Bankruptcy can have long-term and devastating affects on creditors. When thinking about bankruptcy, the image that comes to mind is someone drowning in debt that has finally succumb to that heavy burden. The creditors on the other hand, are either not thought of, at all or are considered the greedy entities trying to take all of this poor person’s money.
The reality is simple; creditors are trying to get the money owed to them. They are not greedy. If you were to loan a friend $100, you would expect that amount to be paid back. Businesses that loan money have the right to protect their interests during a bankruptcy, just as anyone else.
At Henry & Beaver, LLP, our attorneys have the experience to help you fight for your rights and receive the money that is owed to you. We can help by:
- Analyzing the costs and benefits of perusing an action against a debtor. Each creditor is paid according to priority and the type of creditor involved. Secured creditors are paid first, then unsecured creditors, ending with general unsecured creditors. The further down the list, the less likely you are to receive a payment. Due to this, you must determine if it is financially worth it to pursue legal action. We can help you make that determination.
- Challenge the automatic stay, when appropriate. In some cases, we can challenge the stay that prevents creditors from collecting on debts owed once the bankruptcy petition is filed. Not every stay may be challenged. It is best to speak with an experienced bankruptcy attorney to discuss your particular situation.
- File the proof of claim. In the event of a bankruptcy, each creditor who is owed money must file a proof of claim with the court to ensure that their claim is considered throughout the bankruptcy proceedings. There are strict deadlines and regulations for this filing. Our experienced bankruptcy team and help you with each step in the process to ensure it is filed accurately.
- Follow up on the case. Bankruptcy proceedings take a long time to finalize. We can take to worry and stress off of your shoulders by following the case and keeping you updated but the proceedings. We are here to make this process as easy of possible for you.
If you are interested in taking action against a debtor, contact the Lebanon creditors action attorneys at Henry & Beaver, LLP., today. We offer a free initial consultation. You may reach our office at 717-274-3644.