In the event that a debtor fails to pay, creditors are covered by a variety of rights and collection privileges. While most creditors don’t immediately jump to court-based remedies, they are an option. A creditor may decide to pursue a debtor after other methods have been exhausted. This is common in situations where time is of the essence such as where perishable goods are involved, or when the pursued collateral may be depleted or decline in value.
In short, bankruptcy is a process by which a court helps a debtor rapidly repay their debts. While it can help an individual or business find relief from debt, it’s important to understand the long-term consequences it has on the credit of the debtor. It has lasting effects on a party’s credit which can take up to 10 years to recover from. As a firm, we’re experienced when it comes to matters of debt and recovery.
We Understand Bankruptcy & Creditor’s Rights
Burch Porter has a national practice in complex bankruptcy and reorganization matters, primarily on behalf of secured and unsecured creditors. Our clients frequently include banks and other secured lenders, investors, purchasers, trade creditors, landlords, mortgagees, construction lien holders, and creditors committees in bankruptcy and reorganization matters across a wide range of industries. We also frequently represent clients in connection with the enforcement of rights pursuant to security agreements and real estate securitization. Our attorneys have experience in all aspects of bankruptcy litigation, workouts and non-bankruptcy restructurings, and receiverships. The firm also frequently serves as local counsel to out-of-state clients and attorneys in bankruptcy and related matters pending in Tennessee courts.