizona Trustee's Foreclosure Sale
By: Janessa E. Koenig, Esq.
If you are considering purchasing a home or investment property that is being foreclosed on in Arizona, you will need to attend the Trustee's sale. While many bidders have attended hundreds of foreclosure or trustee's sales, this may be your first! There are several important aspects of purchasing a property at a trustee's sale.
Make sure the sale is proceeding … Read More
Tips For Collecting What You Are Owed
1. Make sure you have what you need from the start
Take advantage of all information needed to collect at the time the loan is made / the services are provided etc. The borrower or customer wants/needs your money/services at the beginning phase and will be cooperative at this point. Information to obtain at this time includes social security numbers, place of employment, home & business … Read More
Are there fiduciary duties between members in an Arizona LLC?
In 1992, the Arizona legislature enacted the Arizona Limited Liability Company Act. Since that time the LLC has become the entity of choice for many individuals, businesses, partners and investors. While there obviously are differences between corporations and LLCs, attorneys in Arizona have always believed that there were many similarities.
For instance, when you form a corporation Articles of Incorporation must … Read More