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Brooks F. Bossong

Member

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Overview

As a member of the firm’s Financial Services and Bankruptcy and Creditors’ Rights practice groups, Brooks Bossong works with banks, credit unions, nonbank lenders, and servicers, with a focus on creditors' rights/special assets, regulatory and compliance issues. He represents a variety of financial institutions throughout North Carolina in the workout and restructuring of trouble debt facilities.

When workouts are no longer viable options for problem loans, Brooks is in court handling the recovery of debts and/or 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) throughout North Carolina.

Brooks regularly works on complex commercial matters with mixed collateral security issues, but also has significant experience working with portfolios of defaulted consumer mortgages for banks/servicers and credit unions.

More

Education
  • Louisiana State University, J.D., 1993
  • University of North Carolina, B.A., 1984
Bar Admissions
  • North Carolina
  • U.S. District Courts of Eastern, Middle, and Western North Carolina
Civic & Professional Memberships
  • North Carolina Bar Association
  • NC Creditors Bar Association
  • NC Bankers Association
  • Greensboro Bar Association
  • NCLEAP (North Carolina Lawyers for Entrepreneurs Assistance Program), Steering Committee
  • UNC School of Law Center for Banking and Finance Board of Advisors
  • Habitat for Humanity Board of Directors

 

Recognitions

Martindale-Hubbell AV Peer Rated for Highest Level of Professional Excellence

In early 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.

On December 11th, 2014 Brooks was a CLE presenter at the North Carolina Bar Center in Cary. The event focused on collection and enforcement of judgments. Brooks presented on "Ethical Considerations in Collection Matters" and examined topics such as:

  • The Intersection of the Federal Fair Debt Collection Practices Act and the North Carolina Debt Collection Act
  • North Carolina’s Emergency Program to Reduce Home Foreclosures Act
  • The Consumer Financial Protection Bureau’s new mortgage servicing rules

Over the past few years Brooks has been very active in loan workouts and restructurings. In several recent cases in court, Brooks was successful in defending banking clients from lender liability claims raised by borrowers and guarantors (based on breach of fiduciary duty) at the summary judgment level, avoiding lengthy jury trials. Brooks was also successful in pursing 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.

Brooks was also recently successful in handling an appeal relating to the imposition of personal liability on an individual corporate agent for a defendant judgment debtor who refused to furnish a schedule of the defendant’s property 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.

Related Insights
Overview

Brooks has spoken at numerous CLEs on the topics of creditors’ rights, landlord tenant law, supplemental proceedings, foreclosures, and the Federal Fair Debt Collection Practices Act.

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

 

Outside Nexsen Pruet, Brooks enjoys racquet sports, reading and running. Brooks is a member of the Board of Directors for Habitat for Humanity of Greensboro, the Board of Advisors for the UNC School of Law Center for Banking and Finance, and the Board of Advisors for NC LEAP (Lawyers for Entrepreneurs Assistance Program). He is active in the YMCA Adventure Guides Program and coaches flag football for the YMCA. Brooks is a member of Centenary United Methodist Church in Winston-Salem.

Brooks Bossong main bio photoBrooks Bossong outside NP photo

“It's the little details that are vital. Little things make big things happen.” - John Wooden