Creditor's Rights

What Legal Proceedings Are Available to Me?

Depending on the type of debt the borrower owes, you have various options to seek relief. If the borrower put up their own property as collateral to secure the debt, you can usually gain possession of the item. Or, as in the case of a loan where the purchased item is itself the collateral, such as a vehicle purchase, you might be able to repossess the item through the legal system. If, on the other hand, the debt was unsecured, you might need to sue the debtor for repayment. Relief might include placing a lien on their property, garnishing their wages, or renegotiating the loan to offer them lower payments over a more extended period. If the borrower is in bankruptcy proceedings, specific rules dictate the order in which you and other creditors will be paid. Don’t wait to seek relief as missed payments pile up. Seek relief with our experienced creditors’ rights legal team today!