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Bankruptcy: a breakdown (to make it less scary)

Robert Walker-Bankruptcy Lawyer

While bankruptcy may be a word that no creditor ever wants to hear, there are oftentimes still ways to recover loans. However, there are complicated legalities and technicalities involved that differ from case to case. From a public relations perspective, debt collectors are often seen as the bad guy in such cases, even if they are simply just trying to collect what is owed to them. If you are a creditor, it is recommended that you consult with an experienced bankruptcy attorney that has handled cases similar to yours. Robert Walker is one such attorney. Virginia, the District of Columbia and Tennessee are all locations that Robert Walker is licensed to handle bankruptcy cases in. 

What is bankruptcy?

Bankruptcy is an umbrella term for legal processes that occur when a person, corporation, or organization that has borrowed money (debtor) has trouble repaying such loans to their creditors. The aim of these processes is not to help only the debtor in amending the debt that he/she owes, but also the creditor in recovering(in part, or in whole) what they are owed. 

Why creditors need a bankruptcy attorney for bankruptcy cases?

Bankruptcy litigation can be very complex, which is why if you are a creditor, you need a bankruptcy lawyer who is both licensed and capable of making sure that you get back what you deserve. For example, at the start of proceedings, debtors file a petition for bankruptcy in which they list all the debts they owe to all their creditors. Creditors that get mentioned in this filing will be notified by the courts. This is crucial because you as the creditor have until a certain date to review this petition and dispute any debts that you do not agree with. After this deadline, these debts are finalized in a discharge, meaning that they can no longer be disputed and are considered forgiven. In time-sensitive litigation matters such as this, it is important to have the representation of a bankruptcy lawyer that will make sure your best interests will be taken into account.