It is an unfortunate reality of any economic downturn that banks and other businesses must deal with a huge increase commercial and consumer bankruptcies.
The situation has been complicated by law changes that drive many borrowers into reorganizations under Chapter 11 or Chapter 13. These files must be monitored over a period of years, and local rules have strict timelines and documentation requirements to recover pre-petition arrearages even after a plan is approved. Sometime early action is required to extract the assets from the bankruptcy and proceed with collection efforts.
At CVDL, our goal is to examine each bankruptcy with our clients to make sure the schedules accurately reflect the debt and to file objections when appropriate. Claims must be filed in timely fashion. We routinely seek relief from the automatic stay, and we press for reaffirmation agreements whenever possible.
We handle scores of bankruptcies every year for lenders. Our staff is prepared to protect creditors’ interests with years of experience and efficient systems that can hold down costs.