diemer wei llp san jose

diemer wei llp san jose california

 

408-971-6270  

408-971-6270  

 

 San Jose Business & Commercial Law Blog

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SAN JOSE BUSINESS & COMMERCIAL LAW BLOG

Subscribe to our legal blog for latest news and insights

Asserting Your Rights as a Creditor When a Debtor Files for Bankruptcy

Just as debtors have legal rights in the bankruptcy process, so do creditors. The specific rights depend on whether a given debt is secured or unsecured, and the priority of the debt relative to debts owed to other creditors. Working with an experienced creditors' rights bankruptcy attorney, you - the creditor - can ascertain your exact legal rights even as a debtor liquidates assets in Chapter 7 bankruptcy or a business reorganizes debt via Chapter 11 bankruptcy.

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Bankruptcy Offers Protection and the Opportunity to Restructure a Business

The term "bankruptcy" is loaded with meaning. When reading it, one might conjure images of a dream gone bust, a life gone wrong, and a hopeless future. Such a grim picture simply does not square with reality, however. The truth is that many individuals and businesses that choose to go through the bankruptcy process go on to experience great success in life and in business.

Take, for example, Donald Trump, the current President of the United States. Prior to being elected, Trump had filed for bankruptcy. Not only that, but Trump's companies filed for bankruptcy six times. This fact alone illustrates that bankruptcy is by no means inconsistent with prosperity. Importantly, however, one must be strategic and well-prepared in the bankruptcy process, working with an experienced San Jose bankruptcy and business law attorney every step of the way.

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