When a debtor in Ohio is unable to pay his or her creditors the money he or she owes to them, the debtor may be eligible to file for bankruptcy relief. In a Chapter 7 bankruptcy, certain assets of the debtor are liquidated and distributed by the court to the creditors of the debtor. In a Chapter 13 bankruptcy, the debtor proposes a plan to pay back his or her creditors through the bankruptcy trustee over a period of time.
Bankruptcy is designed to give the debtor a “fresh start,” but creditors do have rights during the procedure that can be useful and that are meant to protect the creditor’s rights.
Some of the ways in which a creditor can assert his or her rights during the bankruptcy proceeding include:
Taking timely action in a bankruptcy proceeding is crucial, as there are only a few periods of time in the life of a bankruptcy case where the creditor may assert its legal rights.
Creditors in Ohio can benefit greatly from the advice of an attorney who is knowledgeable about Ohio’s bankruptcy laws and who is familiar with the ways in which a creditor can intervene and assert its rights in a debtor’s bankruptcy proceedings. Call Walker Novack Legal Group at (614) 423-8276. You can set up a consultation with our firm and discover the many ways we can help you protect your unique interests in a bankruptcy proceeding.
Walker Novack Legal Group, LLC
5013 Pine Creek Drive
Westerville, Ohio 43081
P: (614) 423-8276
F: (614) 767-0695