BANKRUPTCY & CREDITORS' RIGHTS

The Bankruptcy system is intended as a way for a person or business entity that is financially struggling to get a fresh start, or restructure its debt, while at the same time placing creditors without collateral on an equal footing with respect to one another in their collection efforts, avoiding a “race to courthouse.” Unfortunately, some debtors seek Bankruptcy protection to try and “have their cake and eat it to” by hiding assets, overreaching with claimed exemptions, avoiding litigation against them, stripping liens from property, unnecessarily delaying a legitimate foreclosure or repossession, or otherwise treating their creditors unfairly. Smith & Shapiro’s attorneys have considerable experience representing bankruptcy trustees, as well as creditors, protecting their interests in bankruptcy, once a debtor has taken the step of filing a bankruptcy petition.