When a company enters into Chapter 11 bankruptcy, the purpose is to reorganize the business so it can manage existing debts and hopefully come out a healthier business. But operations do not stop the day bankruptcy is filed. The business keeps on running, which means expenses continue to accrue after […]
On September 25, 2013, Florida’s Second District Court of Appeal issued an opinion regarding a very familiar topic in Florida – a plaintiff’s standing to file and maintain a foreclosure action. In Focht vs. Wells Fargo Bank, the Second DCA upheld the long-established precedent that a plaintiff in a foreclosure action must prove that it had standing at the time it filed the foreclosure complaint in order to maintain the action. 2013 WL 5338048 (Fla. 2d DCA 2013). If plaintiff lacks standing at inception, the defendant can have the case dismissed via summary judgment proceedings. Id.
This Blog is Part X in a series of Blogs designed to provide business owners with a high-level overview of the legal process for collecting on past-due accounts receivables. Specifically, Part X focuses on the utilization of proceedings supplementary as a tool for satisfying the outstanding judgment balance owed by a judgment debtor.
This Blog is Part IX in a series of Blogs designed to provide business owners with a high-level overview of the legal process for collecting on past-due accounts receivables. Specifically, Part IX focuses on the ability of creditors to obtain a receiver over the debtor’s business and/or property as a method for satisfying the outstanding judgment balance.
Often times a creditor will find it difficult to collect on its judgment against the debtor, even when the creditor discovers that the debtor owns a business interest or owns other personal property
On August 14, 2013, Florida’s Second District Court of Appeal issued an opinion in the case of Regions Bank v. MDG Frank Helmerich, LLC, et al., that is of great benefit to Florida’s judgment creditors. In its opinion, the Second District held that a judgment creditor is entitled to post-judgment discovery on the judgment debtor’s assets held jointly with a spouse. Regions Bank v. MDG Frank Helmerich, LLC, et al., 2013 WL 4081005, 2 (Fla. 2d DCA 2013). That holding provides creditors with a greater net to cast in the hopes of locating assets that are nonexempt and can be used to satisfy the judgment balance.
This Blog is Part VIII in a series of Blogs designed to provide business owners with a high-level overview of the legal process for collecting on past-due accounts receivables. Specifically, Part VIII focuses on executing and levying on a debtor’s personal property as a method for creditors to satisfy an […]
When a person or business loans money to another person or business, it is usually the case that the creditor will require a security interest in the assets of the debtor. Often times, especially these days given the state of the economy in the past five years, the debtor will default on the loan, usually by failing to repay the funds in accordance with the terms of the agreement. Since the creditor has a security interest in debtor’s personal property, the creditor can simply walk in one day and take everything to satisfy the loan right? Not quite…
This Blog is Part VII in a series of Blogs designed to provide business owners with a high-level overview of the legal process for collecting on past-due accounts receivables. Specifically, Part VII focuses on satisfying a creditor’s outstanding judgment balance by issuing a charging order against a debtor’s business interest.
When a debtor files a bankruptcy action, creditors may or may not have the opportunity to file a proof of claim evidencing the amount owed to the creditor on the date the bankruptcy action was filed. The court sets a deadline for filing the proof of claim, to which all creditors must strictly adhere. But what if a creditor misses the deadline? Is all hope lost, or is there a mechanism to still get the claim in and receive a portion of any distribution? Well, whether an untimely claim is valid or not really turns on notice.
This Blog is Part VI in a series of Blogs designed to provide business owners with a high-level overview of the legal process for collecting on past-due accounts receivables. Specifically, Part VI focuses on garnishing a debtor’s employer for a portion of the debtor’s salary or wages in order to satisfy the outstanding judgment debt.