Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. Which creditors can they pay? This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first.

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Debt RR

APRIL 22, 2021

However, if the debtor owes a significant amount, you may want to consider pursuing the debt in bankruptcy court. Even in a best-case scenario — as a secured creditor — you could be waiting up to six years to receive payment. These will contain a listing of the amounts owed to each creditor, whether secured or unsecured.

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Taurus Collect

DECEMBER 29, 2022

Cut off contact. If your client owes you money but has declared themselves bankrupt, cut off contact with them. Under the law, creditors cannot communicate with the debtor if they have filed for bankruptcy. Several times debtors’ obligations are way higher than their assets and resources. Do the math.

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Collections Law

DECEMBER 14, 2021

Unfortunately, many debtors do not readily pay up, even with a court order against them. Those methods often include seizing the debtor’s assets. When it comes to debt collection, you or your company seeks to takes control of the debtor’s assets, rather than the government.

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Fraser

JUNE 25, 2020

The petition date is the date on which a debtor files a chapter 11 bankruptcy proceeding. The debtor is required to serve all known creditors with notice of the commencement of the chapter 11 case. Such relief may include a request to pay some unsecured creditors (such as employees or “critical vendors”) ahead of others.

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Sawin & Shea

JANUARY 25, 2022

However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors. In a Chapter 7 you will be given a choice to either allow secured creditors to seize your collateral or continue to make payments until the debt is paid off.

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Debt Free Colorado

MARCH 3, 2023

Contact the Law Office of Clark Daniel Dray (debtfreecolorado) if you are thinking about filing for bankruptcy to find a solution and receive thorough responses to all your inquiries that are pertinent to your case. A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time.

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