BANKRUPTCY ?
ARE YOU THROWING MONEY AWAY !?
- Even if the person or firm who owes you has filed bankruptcy, all hope may not be lost for the collection of your debt. At alabamalawyers.com, we have over twenty years experience in representing creditors before the federal bankruptcy courts. Every few days, I consult with clients who ask about bankruptcy and who have not been aggressively pursuing collection efforts when the person or firm who owes them elects to file for federal bankruptcy protection. Many clients and would-be clients have told me that they received a notice of bankruptcy and simply tossed it into the trash -
- along with any hope of ever collecting the debt. The creditor did not realize that he could have been throwing away cash ! There is a wide-spread misconception among the general public about bankruptcy and the bankruptcy laws. The term "bankruptcy" conjures up images of a debtor who cannot pay his debts, has filed bankruptcy and never will pay the debts he owes. The term also brings visions of those who lose their houses and cars and have to start all over again in life.
- But the U.S. Bankruptcy Code includes numerous CHAPTERS which determine the TYPE of bankruptcy a debtor is filing. CHAPTER 7 debtors are filing "STRAIGHT" bankruptcy. They generally do not intend to pay their UNSECURED debts but will often agree to pay SECURED debts where the creditor holds collateral such as a mortgage.
OTHER FORMS OF BANKRUPTCY
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