How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
2 Bankruptcy Lawyers are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Bankruptcy and Creditor Laws

What is the definition of creditor?

A creditor can be a person, organization, company or even the government that has a claim towards the service of another person. This is a person that money is owed to. The first party normally has provided some type of property or service to another person where it was agreed and normally enforced through a contact that the borrower will return the same service back to the creditor. The borrower can also be referred to as a debtor. The first party would be called the creditor in which is often called the lender of property, service or even money. When speaking of a creditor it is normally in the terms of dealing with financial problems, especially when dealing with loans, bonds, and mortgage loans.

What is a secured creditor?

The definition of a secured creditor states that this type of creditor has the benefit of a security interest over many or all of the possessions of the nonpayer. When bankruptcy occurs because of the nonpayer, the secured creditor can enforce security against the possession of that person and avoid challenging for a sharing on liquidation with the unsecured creditors. In many legal cases, a secured creditor will also have the ability to release their security and prove in the liquidation, with that being said these types of creditors rarely do.

What is an unsecured creditor?

An unsecured creditor is defined as a creditor other than a preferential creditor that in many cases do not have the advantage of any security interests in the possessions of a debtor. When bankruptcy occurs of the nonpayer, the unsecured creditor normally does not gain a pari passu sharing out of the possession of the bankrupt company on liquidation in agreement with the size of that company’s debt after the secured creditors have already enforced their securities and the preferential creditors have done their claims.

What is a preferred creditor?

A preferred creditor is defined as a person or organization that has the main concern in being paid the money that is owed to them if and when the nonpayer decided on bankruptcy. This is because the bankrupt company does not have the amount of money in order to fulfill all of their financial responsibilities. Some investors that are owned amounts of money will obtain paid in either partial or not at all. A preferred credit will have the ability to make the first claim to any types of funds that are available from the nonpayer.

As a creditor should this person send an “obligation to confirmation” in a Chapter 13 bankruptcy?

The “obligation to confirmation” will need to be filed with the court and after that has been filed a copy will need to be sent the appointed trustee and then to the nonpayer’s attorney. The creditor will need to get the “obligation to confirmation” filed as soon as they can. This must be filed before the confirmation hearing. If the Chapter 13 plan gets agreed on then the trustee will pay the claims just as the plan says it needs to be.

When dealing with a creditor there are many of different creditors that will be dealing with many different bankruptcy filings. For more information on the creditor laws and what each different creditor is you can contact the Experts online.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
2 Bankruptcy Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Creditor Questions

  • I am currently in a personal Chapter 11 BK......it was six

    I am currently in a personal Chapter 11 BK......it was six years old as of two days ago....there was an initial payment plan filed in 2010 but that plan was not approved. Essentially, there are two big problems. 1) about $500k in IRS debt (90% of that
    is penalties and interest for failure to file for several years....those returns were finally filed probably 5 years ago at least....2) there is a criminal restitution lien that I am having a hell of a time getting rid of....that stems from something that
    took place way back in 1989. Anyhow, the court just sent out a request to either dismiss the 11 or convert to a 7. I have no assets. All of the real estate property I owned when the 11 was filed has been sold. 3 of the 4 properties sold were short sales and
    the other was not a short sale but since there was no equity in any of the properties to speak of the only people that were paid were the attorneys, the IRS, the State of Arizona and the Attorney General. So here is my question, I prefer not to convert to
    a 7. I would rather just have the 11 dismissed and then negotiate some type of settlement with the remaining creditors (all credit card companines and one law firm) and the restitution lien. What do you think? Also, if I do convert the 11 to the 7, does that
    then become a whole new BK filing where I have to fill out paperwork all over again? And then I have to wait for 90 days before the 7 is dismissed. I am pretty sure that some of the taxes cannot be dismissed even in a 7 but since I have no assets, I figure
    I can do either an offer in compromise with the IRS or prove I am insolvent. I am located in the State of Arizona if that helps. Please advise.
  • I have a question about Utah's equitable tolling theory of

    I have a question about Utah's equitable tolling theory of bad debt. Let's start with Idaho. This case law in Idaho shows Idaho doesn't have equitable tolling: Case No. 1:13-cv-00255-REB In Utah, bad debt collections can be tolled for bankruptcy filings,
    but is there any other form of equitable tolling? For example, the statute is six years on bad debt collection. If I were in bankruptcy for a full year, the limitations period goes to 7 years. What are some common things, if any, that would equitably toll
    the statute of limitations for a collector?
  • Looking at losing a rental property, a modular home on a leased

    Looking at losing a rental property, a modular home on a leased lot. wondering wether to keep draining my funds or let it go . My son wants me to keep paying it even though I have very little left in my savings. I'm 55. and more concerned about saving for retirement than draining my funds. Sharon L.
< Last | Next >
View More Bankruptcy Law Questions