Mason, Schilling & Mason Co., LPA protects creditors in bankruptcy proceedings that jeopardize their chances of collecting on monies owed. For more than 40 years, the firm actively has participated in U.S. Bankruptcy Court hearings under:
Once a debtor files for bankruptcy, creditors should receive notice the court has granted an automatic stay, an injunction against further attempts to collect on the debt. Though you cannot contact the debtor directly, some creditors should aggressively act to protect their interests through the bankruptcy court. MSM helps qualifying creditors prove their claims and even gain relief from the automatic stay so they can pursue repayment. The firm gives creditors a voice in the hearings that determine how assets are dispersed and if debts are discharged.
A debtor must approach the bankruptcy court with clean hands. If a debtor made any misrepresentations in applying for credit, the court may refuse to discharge that portion of the debt. MSM closely examines all of the debtor’s documentation to uncover any reasonable signs of factual inaccuracies or fraud.
When a company attempts to restructure through Chapter 11, principle creditors may participate in the formulation of that plan. MSM attorneys represent creditors on creditor committees to ensure a viable plan for restructure that improves their client’s chances of seeing repayment. The firm also defends creditors when a debtor company attempts to have the bankruptcy court approve a restructure plan over the objections of the creditors’ committee.
There are times when a business is so badly mismanaged, or an industry is suffering such turmoil, which the only way creditors believel they can recover amounts owed is to force a company into bankruptcy. MSM counsels creditors on the wisdom of such moves and, if the creditors feel it is appropriate to move forward, the firm ensures that the action meets all legal requirements.