2021 Amendments to Arizona’s Homestead Statute Confused Yet?
There has been a good amount of commentary regarding Arizona House Bill 2617, which amends the Arizona Homestead Statute, and related statutes, effective January 1, 2022. Despite what appears to be the consensus, the Bill is not primarily anti-consumer, and has significant redeeming qualities. On the other hand, the statutory amendments raise a host of new questions and uncertainties, creating a likelihood of … 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 or the services are provided, including obtaining a security interest in collateral. Remember, the borrower or customer wants your money or services and will be cooperative at this point. Information to obtain at this time includes social security numbers, place of employment, copies … Read More
Using Credit Reporting as Debt Collection Strategy Has Changed
Credit scores are important and frequently determine interest rates and can even impact insurance rates. For many years, judgment creditors could enforce their judgments in a variety of ways. Prior to 2017, judgment creditors often enjoyed passive enforcement. A judgment debtor might have been motivated to resolve the judgment to improve their credit score, obtain more favorable financing, or have the judgment … Read More
Don't Forget to Cash It In
Found within the countless laws governing commercial transactions are many traps for the unwary. One such “trap” is found in the law governing certificates of deposit (CDs) and promissory notes. While most people would assume that their CD is “as good as gold” and that it can be held indefinitely until such time as the holder chooses to convert it into cash, that is not at all the case. … Read More
Receiverships: Not Just for Lenders
A receivership is an invaluable tool for managing, accounting for, marshaling, and preserving assets of whatever nature or kind. Although most often utilized by lenders, a receiver can be beneficial in any number of situations, including business disputes, partner disputes, and divorce proceedings. The limits of a receivership are as broad or as narrow as the parties’ desire.
Receiverships are an equitable … Read More