Category Archives: Secured Creditors

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The Effects of a Creditor’s Non-Participation in Bankruptcy Proceedings

It’s essential for secured creditors, particularly those who deal with consumer debts, to have policies in place that address the effects of a borrower’s bankruptcy. A Texas bankruptcy court underscored this need by ruling that a secured creditor’s claim could be modified, lessening its total recovery from the bankruptcy estate, where the creditor did not … Continue Reading

Seventh Circuit Says Secured Creditors Must File Proof of Claim Within Ninety Days of Meeting of Creditors

Timely proof of claim filings by secured creditors have “been a thorn in the side of many Chapter 13 cases involving secured creditors,” according to Judge Wood in In re Pajian. However, a recent Seventh Circuit decision may cause the industry to revise their current process for proof of claim filings. Bankruptcy Rule 3002(c) requires … Continue Reading
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