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Creditor Bankruptcy

One of the most frustrating situations for a creditor is when the person that owes you money files for bankruptcy protection. The federal bankruptcy code provides countless ways to protect the debtor and often times it seems that the creditor's rights are completely ignored. This is when you need an attorney that knows the rights that are afforded to the creditor and how to take full advantage of those rights. The attorneys of Crislip, Philip & Royal have years of experience representing creditors in bankruptcy courts across the State of Tennessee. We regularly represent banks, mortgage companies, finance companies, landlords, small businesses and individuals in the federal bankruptcy actions.

Once an individual files a bankruptcy there is an automatic prohibition in most cases that goes into effect and prevents a creditor from taking any actions against the individual. In order to proceed against the bankrupt individual you have to get permission from the bankruptcy judge. This means that evictions, repossessions, foreclosures, lawsuits, phone calls, garnishments and any other activity that can be construed as a "collection" action must cease immediately. You need an attorney who can act quickly to either secure an order allowing you proceed against the debtor or have an order approved by the court that adequately protects you and preserves your ability to pursue your lawful remedies.

In addition, there are several different types of bankruptcies that can be filed. The most common ones are often referred to as Chapter 7 or Chapter 13 cases. The rights of both the debtor and creditor can vary greatly depending on which type of bankruptcy is filed. In a Chapter 7 the bankruptcy trustee is charged with gathering any assets of the debtor and distributing what remains after fees and expenses to the creditors. The percentage that a creditor might receive is based on issues of priority and whether the underlying obligation is secured or unsecured. In a Chapter 13 bankruptcy the debtor typically pays a monthly amount to the bankruptcy trustee who then pays a monthly amount to that person's creditors based upon a bankruptcy plan approved by the court. The amount that you will ultimately be paid and monthly payments you will receive are dictated by the plan and if you do not have an attorney representing you that knows your rights you may be losing money to which you are entitled.

To discuss how we can assist you and what your rights are please contact Crislip, Philip & Royal .

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Crislip, Philip & Royal
5170 Sanderlin Avenue, Suite 201
Racquet Club Plaza
Memphis, TN 38117

Phone: 901-201-5078
Toll free: 800-335-9613
Fax: 901-255-9306
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