Creditors have rights when it comes to collecting debt, even if the debtor has begun or completed bankruptcy proceedings. At DeBlasio & Gower Attorneys, we understand the challenges you face as a creditor and how disruptive a non-payment issue due to another party’s bankruptcy can be. Call us at (630) 560-1123 to learn more about how we can help.
Creditor’s Rights and Pre-Bankruptcy Planning
Typically, cases involving enforcing creditors’ rights arise out of bankruptcy proceedings, but there are other situations where our team can help. For example, we can also negotiate workouts that are outside of bankruptcy.
We also consult clients facing a pre-bankruptcy situation, where someone they have business dealings with is planning on filing for bankruptcy or has given an indication that they have solvency challenges. No matter how difficult or complex the situation, our team can assist you from start to finish.
Types of Creditor’s Rights Litigation Our Law Firm Handles
Throughout our decades of experience in bankruptcy and creditor’s rights litigation, we have handled a wide variety of situations, including:
– Residential and commercial foreclosures
– Workouts of multi-million-dollar debts (this process involves debt restructuring)
– Exit strategies
– Bankruptcy
In dealing with cases under bankruptcy court, we have experience in the following areas:
– Chapter 11 Bankruptcy
– Chapter 7 Bankruptcy
– Chapter 13 Bankruptcy
How Creditor’s Rights Litigation Works
Before someone you are doing business with declares bankruptcy, you may have reason to believe that the company is in financial distress. In this situation, you may be able to take precautionary measures to protect your financial interests.
If, however, the debtor has already begun bankruptcy proceedings, we may go through the following steps:
– Evaluate the situation thoroughly. Can the matter be settled easily, either through correspondence or mediation? Can we avoid litigation, which tends to be time-consuming and expensive?
– Determine the strengths and weaknesses of the creditor’s case. Is the debt secured or unsecured? How will the debt be prioritized if the debtor’s assets are liquidated?
– Define the best and worst-case scenarios. We will look at both the best,and worst possible outcomes and assign probabilities based on the facts and data available to determine an appropriate way to proceed with the case from both an outcome and cost perspective.
– Communicate our findings at every step. Because of the complexities involved in bankruptcy and the fact that a situation may change rapidly, we discuss everything relevant with our client, with a high degree of responsiveness.
By understanding everything that is happening and the context, our clients can make informed decisions that best suit their needs and goals.
Contact an Experienced Bankruptcy & Creditor’s Rights Litigation Attorney
In addition to helping creditors secure the money that is owed to them, we also assist businesses and individuals in bankruptcy proceedings, including bankruptcy court. To discuss your case confidentially, contact us at (630) 560-1123 for a consultation.