Dallas Area Attorneys Representing Creditors in Bankruptcy and Repossession
If you loan money to other businesses, Chapter 11 bankruptcy is likely to be one of your biggest risks. Once a business files for Chapter 11 bankruptcy, you could be forced to write off the entire debt either because they had no assets or because other lenders got to the front of the line to collect from limited assets. If one of your debtors files for bankruptcy, take swift action to protect your interests.
If you’ve sold the debtor a tangible good or vehicle, repossession may be your best option. By securing the collateral, you’ll ensure that it won’t be sold at auction only to have the proceeds go to another lender. We can help you make sure your repossession is executed legally and fight any attempts by other creditors to claim a portion of the item’s value.
If bankruptcy is inevitable, we’ll help you file the appropriate paperwork to make a claim for the debt you’re owed and to show what, if any, preferential treatment you should receive. We can also file liens or garnishments to protect your claim if the bankruptcy doesn’t go through or if the business is reorganized.
If one of your debtors near Carrollton or Plano has filed for bankruptcy or you believe they are about to, contact Meyer & Colegrove to protect your rights.