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FUNDAMENTALS OF BANKRUPTCY FOR LENDERS

Chapter 7 Bankruptcy

4. CREDITORS’ STRATEGY IN CHAPTER 7

a. Determine whether the debt was incurred through any wrongful action and thus whether its discharge may be contested.

b. Examine the debtors’ petitions, schedules statement of financial affairs, etc., to determine if there may be undisclosed assets to bring to the Trustee’s attention and to provide the basis for an objection to discharge.

c. If unsecured, file a proof of claim, if the Court sends an asset notice.

d. If secured:

(1) Request that the Trustee abandon the collateral. In order to abandon collateral, the Trustee will need evidence of the amount of the debt, perfection of the lien, and the value of the collateral.

(2) Obtain a Reaffirmation Agreement or obtain relief from the automatic stay or await the lifting of the stay.

For more information or to request a presentation regarding BAPCPA, please contact Spotts Fain attorneys, Robert H. Chappell, III (804) 697-2025 or Jennifer J. West (804) 697-2094.


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