When you file for bankruptcy, your creditors are put on hold. That is, they are restricted by law from trying to contact you in any way. But, secured creditors are in a fairly good position. A Parker CO bankruptcy attorney will tell you that the secured creditor will always take precedence over the unsecured, when it comes to getting paid, under bankruptcy law.
A secured creditor is one who has an original agreement, or has placed a lien on a property in dispute, giving them the right of possession if a debt is not resolved. Under chapter 13, a debtor must either give up the property, or pay the debt outright , or under reorganization. Even if a debt has been discharged in bankruptcy, a secured creditor may be entitled to payment.
Your Parker CO bankruptcy attorney can deal with all complications. Bankruptcy laws are subject to change, and stipulations are set aside, or introduced all the time. Trust the knowledge, and background experience of the Parker Lawyers, call 303-841-9525.
