Consensual lien

Statutory lien

for a repairer or improver of personal property, such as an automobile, who retains possession of the property until paid.  The lien terminates when payment is tendered or when the repairer surrenders possession of the property. 

(If they give you your car back without you paying they lose their legal interest)

Types of Judicial liens

Monetary judgement (issued to a party to pay) - writ of execution (sherriff will seize and sell specific nonexempt property of the judgement debtor to satisfy the judgement) - attachment (seizing a defendant's nonexempt propperty under judicial authorization and placing it in the custody of the court)

• Replevin - prejudgement remedy intended to secure property already subject to a lien of or right of reposession by the plaintiff (reposesson of an automobile)
• Garnishment - prejudgement or postjudgement collection remedy directed against a third party who holds property of the defendent (wages or bank accounts)

1. a basic requirement of a valid assignment is that the debtor act in good faith
2. an assignment that reserves to the assignor any interest in or benefit of the property conveyed to the detriment of creditors is probably a fraudulent conveyance so the assignment should be general
3. some jurisdictions treat partical assignment as fraudulent conveyence

transfer of property made with the purpose and intent to delay, hinder, or defraud creditors.  this is voidable by the transferor's creditors.  badges of fraud include:

1. debtor's retention of possession or beneficial interest
2. transfer of substantially all assets
3. transfer in sectret
4. transfer to a family member or insider
5. transfer for inadequote consideration
6. transfer in anticipation of legal action or financial problems
7. removal or concealment of assets
8. insolvency at the time of or shortly after the transfer.

these are found in the uniform fraudulent transfer act.

1. total amount financed
2. total number of payments
3. amount of each payment
4. due date of each payment
5. annual percentage rate (NOT interest)
6. total finance charge
7. total dollar value of all payments
8. any and all late charges assessable for past due payments
9. any security interest taken by the creditor and the collateral

contains a number of restrictions on collection practices.  was enacted to prevent abusive, deceptive and unfair debt collection practices on some debt collection agencies.  this regulates the debt collection industry and applies to entities that collect consumer debts for others but not to bans and busineses that collect for their own accounts.  must invovle money, propety, insurance or services obtained by a consumer and used for personal family or household purposes. collector may not contact the consumer/debtor about the account after receiving a written refsual not to pay except to notify the consumer of ramifications of nonpayment.  collector generally may not:

1. use harassing practices
2. use abusive laungage
3. use false or misleading tactics
4. contact the consumer at work
5. contact the consumer at unusual or inconvenient times
6. contact consumer at all if debtor is represtned by an attorney
7. contact third parties other htan a spouse, parent or financial advisor about the account unless authorized by court

specific types of bankruptcy codes

• chapter 7
• chapter 11
• chapter 13

• chapter 7 is liquidation.  usually voluntary filed by debtor.  can be involuntary filed by creditors.  businesses and individuals.
• chapter 11 is reorganization.  is businesses and rarely an individual.  voulntary or involuntary.  if a business does an assignment for the benefit of creditors the creditor will often file this.
• chapter 13 is personal reorganiation.  only voluntary by individuals.  allows you to try to keep as many assets as possibly and buy time.   creditors collect money here.

filing of a bankruptcy petition specifying the chapter under which relief is requested, this usually operates as an automatic stay of most civil actions against a debtor (excpt alimony, etc), then you go to bankruptcy court where the case is heard by a judge.  each federal judicial district has its own bankruptcy court. 

• core proceedings are conducted and decided by the bankruptcy court. 
• noncore proceedings are resolved in state or other federal courts but may affect rights of the creditors or debtor

prior filing under another chapter

• equity insolvency - debtor is unable or is failing to meet financial obligations as they mature in the ordinary course of business
• balance sheet insolvency - debtor's liabilities exceed assets

can be commenced only under chapter 7 or chapter 11 against an eligible debtor.  no limit on the number or timing of involuntary petitions.  CANNOT be filed aginst:

• farmers
• banks
• insurance comapnies
• nonprofit corporations
• railraods
• perssons who owe less than 13,475-cost of bankruptcy isn't worth this

NO.  however, if the debtor does not oppose the petition the court will enter an order for relief.