Oklahoma City Bankruptcy Lawyers Explain Creditors’ Rights
Most of the information you hear and read regarding bankruptcy cases involves the debtor, or the person seeking relief from financial difficulties. There are many reasons for this reality, but it’s also worthwhile for anyone considering bankruptcy as an option to understand the basic concepts surrounding creditors’ rights as they pertain to bankruptcy filings.
Creditors have rights after extending credit to debtors, and these rights exist and are different before a bankruptcy case is filed and afterwards, such that before the filing, the creditors can take collection steps that include foreclosure and repossession if the debt is secured in nature. After the filing, creditors can have input in repayment plans and challenge both the Automatic Stay and the discharge of debt if they prove wrongdoing.
Below you’ll find information regarding creditors’ rights before a bankruptcy case is filed, their role after the case is filed, their options and strategic decisions available to them when a petition for relief is received by the bankruptcy court and finally how you should proceed if you need to put an end to your financial struggles and stress.
Hiring an Oklahoma Bankruptcy Lawyers
Ultimately, creditors’ rights are limited in nature, but that does not mean that they are without options and without the ability to scuttle a bankruptcy filing if they prove wrongdoing or even a serious mistake in the petitions or statements. Rather than take the risk of having your Automatic Stay lifted or your bankruptcy case dismissed altogether because of an unintentional error, make sure that you take every step necessary to ensure that your bankruptcy case proceeds smoothly. Contact the Oklahoma City bankruptcy lawyers at the law firm of Oklahoma Legal Center today to schedule an initial consultation.