mgmt 04-21-2010

mgmt 04-21-2010 - doest, they sue you for the rest. I want...

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Texas. Important to be able to collect debt when someone owes you money Extremely to collect debt in texas known as “debtors heaven” People can go to prison for debt, NOT here. Debtor- person who owes money Creditor- person who has money owed too How you borrow money Secured creditor. Have some type of security intrest. Can take something from debtor if they don’t pay back money. You borrow $$ and offer collateral. You get to drive car as long as you pay for it, it belongs to you AS LONG AS YOU PAY. IF YOU DON’T PAY, then the creditor takes it and its theirs. They can sell it. There are rules They sell it and if it covers the debt, they take it and forget. If it
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Unformatted text preview: doest, they sue you for the rest. I want to borrow $$ to buy a car. That makes bank purchase money security interest loaner. They get first priority. You want to have enough collateral to cover your debt. Possessory lean. Jewler can hold your jewelry if you dont pay for it. Cleaner can keep clothes if you dont pay. Once they give it to you, they cant take it back. Growing crops. Lean Buildings. Allows landlord to come into your busness or home. And seize nonexempt property to hold until you pay past due rent. Has to be in writing in the lease. What can they not take? Whats excempt?...
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mgmt 04-21-2010 - doest, they sue you for the rest. I want...

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