Creditor'S Rights

  • Understanding and Perfecting Security Interests

    … for and obtains a second mortgage for $50,000 from a different bank, with this second loan also secured by the real estate. A few years later, the housing market bottoms out and Tom’s forced to file for bankruptcy. His nonexempt assets total $225,000 when liquidated. Who gets paid? As a general rule, perfected secured creditors are paid whatever…

    Stephen Hoffman/ Hoffman Law Office, P.C.- 9 readers -
  • Understanding Security Interests (Pt. 1)

    … Understanding Security Interests (Pt. 1) Practically everyone has loaned someone else money. Your kids, your friends, your family–all these people have likely enjoyed the benefits of your generosity. You’ve probably been on the receiving end of lenders before as well, in the nature of a mortgage, car loan, business financing, etc…

    Stephen Hoffman/ Hoffman Law Office, P.C.- 6 readers -
  • Internet Assets and Garnishment in Minnesota

    …. But, like practically anything a business owns, the law generally considers websites and domain names to be assets (property) and, according to a recent Minnesota Court of Appeals opinion, can be attached and garnished by creditors. The case, Sprinkler Warehouse Inc. v. Systematic Rain Inc. d/b/a GPLAWN.com, stems from a Texas copyright infringement…

    Stephen Hoffman/ Hoffman Law Office, P.C.- 31 readers -