GBL 295 Chapter Notes - Chapter 16: Telemarketing, Punitive Damages, Equal Credit Opportunity Act
4 May 2017
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When a purchase is made without the exchange of cash between the purchaser and the seller, the transaction is done on credit. Auction proceeds are used to satisfy the debt and all excess proceeds are paid to the debtor: writ of attachment creditor requests a court order to have a court officer seize the debtor"s property. Third party is called garnishee: mortgage foreclosure creditor (mortgagee) has the right to foreclose on the real property by following the state law applicable to the real property. Involuntary bankruptcy debtor"s creditors force the debtor to file a petition for bankruptcy: the debtor has 12 or more creditors and 3 or more have unsecured claims totaling at least. As discussed, bankruptcy can be filed voluntarily or involuntarily. The petition must be signed by all debtors named on the petition and it must contain true and accurate statements: bankruptcy schedules a debtor must submit certain schedules when he or she files a voluntarily petition.
