When you loan money to somebody else, you do so with the intention of someday seeing that money again. Otherwise, you are not giving a loan at all, but a gift. Unfortunately, many creditors never see their money returned to them, causing them to face financial hardships of their own. If this has happened to you, know that you do not have to simply accept the loss.
Protect and assert your rights as a creditor by working with an experienced creditors’ rights attorney.
Helping you Get the Money you Need
There are various ways an indebted borrower can repay his or her creditors. Some of these tend to work out better for the creditor than others. For example, if the borrower opts to file for bankruptcy, you will need to become involved in the bankruptcy process and potentially have to settle for receiving less than you initially gave to the borrower. During this process, your attorney can promote your interests in ways like arguing against an automatic stay and making the debt that the borrower owes to you a top priority for the court to consider when determining the terms of the borrower’s bankruptcy plan.
Your attorney can also help you and the borrower to find a more productive way to address the borrower’s debt. Other options for recovering the money you lent can include:
- Workout agreements, which are modifications to loans to make them easier for the borrower to pay back;
- Foreclosure, which is the process of repossessing a piece of property to sell at auction in an attempt to recover the money put out for it; and
- Judgments, which are the result of the process of taking an unpaid debt claim to court. If the court rules in your favor, your attorney will help you navigate the issues that accompany it like garnishment of the borrower’s wages, enforcement of the judgment, and registering the judgment. Your attorney can also help you determine how to get your money if the borrower does not comply with the requirements of the judgment.
In short, you have the right to seek the money that you are owed. A creditors’ rights attorney can help you achieve this by exploring all possible repayment routes with you and representing your case in court.
Work with an Experienced Illinois Creditors’ Rights Attorney
If you have lost money through a loan to another party, we can help you try to get your money back by guiding and representing you through various repayment processes. As a creditor, you have rights. Our team at J Peterman Legal Group Ltd. is here to help you protect those rights and help you resolve any disputes that arise between you and your borrowers.