BANKRUPTCY

Bankruptcy Services that minimize delay, expense.

A bankruptcy filing creates a delay for our clients, which can be quite costly. If not handled properly, a brief delay can turn into an eternity. We thoroughly review all filings for issues of non-dischargeability and compliance with all aspects of the Code. Throughout the duration of the case we take steps to protect the collateral. By analyzing valuation issues, we can move to “except” debts from discharge and oppose modifications. We work to mitigate losses, understanding that it’s as urgent and necessary in a bankruptcy matter as it is in a foreclosure.

Here is how we can help:

  • Upon receipt of notification from a borrower’s counsel that they intend to file bankruptcy, we immediately discuss other alternatives. Many borrowers and their counsel believe a bankruptcy action is the only way to stop a foreclosure. In many instances, we have found that once we have outlined other possible solutions, a bankruptcy filing is avoided.
  • If a bankruptcy petition has already been filed, we continue to work toward a resolution. We will not wait for debtor’s counsel to contact us. It is our experience that we will not hear from debtor’s counsel until the day before a scheduled motion for relief hearing. At that point there is usually very little that can be done and relief is either granted or the hearing is continued to see if a workout can be reached, which causes an unnecessary delay. Instead, we initiate communication at the outset and make ourselves readily available to debtor’s counsel to facilitate a stipulation.
  • Upon the filing of a bankruptcy petition we never lose site that reaffirmation is possible. We actively pursue same with debtor’s counsel.
  • We understand that often debtor’s counsel is unresponsive to our loss mitigation efforts and that more than one attempt may be needed. Our case management software ensures calendaring options to assist in consistent follow up.