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Pre-Bankruptcy Rights

Creditors’ Rights Pre-Bankruptcy Petition

Prior to a debtor filing for bankruptcy protection, a creditor has several rights, but some depend on whether or not the credit that’s been extended to the debtor is secured or unsecured. The initial steps almost every creditor takes are similar regarding the nature of the debt, and these steps involve attempts to collect past-due amounts. Examples of these collection steps include:

  • Letters of reminder
  • Letters of collection
  • Phone calls
  • Passing the debt off to collection agencies
  • Filing lawsuits
  • Obtaining judgments
  • Remedies that include wage garnishment in furtherance of a judgment

The biggest difference between secured and unsecured creditors when attempting to collect a debt involves a secured creditor’s right to ultimately repossess the property that secures the extension of credit. Specifically, this can involve the re-taking of a vehicle if a car loan is in default or foreclosure on a home if the mortgage is seriously delinquent.

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