Hosts Bankruptcy Creditors' Service Inc Beard Group Inc Updated March

The Armstrong Law Firm Dallas Bankruptcy Attorneys Creditor's rights in bankruptcy All too often creditors get a bankruptcy notice and they assume they have neither rights nor alternatives with respect to their claim against the debtor Not so Creditors in bankruptcy are entitled to Share in any distribution from the bankruptcy estate according to the priority of their claim Most unsecured non wage claims come low in the priority scheme and may receive little or nothing Be heard by the court in matters concerning the debtor's plan or the liquidation of the debtor's non exempt assets Challenge an individual debtor's right to a discharge or to discharge the creditor's particular debt As a creditor what should I do now? Cease any collection action including telephone calls billing or law suits that might be pending against the debtor The automatic stay protects the debtor and his property from all forms of collection during the bankruptcy In Chapter the stay also protects co debtors on consumer debts File a claim with the court The notice of the bankruptcy sent by the court clerk tells you where to file a proof of claim and the deadline for doing so Act promptly since

FAQs Notice The information contained on this page only pertains to cases filed on or after October This information contains only general information and is not intended to be legally precise or comprehensive If you have specific questions about bankruptcy then you should contact me or some other attorney The information contained on this page does not create an attorney client relationship Debtor FAQs What is bankruptcy? Bankruptcy is a legal proceeding where a person or company who is having difficulty meeting financial obligations can obtain a fresh start The right to file for bankruptcy is provided by federal law and all bankruptcy proceedings are handled in federal bankruptcy court Filing bankruptcy generally stops most creditors from seeking to collect debts The goal of most debtors is to obtain a discharge order from the bankruptcy judge The discharge order has the effect of releasing the debtor from many forms of debt that were incurred prior to the bankruptcy filing When should bankruptcy be considered? The amount of unpaid bills is such that repayment is unlikely or impossible in the foreseeable future A secured creditor is threatening foreclosure or repossession An unsecured creditor has commenced or threatened a lawsuit Creditors

RIGHTS OF CREDITORS UNDER BANKRUPTCY LAWDIAL LAW As a creditor you have certain rights if a debtor files a petition in bankruptcy You have the right to review the files and records of the Court You may review the Court files and records by visiting the Offices of the Clerk of the United States Bankruptcy Court located in room of the Dirksen Federal Building at South Dearborn Street Chicago on regular business days between a m and p m The clerk will allow you to view court files and records upon presentation of a photo I D card of any kind You also have the rights to receive notices from the Clerk of the Bankruptcy Court and to file a claim You will receive notice from the Clerk of the Bankruptcy Court of the last date on which you may file a claim A claim filed past the deadline may not be valid A claim should be filed on an official court form which may be obtained from an office supply store that sells legal forms You may file your claim in person in Room of the Dirksen Federal Building at South Dearborn Street or by mail There is