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As a business owner, it can be challenging to collect money from individuals. However, once an individual files for Bankruptcy, it becomes even more difficult. As soon as you find out that someone is filing Bankruptcy, and they owe you money, it is important that you hire an attorney that offers Bankruptcy Creditor Services.
Importance of Bankruptcy Creditor Services
Once someone who owes your business money files for Bankruptcy, your business is given notice and is named as a Bankruptcy Creditor. You then have a limited amount of time to appeal to the Courts to be paid back or to identify possible assets and place liens against those assets. It is important to act quickly because, if you miss this brief period, you may miss out on the opportunity to recover any money.
Hiring a Bankruptcy Attorney
Once a debtor has notified your business that they have filed for Bankruptcy, working with an attorney that offers Bankruptcy Creditor Services can be extremely beneficial.
Many businesses try to handle it independently and spend countless hours filing the correct paperwork or looking for assets. A skilled lawyer already knows the filing rules and how to help maximize any possible amount of debt they can recover on your behalf depending on which kind of Bankruptcy was filed and whether the debt was secured or unsecured. This can help save you time while also helping your business recover some or all of the money it is owed.
If your business has been notified by the U. S. Bankruptcy Court that one or more of your customers or clients have filed for Bankruptcy, now is the time to consult a lawyer that offers Bankruptcy Creditor Services. The team at Bobo, Hunt & White, practicing in both the Eastern and Middle Districts of Tennessee, would love to assist you. Call or email us today to schedule a consultation with one of our attorneys.