The Influence of Bankruptcy on Collections
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Learn how bankruptcy influences collection efforts and how to properly respond to a bankruptcy.The filing of a bankruptcy always complicates and in many ways frustrates a creditor's collection efforts. But there are steps that can be taken and strategies that can be employed to maximize the potential for recovery in such situations. Knowing the bankruptcy process, the types of claims and certain advantages provided to creditors in the Bankruptcy Code are key in evaluating the best path. Moreover, preparing for a potential bankruptcy while in the process of settling a collection action can often help mitigate the possible claw back of settlement funds in a future bankruptcy. Knowledge of these issues can greatly benefit internal collections and outside collection counsel if and when a bankruptcy is filed.
AuthorsKirk B. Burkley, Esq., Bernstein-Burkley, P.C. Mark A. Lindsay, Esq., Bernstein-Burkley, P.C.
• Understanding Primary Bankruptcy Processes
• Key Differences Between Chapter 11, Chapter 7 and Chapter 13 Cases
• New Subchapter 5 of Chapter 11
• Various Types of Creditor Claims and How to Assert Them
The Automatic Stay
• Understanding the Primary Effects of the Automatic Stay
• Who Does the Automatic Say Affect? Third Parties, Guarantors…?
• Seeking Relief From the Automatic Stay
• What Does a Bankruptcy Discharge Accomplish and Who Can Get a Discharge?
• Can a Creditor Collect/Execute After a Discharge?
• Exceptions to and Objecting to a Debtor's Discharge
Strategies Prior to and in Bankruptcy
• Credit Enhancements and Bankruptcy Remote Collection Tools
• Proofs of Claim
• Involuntary Bankruptcy as a Collection Tool
Preferential Transfer Considerations
• Collecting in the Face of an Expected Bankruptcy Filing
• Settlement Agreement Provisions to Help Protect Against Avoidance of Settlement Payments
• Preference Defenses