Order for relief, relief from the automatic stay; exempt property; redemption or reaffirmation; priority, secured, under secured or unsecured debt; adequate protection, and discharge. These are just some of the terms that can confuse or bewilder a debtor or a creditor when confronted with the need to file or appear in a bankruptcy proceeding. Debtors and creditors alike oftentimes presume they have no rights in a bankruptcy proceeding or, conversely, that they may proceed as if the bankruptcy proceeding does not really affect what they can do. Either presumption can be dangerous and result in a party surrendering significant rights they have in a bankruptcy or, worse yet, having sanctions imposed against them in bankruptcy court. In addition, debtors and creditors may not be aware of important deadlines in a bankruptcy proceeding that materially impact their interests.
Karkela, Hunt & Cheshire, PLLP, has attorneys who are thoroughly familiar with bankruptcy law and practice, having represented debtors and creditors in liquidation, reorganization, wage earner, and farm bankruptcy proceedings. Our attorneys can also help identify and guide a debtor or creditor through a workout situation, thereby averting some of the more drastic consequences of a bankruptcy filing.
Even if a bankruptcy is inevitable, there are various options available to both creditors and debtors prior to bankruptcy that can better position them to deal with the ramifications of a bankruptcy filing. Our attorneys can assist you in exploring these alternatives and choosing an approach that best suits your individual or company’s needs.
If you need someone to assist you in financially distressed times or with financially distressed customers, you can depend on the attorneys at Karkela, Hunt & Jensen – solving problems and creating opportunities for more than a century.