As a member of the firm’s Financial Services and Bankruptcy & Creditors’ Rights practice groups, Brooks works with banks, credit unions, direct lenders, and servicers with a focus on creditors' rights and special assets, regulatory compliance, and secured lending. He represents financial institutions throughout North Carolina in the workout of troubled debt restructurings, and assists financial institutions facing government investigations and examinations. When workouts are no longer viable options in the problem loan context, Brooks is in court handling the recovery of debts and collateral (and defending creditors if borrowers or guarantors assert lender liability claims). Brooks has a statewide practice and is routinely in state and federal court (including bankruptcy court).
In the business loan context, Brooks regularly works with lenders in commercial secured lending transactions. Brooks is accustomed to working on complex commercial matters with mixed collateral issues (both in the transactional and default/loss mitigation arenas).
Brooks’ experience includes:
- commercial litigation with focus on creditors’ rights
- commercial secured lending transactions
- counseling lenders with respect to regulatory compliance issues
- handling foreclosures (as trustee or as lender’s counsel) and replevin (claim and delivery) proceedings, with experience working with complex servicing and participation agreement issues
- bankruptcy and receiverships
- assisting financial institutions subject to examinations, investigations and enforcement actions by regulators and federal agencies
- counseling financial institutions on corporate governance issues
- financial institution vendor contract reviews
- With respect to consumer financial legislation, Brooks regularly advises lenders and servicers on federal and state regulatory compliance issues, including compliance with federal fair lending laws (Equal Credit Opportunity Act / Fair Housing Act / Reg B, TILA / Reg Z disclosure requirements), and the CFPB’s rules relating to mortgage servicing, early intervention, and loss mitigation procedures.
Community & Professional
- North Carolina Bar Association
- NC Creditors Bar Association
- NC Bankers Association
- North Carolina Bar Association Business Law Section Council Member
- North Carolina Bar Foundation Programs Committee
- UNC School of Law Center for Banking and Finance Board of Advisors
- Former board member of Habitat for Humanity and YMCA
Outside Nexsen Pruet
Outside Nexsen Pruet, Brooks enjoys reading, running, and coaching youth lacrosse. Brooks is a former member of the Board of Directors for Habitat for Humanity of Greensboro, a current member of the Board of Advisors for the UNC School of Law Center for Banking and Finance, a Council Member of the North Carolina Bar Association Business Law Section, serves on the North Carolina Bar Foundation’s Programs Committee and the North Carolina Bar Association’s Board of Advisors for NC LEAP (Lawyers for Entrepreneurs Assistance Program), and is on the Ambassadors committee with the NC Tech Association. Brooks does pro bono work, most recently with the Housing Stability Pro Bono Project, a joint effort between the North Carolina Bar Foundation and North Carolina Pro Bono Resource Center, in partnership with the North Carolina Office of Recovery & Resiliency, which administers the Housing Opportunities and Prevention of Evictions Program (HOPE program). Brooks is a member of Centenary United Methodist Church in Winston-Salem.
In 2015, the North Carolina Bankers Association called on Brooks to author a Legal Memorandum regarding the Consumer Financial Protection Bureau's new mortgage servicing rules and the recent Flagstar Bank Enforcement Action.
Brooks has been a CLE presenter at the North Carolina Bar Center on multiple occasions.
In a number of recent cases, Brooks was successful at the summary judgment level in defending banking clients from lender liability claims, avoiding lengthy jury trials. Brooks was also successful in pursuing the imposition of personal liability on an individual corporate agent for a judgment debtor corporation who refused to cooperate in furnishing schedules of the corporation’s officers and properties to the levying officer. Insulation Systems, Inc. v. Fisher, 2009, 197 N.C.App. 386, 678 S.E.2d 357, review denied 363 N.C. 654, 684 S.E.2d 890.
Martindale-Hubbell AV Peer Rated for Highest Level of Professional Excellence
Brooks has spoken at numerous CLEs on the topics of creditors’ rights, commercial landlord tenant law, supplemental proceedings, foreclosures, the Federal Fair Debt Collection Practices Act, and the CFPB’s mortgage servicing rule.
He co-authored an edition of Successful Judgment Collections in North Carolina published by National Business Institute in 2000, and was also a co-author of the NC State Bar Association 2011 CLE Manual on Collection and Enforcement of Judgments.
Brooks maintains Nexsen Pruet’s blog regarding the Consumer Financial Protection Bureau and its latest rules and enforcement cases. Click below link for posts:
Blog: Consumer Financial Protection Bureau
In part 1 of his video series, bankruptcy and financial services attorney Brooks Bossong discusses what receiverships in the commercial loan context are and how they work.
In part 2 of his video series, bankruptcy and financial services attorney Brooks Bossong continues to discuss what receiverships in the commercial loan context are and how they work.
When a business loan is delinquent or in default, but there's still the potential to right the ship, two options a lender may consider in resolving the problem loan are a loan modification or a forbearance agreement. Attorney Brooks Bossong discusses the details.
- North Carolina
- U.S. District Courts of Eastern, Middle, and Western North Carolina