Creditors' Rights
Whether your business needs assistance filing a Proof of Claim or defending your claim throughout a debtor's bankruptcy proceeding. J.D. Echevarria, Esq., provides various services and advice depending on your claim's security status, amount owed, potential of recoverability, and additional factors.
If your borrower, tenant, or guarantor has filed for bankruptcy, you should contact a Bankruptcy Attorney. Whether the debtor filed for a Chapter 7, Chapter 13 or Chapter 11, it is important to cease collection activities and contact a Bankruptcy Attorney to discuss viable options to maximize your return.
Additionally, deadlines begin to run the moment a debtor files for bankruptcy-- if you do not file a Proof of Claim before the established deadline your claim may not be protected, your claim's status may be "diminished", or you could end up paying more to defend your claim against a Trustee.
For more information or to schedule a meeting, Message or Contact (973) 954-9414
Bankruptcy Alternatives
For some filing for bankruptcy may not be a viable option. This does not mean there are no available options to manage your debt and minimize your debt obligations. Most of the time your debt is sent to a collections agency. The collections agency attempts to collect on the debt by calling excessively. It is wise to address the situation before it leads to litigation. Litigation cost can add a significant amount of extra and unnecessary cost. To avoid the extra cost, you should answer and explain your financial situation. More than likely your creditors are will to work out a deal or provide assistance when unforeseen circumstances occur.
If creditors refuse to negotiate a reasonable solution, you should contact an attorney to assist on your behalf. An attorney can take the role as your negotiator, and creditors are more keen to working out a deal with an attorney. The cost of an attorney making a call or sending a letter to creditors may save you money in the long run.