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3 Responses to “How do you collect a debt from a person who is declaring bankruptcy?”
By melvinschmugmeier on Mar 28, 2009 | Reply
Send a lot of letters putting you in line with the other creditors. When they file bankruptcy they will need to sell assets to pay off creditors. You probably wont get all of your money, but you’ll get something.
By think on Mar 31, 2009 | Reply
Well make him work for you for free. I am sure you can find him usefull to do some of your work that you would actually pay for … Let him do your garden, wash your car, or anything else. If you are talking about huge sum of the money … Then I would suggest you to make sure that the money you lend him is insured … Good luck ..
By chslaw on Mar 31, 2009 | Reply
Until the person actually files bankruptcy, you can proceed in attempts to collect the debt in any manner allowed by law. Once the person files for bankruptcy, you must obey bankrupcy law and observe the restrictions of the automatic stay.
If the person files a Chapter 13 as you mentioned, they will be proposing a plan to pay back a portion of their debts over time. With the new bankruptcy reform laws, attorneys are working harder to make sure all creditors are listed.
Once the bankruptcy has been filed, you can file a proof of claim even if you are listed as a creditor. If there are are any assets or proceeds to be paid to creditors, you will receive your pro rata share.