Bankruptcy – Creditor Rights

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Bankruptcy Creditors come in all sizes, from institutional lenders to individuals holding now-defunct gym memberships.

Given the relatively fast pace of most bankruptcy proceedings, it is important that creditors secure their rights in a timely manner using the variety of options provided by the Bankruptcy Code.

ASR Law Firm works diligently to protect the rights and interests of all types of creditors in Chapter 7, 13 and 11 bankruptcy proceedings. We assist creditor clients in maximizing their recoveries through various avenues including the following:

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Representation at 341 Creditor Meetings
A 341 Meeting of Creditors is held at the beginning of a Chapter 7 case to allow the Trustee to examine the non-exempt property of a debtor and to determine if any fraud exists. Creditors often attend these meetings to ask questions that may be used later in the case to support their claims.
Timely filing Motions for Relief from the Automatic Stay
The filing of most bankruptcy cases imposes an automatic stay prohibiting a creditor from proceeding against debtors. Therefore, it is often one of the first steps a creditor must take prior to proceeding with securing its interests.
Preparation and filing of Proofs of Claims
Proofs of Claims are important in asserting an accurate accounting of the amounts owed by the debtor prior to filing the bankruptcy petition.
Objections to Plan terms
Creditors may object to debtors’ Plans of Reorganizations in Chapter 13 and 11 cases.
Defenses to Motions to Value
Secured creditors may find themselves defending the value of certain collateral subject to their loans. The Bankruptcy Code permits a timely filed defense.
Motions for Dismissal of case for Bad Faith
While the objective of the Bankruptcy Code is to permit a “fresh start” to debtors, it prohibits abuse. Creditors may file a Motion to Dismiss a bankruptcy case based on excessive number of filings by a debtor.
Objections to Bankruptcy Discharge
Creditors may file an Objection to Discharge within 60 days of the Meeting of Creditors if the debtor fails to qualify for a discharge under the Bankruptcy Code.
Purchase and Sale of Assets in Bankruptcy
Section 363 of the Bankruptcy Code permits for the sale and purchase of non-exempt property that comprises the bankruptcy estate.
Fraudulent Conveyance and Preference Litigation
Commonly known as Avoidance Actions, these actions are brought against corporations or individuals who received payment from a bankrupt debtor without prior approval.
Bankruptcy Mediations
Mediation has become a common tool in bankruptcy cases to avoid the cost of litigation and obtain mutually beneficial results.

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