BANKRUPTCY AND CREDITORS’ RIGHTS
Bankruptcy is a specialized area of federal law governed by the United States Bankruptcy Code. An individual or corporation may file for bankruptcy if it is insolvent, meaning its liabilities exceed its assets, or it is unable to pay its debts as it comes due.
For debtors, the Bankruptcy Code provides a valuable opportunity for a “fresh start”, but the Bankruptcy Court will only grant this second chance if the procedures of the Bankruptcy Code and the Bankruptcy Rules are strictly adhered to.
For creditors, the Bankruptcy process can be overwhelming. However, if an individual or corporation that owes you money files for bankruptcy, the bankruptcy system actually provides for an orderly system for dividing the debtor’s available assets for distribution to creditors. If you are a creditor in a bankruptcy case, it is vital that an experienced bankruptcy attorney help you prepare and submit a “Proof of Claim” and zealously advocate on your behalf before the Bankruptcy Court.
Attorney Matthew A. Goldberger practiced bankruptcy law at large law firms in New York and Miami. The Goldberger Firm is available to assist corporate and individual debtors as well as creditors in bankruptcy cases, out-of-court workouts and other insolvency matters.