Bankruptcy Law & Creditor Rights
Bankruptcy is a legal procedure initiated by an individual or a business that cannot pay their debts and seeks to have the debts discharged or reorganized by the courts while keeping a certain amount of property. Creditor rights are the provisions which protect creditors (the entities that are owed money) and allow them to collect the money that they are owed.
- File lawsuits and using other legal collection techniques to collect consumer debts (i.e., debts owed by individuals)
- File lawsuits and using other legal collection techniques to collect commercial debts (i.e. debts owed by businesses)
- Represent creditor’s interests in a bankruptcy proceeding
- Foreclose homes or commercial real estate if the purchaser defaults on payment
- Recover (or replevin) secured goods (e.g., automobiles) if the purchaser defaults on payment