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Bankruptcy Help For Creditors

I only recommend top creditor attorneys

Bankruptcy Help For CreditorsSite Producer2022-08-16T10:32:21-07:00

Bankruptcy For Creditors

After years of helping both creditors and debtors through bankruptcy, I’ve decided to focus solely on helping debtors. But I’m happy to give you names of excellent creditor lawyers.

Consider bankruptcy an area of law that holds our lives together and keeps our economy flourishing and healthy. Allow bankruptcy law the credit it deserves. It enables individuals and corporations to restart their lives. Allows them to pay their taxes, buy food and other requirements, or pay their employees so that they can purchase food and other essentials.

All of this and more is why I am ecstatic to be able to assist debtors in understanding bankruptcy.

Diane L. Drain

Creditors Bankruptcy FAQs

Do your homework.Diane Drain2022-09-21T09:07:10-07:00

Examine all loan and security paperwork to confirm that they are comprehensive and that all necessary measures to perfect liens on any collateral supporting the obligation have been taken. If not, never take any action without first obtaining an order from the bankruptcy court.   This is a critical phase that determines the strength of a secured creditor’s position in the case. Section 506 explains how a secured claim’s value is determined. Although correcting inadequacies after the filing of the petition may be a violation of the automatic stay, it is critical to be aware of any issues. The secured creditor may have a period of time to perfect the creditor’s lien when the debtor gets possession of property or a transfer is made under Section 547(c)(3) and (e).

What is the meaning of a reaffirmation agreement?Diane Drain2022-09-21T09:20:22-07:00

The secured creditor or landlord may ask the debtor to sign a new contract called a “reaffirmation agreement” or “assumption of lease” after the bankruptcy is filed but before the discharge is issued. This new contract has the same terms as the original, and Sections 524(c) and (k) describe the paperwork, disclosures, and procedures that the creditor must follow in order to get this new contract. It must be approved by the Court in order for the debtor to be bound by it. Because 524(k)(5)(B) requires the debtor’s attorney to certify that the debtor will be able to make the payments, it’s likely that no debtor’s counsel will sign the reaffirmation agreement. This is not only absurd, but it also begs the question of how anyone could certify someone’s ability to pay a future debt.

Below is a link to a video of Bankruptcy Judge Eileen W. Hollowell, filmed explaining the reaffirmation process.

http://www.azb.uscourts.gov/video-discussion-reaffirmation

Is it possible for me to object to my debt being discharged?Diane Drain2022-09-21T09:11:22-07:00

Look for a reason to object to a debt being discharged under Sections 523 or 727. Creditors have only 60 days from the date of the initial creditors’ meeting to initiate a complaint to have their debts declared non-dischargeable due to a misleading financial statement. A creditor’s chances of winning a non-dischargeable lawsuit are slim, and the creditor will almost always be denied attorney’s fees and expenses for filing the action.

What is the purpose of a creditors’ meeting?Diane Drain2025-10-24T14:46:55-07:00

Creditors will be notified of an initial meeting of creditors (Section 341, Meeting of Creditors) to be held by the bankruptcy trustee shortly after a bankruptcy is filed. You are welcome to attend the Section 341, Creditors’ Meeting, but it is not compulsory. This meeting allows the creditor to ask the debtor a few questions about the creditor’s claim, collateral, other claims against the debtor, the debtor’s plans for its bankruptcy case, and other financial matters. Time for the 341 is short, so it is not appropriate to interrogate the Debtor at this time (check out 2004 examinations). This is an excellent moment to inform the Trustee (the person in charge of the meeting) of any inconsistencies detected in the schedules by the creditor. Make sure you can back up any claims you make. The meeting might be attended by either the creditor or its counsel.

What is the procedure for a creditor to file a motion to lift the automatic stay?Diane Drain2024-03-15T06:39:54-07:00

An order granting a Motion for Relief from the Automatic Stay, often known as a “stay order,” is obtained by filing a Motion, Notice, and Certificate of Mailing with the court, as well as notifying the appropriate parties. The Debtor is given the opportunity to respond. A hearing will be conducted if a response is filed. An Order, Certificate of No Objection, must be submitted with the Court if no response is filed. The Order will most likely be signed by the Court. The creditor is free to proceed with the action requested in the Motion and granted in the Order once the signed order is received.

Creditors Rights in Arizona

The legal term “Creditor’s Rights” refers to the area of practice for lawyers that concentrates on creditors’ rights and obligations.  The Bankruptcy Code has numerous provisions to assist creditors and protect their interests if a bankruptcy petition is filed.

