We Can Help With Your Florida Bankruptcy Case
The attorneys at Mateer & Harbert represent clients in all aspects of the debtor and creditor relationship. We focus on issues such as creditors’ rights, enforcement of security interests, liens, and guarantees. We also offer expertise in legal matters regarding secured lending, refinancing, and workouts of secured and unsecured debt. The firm represents both individual and business debtors, creditors, and trustees in bankruptcy liquidation, reorganization cases, and state court assignment for the benefit of creditors’ proceedings.
Secured and Unsecured Creditors
Secured creditors can repossess assets as a payment for a debt using a borrower’s collateral. Since the borrower has more to lose in default on a secured loan, and the lender has an asset to retrieve, this debt usually has less risk for the lender. Repayment to unsecured creditors is generally dependent on bankruptcy proceedings and successful litigation. The unsecured creditor first files a complaint in court and gets a judgment before the collection proceedings. Because of the high risk for the lender, unsecured debt comes typically with a higher interest rate. Examples of unsecured creditors are credit card companies, landlords, hospitals, and doctors’ offices. A default on the unsecured debt can affect the borrower’s credit standing.
Chapter 7 Bankruptcy
Bankruptcy is a legal proceeding that gives individuals or businesses a way to release their debt incumbency and give creditors a chance to repay. The bankruptcy is handled in federal court and follows the U.S. Bankruptcy Code. Bankruptcy provides an individual or business an opportunity for a new start with debt forgiveness. Based on the individual’s or the business’s assets, the creditor can be repaid when the assets are distributed to the claimants. The most common chapter of bankruptcy is chapter 7 bankruptcy. Chapter 7 bankruptcy gives the assets from an individual’s property after liquidation to the creditors. Courts can allow a business in chapter 7 bankruptcy to have a trustee operate the company who takes charge of the asset liquidations and proceeds.
Chapter 11 bankruptcy
Chapter 11 bankruptcy is a reorganization bankruptcy available to individuals and companies. Chapter 11 bankruptcy does not sell off all of the debtors’ assets. Chapter 13 bankruptcy allows individuals to avoid foreclosure on their homes. An individual with a regular income may be able to pay back some or all of the debts. State Court Receivership is a remedy which provides for the court appointment of a neutral and independent third party to act on behalf and benefit of all interested parties. The receivership order places the borrower’s property under the dominion and control of the receiver. It states the receiver’s duties and responsibilities. The receiver operates the business, conducts a sale according to court authority, and distributes the proceeds. The receiver is an officer of the court with a fiduciary duty to all the interested parties.
Bankruptcy Problems? Our Experienced Florida Debt Attorneys Can Help
The bankruptcy attorneys at Mateer & Harbert have been successfully protecting our client’s assets and property for many years. If you need counsel in bankruptcy, please call our lawyers today. For more information, contact us: Phone (407) 425-9044 | Fax: (407) 423- 2016