Another way this can be done is by helping the debtor in possession to make a

Another way this can be done is by helping the debtor

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the benefit of creditors as part of a Chapter 7 bankruptcy proceeding. Another way this can be done is by helping the debtor in possession to make a good faith effort to reorganize their business affairs in an orderly manner and under the supervision of the United States Trustee . This
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is true whether the debtor is a small business debtor, an individual debtor, or a large business filing for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code . In Chapter 11 bankruptcy, the debtor in possession proposes a plan of reorganization to restructure its assets and liabilities. In a Chapter 7, the bankruptcy estate is liquidated for the benefit of creditors. Since Court approval is needed for all bankruptcy plans, and Chapter 7 liquidating proceedings are handled by a Chapter 7 Trustee , creditors are protected from any intentional gross mismanagement on the part of the debtor. Secured Transactions In bankruptcy court, secured creditors are at the front of the line when it comes to repayment of debt. Secured creditors also have remedies outside of bankruptcy court, such as foreclosure and repossession, if the borrower defaults on the terms of the loan. However, simply having collateral – such as a home, an automobile, a farm, or inventory – securing repayment of debt is no guarantee of actual repayment from a secured transaction. If a debtor is in bankruptcy, the process for filing a claim and ultimately receiving payment can be timely and cumbersome. Outside the bankruptcy setting, foreclosure and repossession also have their own requirements. For these reasons, for lenders seeking to collect on a secured transaction, it is essential to obtain the services of a qualified attorney who is knowledgeable on secured transactions law. The attorneys at McCleskey, Harriger, Brazill & Graf are committed to ensuring that our clients’ assets are protected to the full extent of the law. We are attorneys with a reputation for integrity, a commitment to excellence, and deep roots in our community, going back for generations. Our goal is to help our clients succeed and prosper, long after their dispute is resolved. By providing a full array of exceptional legal services to the businesses and individuals who make our community strong, we’re helping to ensure that West Texas and New Mexico remain great places to call home.
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