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Creditors Rights Information

WHAT IS CREDITORS RIGHTS?

the area of law that gives assistance to creditors in pursuing their debtors.

General Creditor Rights Questions
WHAT RIGHTS AND REMEDIES DOES A CREDITOR HAVE IN THE BANKRUPTCY CASE
  • A secured creditor may ask the court for relief from stay in order to proceed with efforts to collect the collateral pledged as security for the debt.
  • A non-secured creditor may file a complaint within 60 days of the date set for the first meeting of the creditors. The non-secured creditor's complaint is a request to the court to find that the debt be determined to be non-dischargeable under the Bankruptcy Code. However, if the court finds that the debt is dischargeable it may require the creditor to pay the debtor the costs, including reasonable attorney fees, of the complaint, if it was not substantially justified (note: there can be special circumstances which would make such an award unjust).
CAN A CREDITOR ASK A DEBTOR TO REAFFIRM THE DEBT?
  • Yes, this means that the creditor is asking that the debtor pay the debt anyway, even after it has been discharged. A debtor may be willing to do this if there is a co-signer or guarantor of the debt (such as a family member, friend or employer) that the debtor does not wish to leave saddled with the debt. Also, a debtor may want to reaffirm a debt in order to avoid having a secured creditor take the collateral provided for the debt. A creditor may also ask a debtor to reaffirm the debt before he (the creditor) will agree to do business with the debtor again.
CAN A CREDITOR ASK A DEBTOR TO REAFFIRM THE DEBT?
  • Yes, this means that the creditor is asking that the debtor pay the debt anyway, even after it has been discharged. A debtor may be willing to do this if there is a co-signer or guarantor of the debt (such as a family member, friend or employer) that the debtor does not wish to leave saddled with the debt. Also, a debtor may want to reaffirm a debt in order to avoid having a secured creditor take the collateral provided for the debt. A creditor may also ask a debtor to reaffirm the debt before he (the creditor) will agree to do business with the debtor again.
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Fast Facts about Bankruptcy
There are different types of bankruptcy, which are detailed in our FAQ's section of this Web site. Briefly, consumers can either immediately discharge all of their debts (Chapter 7) or slowly pay a percentage of them off over time as they continue to work and earn income. (Chapter 13) Businesses can enter what's called "bankruptcy protection" (Chapter 11) while they reorganize themselves in a way that's acceptable both to their creditors and to the United States Bankruptcy Court. Bankruptcy law is federal in nature, and therefore is under the jurisdiction of federal law and courts.

Every bankruptcy involves a process by which debts are eliminated. Each bankruptcy takes time and effort, and you must organize your debts concisely in order to have a successful bankruptcy filing. Any licensed attorney specializing in the field of bankruptcy is more than qualified to guide you through this process. Please see our attorney directory to locate an bankruptcy attorney near you!


 

  
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