Creditors
Rights Lawyers - NATIONWIDE
For help call a Lead Counsel Rated Attorney
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Morgantown, WV
866-229-1435
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Manasquan, NJ
866-435-4174 x 207
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Seattle, WA
866-822-0103
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Baltimore, MD
866-348-2474
Select a State to contact a Creditors
Rights Attorney>>>
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.
Select
a State to contact a Creditors Rights Lawyer>>>
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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