Support of creditors in the bankruptcy procedure

Debtor bankruptcy is a complex legal process that can have significant negative consequences for creditors. If you find yourself in such a situation, it is important to know your rights and take steps to protect your interests.

Possible negative consequences for the creditor in case of bankruptcy of the debtor:

• Loss of part or all of the debt. In the process of bankruptcy, the debtor’s assets are distributed among creditors in a certain order. This means that you may get only a fraction of what you are due, or nothing at all, if your demands are not met first.
• Long process. Bankruptcy proceedings can take months and sometimes years.

How to act correctly and competently in such a situation?

1. Seek legal advice. The best way to protect your interests in the bankruptcy process is to seek the help of an experienced lawyer as soon as possible.
2. Collect all necessary documents. You will need to provide your lawyer with all documents supporting the debt, such as contracts, invoices, bank statements, etc.
3. Take an active part in the process. Do not ignore court notices and other documents related to bankruptcy. Provide your lawyer with all necessary information in a timely manner and cooperate with him at all stages of the process.

Why is it better not to refuse the help of a lawyer?

An experienced lawyer is an opportunity to return the debt or at least part of it without unnecessary nerves. A lawyer from “Prykhodko and Partners” offers the following steps to resolve the issue:

Help in understanding rights and obligations:

• Explanation of complex legal terminology. An experienced lawyer will clearly and comprehensibly explain all aspects of the bankruptcy process to you, including your rights as a creditor, deadlines for filing applications, the sequence of meeting requirements and other important nuances.
• Analysis of your specific situation. A lawyer will carefully study your case, examine all documents related to the debt, and advise you on your rights and possible options for action.
• Information about changes in legislation. You will be kept up-to-date on any changes in bankruptcy law that may affect your case.

Development of a strategy for the protection of interests:

• Defining your goals. Our expert will help you clearly formulate your goals in the bankruptcy process, for example, maximum debt recovery, participation in debt restructuring, etc.
• Development of an action plan. Based on your goals, the lawyer will develop an action plan, which may include preparing and submitting statements to the court, participating in creditors’ meetings, negotiating with the debtor and other creditors, representing your interests in court, etc.
• Protecting your rights at every stage. A lawyer will actively protect your rights and interests throughout the bankruptcy process, from the initial filing to the final decision.

Representation in court and other instances:

• Professional preparation for court hearings. The specialist will thoroughly prepare you for court hearings, familiarize you with the progress of the case, provide recommendations on your behavior in court and answer all your questions.
• Defending your interests in court. The lawyer will clearly and reasonedly present your positions and interests in court, provide the court with all the necessary evidence and prove the validity of your demands.
• Interaction with other participants in the case. The lawyer will conduct constructive communication with judges, representatives of the debtor, other creditors and other participants in the case in order to protect your interests as much as possible.

Debt settlement negotiations:

• Analysis of the possibility of settlement. A legal expert will evaluate the expediency and profitability of settling the debt instead of collecting it through the bankruptcy procedure.
• Conducting negotiations with the debtor. The lawyer will negotiate with the debtor about the terms of debt settlement, striving to achieve the most favorable result for you.
• Development of a restructuring plan. In the case of an agreement on debt restructuring, a lawyer will help you develop a restructuring plan that will be legally formalized and have legal force.

Choose an experienced specialist from “Prykhodko and Partners”: full support

The legal company “Prykhodko and Partners” has many years of experience in successfully representing the interests of creditors in bankruptcy proceedings. Our qualified lawyers will help you at all stages of this complex process, protect your rights and maximize the chances of debt recovery. We approach each case individually, we do not work according to templates.

Need a consultation? Would you like to know the price of supporting creditors in the bankruptcy procedure? Fill out the form below.