Creditors Rights in Bankruptcy

Attorneys who specialize in creditors rights will typically do one or more of the following:

  • To collect consumer debts, file lawsuits and employ other legal means (i.e. debts owed by individuals).
  • To collect commercial debts, file lawsuits and utilize other legal collection procedures (i.e. debts owed by businesses).
  • In a bankruptcy procedure, represent the interests of a creditor.
  • If a buyer defaults on a payment, conduct a foreclosure or trustee’s sale of the property.
  • If the buyer defaults on payment, the secured items (such as autos) can be recovered.
  • As needed, garnish paychecks or bank accounts.
  • Non-exempt property can be sold at a sheriff’s sale.
  • Other contractual and legal remedies may be pursued.

Attorneys may charge an hourly rate or a flat fee. Fees and charges are usually determined by:

  • The bankruptcy chapter (Chapters 7, 11, or 13);
  • What you wish to achieve;
  • The extent to which the borrower will oppose your goals.

Clients from all across Arizona have put their trust in us

Diane Drain is really knowledgeable.

"Diane Drain is really knowledgeable." B.W. Diane Drain is really knowledgeable. She helped us tremendously in our bankruptcy case. We are thankful for all she did for us!

She was honest and upfront with us and really knows her subject matter

"She was honest and upfront with us and really knows her subject matter" H.P. My wife and I had several questions and concerns regarding our home and a second mortgage which the lender is unwilling to work with us. After jumping through numerous hoops and an endless [...]

I’m so grateful for all their help during a very stressful time.

“I'm so grateful for all their help during a very stressful time.”  P.F. "Diane and Jay helped me tremendously. I highly recommend their services, and I'm so grateful for all their help during a very stressful time." P.F.

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No one wants to go through bankruptcy. But if you do find yourself in that position, it’s not the end of the world. If you need someone to help you get through the bankruptcy process, choose Diane. She won’t let you down.  L. A.  If you find [...]

Experienced and excellent. 5.0 stars

"Experienced and excellent. 5.0 stars" M.R. Diane did a tremendous job preparing me for my bankruptcy. She educated me thoroughly about the process and stressed the importance of following all the steps as concisely as possible. Her rates are very reasonable, and I cannot recommend her highly [...]

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"Words cannot express the gratitude!" Anonymous Words cannot express the gratitude we have for you! Rate Ms. Drain’s services: 5.0 out of 5.0.

The BEST! – Five Stars

“The BEST! – Five Stars” K. I had filed for Chapter 7 with Diane and it was the easiest most stress free process. My wife and I were considering for months on just what to do since this was my first time filing and we got different [...]

what a great honor it was to have you represent us

"What a great honor it was to have you represent us." J & D Dearest Diane & Jay, Thank you for giving us the opportunity to express what a great honor it was to have you represent us in our bankruptcy. We are sneaking up on our third anniversary [...]

Diane handled a complicated eviction / Lift of Stay on a tenant who filed bankruptcy

“Diane handled a complicated eviction / Lift of Stay on a tenant who filed bankruptcy” B.R. Diane Drain is an expert who gets the job done!  We hired Diane Drain to handle a complicated eviction / Lift of Stay on a tenant who filed bankruptcy. Not only [...]

Following her guidance help make the process as smooth as possible

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It felt like we had some friends who cared about us

It felt like we had some friends who cared about us. S.D. My husband and I wanted to begin the process of starting our bankruptcy, but it’s really scary not knowing who you can trust and who would step up to bat for you. Diane and Jay [...]

Thanks for all of your help that you provide

“Thanks for all of your help that you provide” D.H. I read all of Diane’s messages and she seems to be a very bright and informed woman. Thanks for all of your help that you provide to people that need your help by your messages. [...]

Our situation was complicated by having moved here recently from another state, but that posed no problem for them

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Thank you for helping us through such a difficult time

"Thank you for helping us through such a difficult time!" G & S Thank you for helping us through such a difficult time. You patience and expertise was comforting and we knew that we were in very good hands.

Diane and Jay are a great team

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I felt well prepared and protected by Diane

“I highly recommend Diane Drain if you are looking for a fantastic bankruptcy attorney who will look out for you and your interests.” D.D.Z. Diane has been an amazing attorney. This was a hard time in my life but she kept me on track and was incredibly [...]

Diane is very concerned for your well-being

“My anxiety faded away with each conversation we had ” R.L. If you are considering a bankruptcy, there is no other person in the state of Arizona to talk with other than Diane Drain. She is very concerned for your well-being. Her knowledge and expertise allowed me [...]

Diane was so professional, knowledgeable, thorough and very kind to work with

“Diane was so professional, knowledgeable, thorough and very kind to work with” S.V. Diane was so professional, knowledgeable, thorough and very kind to work with as she guided me through the extremely emotional process of filing bankruptcy. She was optimistic and positive and always available if I [...]

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