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Category Archives: Creditor Rights

Protecting creditors’ rights in bankruptcy – part 3

Perhaps the most important characteristic of a bankruptcy is that is brings all of the debtor’s assets and all of their debts into the same arena so the court may weigh one against the other. When it comes time for creditors to get paid, the court will use claim priority to determine who gets what.

Protecting creditors’ rights in bankruptcy – part 3

Perhaps the most important characteristic of a bankruptcy is that is brings all of the debtor’s assets and all of their debts into the same arena so the court may weigh one against the other. When it comes time for creditors to get paid, the court will use claim priority to determine who gets what.

Protecting creditors’ rights in bankruptcy – part 2

File a claim on the debt. You or your attorney will need to file a Proof of Claim with the court. There should be instructions on where to send the claim included with the notice you received, so bring it when you speak to your attorney.

Protecting creditors’ rights in bankruptcy – part 1

While bankruptcy numbers have dropped significantly since the depths of the Great Recession (and even by 28% since 2013), bankruptcy still affects the lives of millions of Americans. (1) When many people think of the suffering caused by bankruptcy, they think of the damage it causes to a debtor’s credit, or perhaps the harassing collection calls it allows them to escape.

Garnishment! It’s not the lettuce and tomatoes!

arnishment is a legal remedy authorized by a court and should be considered a collection tool of last resort. In most states, the garnishment process can only be initiated by a court order and only if a judgment for monies owed has been entered.

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