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Columbia Creditors Rights Law Blog

Dealing with the automatic stay when your debtor files bankruptcy

The federal automatic stay in bankruptcy is a powerful tool that protects a debtor in active bankruptcy. There are aspects of the stay creditors should know about before proceeding against a debtor to avoid violating it and incurring penalties.

How to proceed with a foreclosure in South Carolina

Though the recession is over and the real estate market has largely rebounded, there are still circumstances that may lead to homeowners defaulting on their mortgages. Perhaps they were laid off, are going through a divorce or maybe they are dealing with a large amount of debt.

Though you have sympathy for their issues, your company needs this money to continue doing business. If a homeowner stops paying a mortgage, he or she has broken the mortgage agreement. As a South Carolina lender, you have the right to foreclose on the property. Before your company begins the process, here are some things you and your team may need to know.

Bankruptcy workout plans offer alternatives for businesses

As a business owner, you probably work with other businesses on a daily basis. Your company provides valuable services to the community, consumers and companies. In return, you expect to be compensated. Unfortunately, not all businesses fulfill the financial agreements. Despite efforts to contact the business and receive payment, they ignore your attempts. This denial could be the result of the other business facing financial hardships.

Questions to ask yourself before evicting a tenant

There is always the chance it will turn into an expensive, time consuming process for you when you’re forced to evict a tenant. Whether they were once a good tenant who went afoul of their lease, or are problematic and must be removed, evictions are seldom neat and tidy.

This is why it’s often a good idea to have an experienced attorney on your side to ensure the eviction process goes smoothly and you can carry on with your business. Even drafting the proper documents requires considerable precision and an eye for detail. A skilled eviction lawyer will put in the extra time now to make sure things don’t become tangled later.

Repossession vs. replevin: When to turn to replevin

Movies and television have popularized the "repo man," and the sight of muscle-bound men hauling away furniture, vehicles, and other possessions. Repossession is a well-known concept among the public.

Replevin is much less known--it can be more expensive and take longer, so most businesses choose not to utilize it.

Tenant bankruptcy and eviction

If you are a rental property owner, you have probably had to evict tenants for non-payment of rent. It’s a process that no one wants to go through as it is complicated and often heartbreaking. The process is rarely orderly and property damage is far too common.

If your tenant has declared bankruptcy, however, it becomes even more complicated. It may take months to fully resolve. When this happens, time is of the essence and experience with bankruptcy and debt collection becomes even more important than ever.

When your borrower files for bankruptcy: The dos and don’ts

We all understand that people can get in over their heads and will use the protections of Chapter 13 bankruptcy to keep their property while making payments. But what does this mean if you are the creditor?

Let’s put it right out there: you have rights too. However, there are some things you shouldn’t do as well as some best practice things you should be doing when your borrower files for bankruptcy.

Important considerations of lease negotiations

A lot has been written about lease negotiations for good reason. You should never take a commercial lease for granted. It’s one of the most significant contracts a business owner signs, and a single paragraph of ambiguous language in a commercial real estate lease can result in years of frustration or possible lawsuits.

There are a few noteworthy trouble spots in commercial real estate leases that you want to avoid. Here are a few:

Defending against preference actions in bankruptcy

It is one thing for a customer declaring bankruptcy to discharge its debts to you as uncollectable. But there is an even worse outcome that can occur, called a preference action.

You know you are in a preference action when your company receives a letter of demand from either the debtor or the trustee. The demand is for immediate payment. It will feel like money is going in the wrong direction, and it is.

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