Ohio Bankruptcy Attorneys Assisting Creditors
While bankruptcy laws may be quite compassionate towards individuals who have fallen on hard times, they can be harsh on creditors who are forced to absorb a loss that helps finance the debtor’s fresh start. However, if you’ve received a notice of bankruptcy from someone who owes you money, don’t assume that you have no rights. At Thomas R. Merry Co., L.P.A. we help creditors assert their rights against debtors in bankruptcy. We know the Bankruptcy Code and can advise you on the steps to take to improve your chances of being repaid. We are available to assist you in cases related to:
- Chapter 7 bankruptcy
- Chapter 11 bankruptcy
- Chapter 12 bankruptcy
- Chapter 13 bankruptcy
What an “automatic stay” means to a creditor
An automatic stay is an injunction that immediately prohibits creditors from seeking repayment of debts from the debtor. It doesn’t mean you’re out of luck, but it does mean any efforts to recover what you are owed must be initially directed towards the Bankruptcy Court. Thomas R. Merry Co., L.P.A. assists creditors in reviewing a debtor’s bankruptcy schedules and financial affairs to see precisely where opportunities exist for the creditor to advance his claim in the Bankruptcy Court, or to seek an order granting relief from the automatic stay to exercise rights under Ohio law. We are aggressive and can take the stress off our clients’ shoulders.
Secured versus unsecured debt
A loan that is secured by collateral gives the creditor a lien against a debtor’s asset. This is a huge advantage in Bankruptcy Court, where secured creditors most often recover ahead of other creditors. A skilled attorney can make a difference in the amount, interest rate, and expediency of a secured creditor’s recovery.
The honesty requirement
The U.S. Supreme Court has stated that the Bankruptcy Code “gives to the honest but unfortunate debtor . . . a new opportunity in life….” If the debtor obtained the debt in bad faith or through some kind of dishonest manipulation, that debt may not be discharged or forgiven in bankruptcy. Likewise, if you believe there is misrepresentation or fraud in the debtor’s bankruptcy schedules, such as attempting to hide assets, you must bring those objections to the court. An experienced bankruptcy attorney can present a timely and convincing argument to help your cause.
Bankruptcy proceedings move quickly — contact an attorney today!
Especially today, when bankruptcy filings are so numerous, cases are often processed and decided quickly. If you delay asserting your rights, you can easily lose them. Call Thomas R. Merry Co., L.P.A. today at (614) 776-1013 or contact our office online to schedule an appointment with a seasoned bankruptcy attorney dedicated to helping creditors.