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Ep. 85 - Attorney Talk with Chris Rice of Rice Park Law
Manage episode 489201269 series 3316827
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Chris and Mark go deep on what it is like to make the jump to your own attorney practice and small business. What's it like to work full-time and build a real estate portfolio? Credit unions around the country can connect with Chris at riceparklaw.com.
IN THIS EPISODE:
- (00:00) Intro: Meet Chris Rice
- (01:49) Chris Rice's professional background journey
- (07:25) Chris shares his experience working with credit unions and what it was like starting Rice Park Law firm
- (13:02) The differences between commercial and consumer collections
- (16:51) Do not delay on a default notice
- (22:06) Chris advises on selecting an attorney and he gives his outlook on the future
KEY TAKEAWAYS:
- Attorney Chris Rice has launched Rice Park Law, focusing on credit union representation. His extensive background in real estate and restaurant ownership gives him unique insights into business operations and challenges.
- Commercial and consumer collections differ: Commercial loan collections are often more straightforward due to tools like the "confession of judgment" and the use of secured assets. Consumer collections, however, are more complex due to regulations and typically involve unsecured debt.
- Early legal intervention in loan defaults is key. Don’t delay sending default notices and involve legal counsel early in commercial loan defaults. This helps avoid "lender liability claims" and allows for effective workout solutions like forbearance agreements, saving time and money.
RESOURCE LINKS
BIOGRAPHY:
Chris Rice is the founder of Rice Park Law. For the past twenty years, Chris has helped numerous credit unions with contractual, regulatory, loan closing, and workout issues. Chris is an entrepreneur who lives and practices out of Carlisle, PA.
KEYWORDS: Credit Unions, Chris Rice, Rice Park Law, Commercial Collections, Consumer Collections, Small Business, Real Estate Portfolio, Business Lending, Commercial Lending, Real Estate, Renovation Projects, Restaurant Ownership, Carlisle Community, Lending Institutions
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