Fabrizio & Brook, P.C.
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debtor/creditor Archives

Michigan law allows receivers to sell distressed properties free and clear

Creditors may choose to seek the appointment of a receiver to manage distressed real estate projects in Michigan. Receivers frequently ask the court to approve the sale of distressed property free and clear of other encumbrances. However, there is no statute that expressly authorizes the sale of distressed real property free and clear of all other encumbrances.

There can be many steps on the road to collecting debt

One of the most frustrating aspects of being a creditor is the act of collecting the debt that someone owes you. In a perfect world, the debtors would pay back their creditors in a timely and efficient manner, but that simply doesn't happen. We don't live in a perfect world. Instead, the creditors have to proceed with their collection efforts in a professional and legal manner, exhausting each step until the debt is collected.

The CFPB proposes changes to debt collection regulations

The Consumer Financial Protection Bureau is currently considering new guidelines for the debt collection market. Under these proposals, the number of attempts by the collector to contact the debtor would be limited and greater regulations would be put in place to ensure that collectors are pursuing the correct debt.