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Bankruptcy > For Creditors > Welcome – Bankruptcy Philosophy for Creditors

Bankruptcy Philosophy for Creditors

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With bankruptcy filings on the rise throughout the nation, many businesses and individuals are finding themselves as creditors in a bankruptcy case. If a person or entity owes you a debt and files for bankruptcy, all is not lost and you may still be paid some, if not all, of what you are owed. However, it is important that when you find yourself or your business as a creditor in a bankruptcy case that you find out all of your rights so that you or your business may obtain payment of as much or your debt as possible. It is also imperative that you take no further action against the person or debtor that is in bankruptcy so that you do not violate federal bankruptcy law (called “the automatic stay”). This does not mean that you may not take action against the debtor again, but that you must obtain permission from the bankruptcy court before doing so.

Many individuals and businesses that find themselves as creditors in a bankruptcy make the mistake in believing that nothing may be done and subsequently lose their ability to be paid through the bankruptcy process. Bankruptcy cases move quickly and have many deadlines that a creditor must meet to protect the creditor’s rights so we urge clients to seek the advice of an attorney immediately upon finding out that they are a creditor in a bankruptcy proceeding.

Thompson Law Group, P.C. is dedicated to providing comprehensive bankruptcy advice and quality legal service at reasonable rates. When possible, we provide our services at a flat rate so that attorney’s fees and costs are certain and not an additional stress. Our business is helping you with your business.

The information provided in this website is meant only as a general description of the current laws as of the date of the writing. It is not meant to be an exhaustive discussion of all the nuances of the law and is intended to be only an overview. Many issues may appear simpler than they are, and an individual should always contact an attorney to obtain a complete, accurate interpretation of the law given the individual's particular circumstances. Thompson Law Group, P.C. makes no representations as to how the law would affect a particular situation and intends only to illustrate areas of concern and give general information.

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