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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31788
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I had loaned money to a real estate legal firm in Jan 2007

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I had loaned money to a real estate legal firm in Jan 2007 the term was to last till sept 8, 2007. The amount was 50k at an interest rate of 12%annum. After Sept had passed I contacted the individual who said my money was tied up in properties he was trying to sell and was reaptedly assured my investment and interest was forthcoming. My paperwork says loan to RPM ENERGY CORP. Anyway after hounding for over a year and being assured my interest is still building I received my principal 50k back in Nov of 2008, 14 months past original date along with a verbal assurance the interest 12k+ at this time would follow. No returned calls for 2years until chpt 7 bankruptcy notice arrived 2 weeks ago. Is it likely as a creditor I can get any interest owed? What do I need to do? Is it worth paying for a lawyer?. Any help appreciated. Thank you, XXXXX XXXXX

It's great that you got your principal back! Most of these things don't turn out that well.


Because the firm has filed Chapter 7, they're completely liquidating all assets to pay creditors what they can - if there is any money available to pay anyone. Also, if your loan was not secured by collateral, you're an unsecured creditor - which puts you at the bottom of the totem poll.


That said, it is worth filing a proof of claim with the court. You can do this yourself or have an attorney do it for you. Here's the form:


Other than filing a proof of claim, there's not much else you can do but sit tight and see if you get anything from the trustee. Chances are, no check will be making its way to you for the interest due.

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