Iowa Creditor Remedies Attorneys Getting the Money Owed to You
Helping you take appropriate legal action
Businesses in Cedar Rapids, Iowa City and throughout Iowa look to us for guidance and assistance when a debtor files for bankruptcy. When stakes are high, a creditor is urged to seek competent legal counsel. A creditor does not have to simply absorb loss without first seeking the opportunity to mitigate and minimize that loss. There are many avenues by which Iowa creditors can recover partial or total amounts owed by clients who are filing Chapter 7, Chapter 11, Chapter 12 or Chapter 13 bankruptcy. The higher the stakes, the more worthwhile it is to examine all possible defenses.
My customer just filed for bankruptcy, what are my rights?
Assert your creditor rights in the face of the risk of total loss through a customer’s bankruptcy. Your options may include the following:
- Assert an “administrative expense” priority claim for goods received by the bankrupt customer within 20 days of a bankruptcy filing.
- Assert a “reclamation claim” for goods delivered to an insolvent customer within the 45 days before a bankruptcy filing.
- Assert rights as a “lien holder” with regard to special classifications of supplies.
- Assert a right to compensation as an “essential supplier” or “critical vendor.”
- Pursue priority litigation versus other lien holders including secured creditors, taxing authorities and landlords.
- A judge may grant relief from an automatic stay if it can be shown that a debtor is committing fraud or acting in bad faith.
What an “automatic stay” means to a creditor
An automatic stay is an injunction by the bankruptcy court that immediately prohibits creditors from seeking repayment of debts from the debtor. It doesn’t mean that you’re out of luck, but it does mean that any efforts to recover what you are owed must be directed toward the court. Pickens, Barnes & Abernathy helps creditors in reviewing a debtor’s bankruptcy petition to see precisely where opportunities exist for the creditor to advance his claim. Our attorneys are aggressive in meeting the court deadlines, which come quickly and require detailed responses. We see to it that you are paid the money owed to you, efficiently and affordably
Experience handling a variety of collections
As a small business ourselves, we understand how important it is to receive value for the services or products that you provide to others. We help banks, small businesses, contractors and individuals start the collections process, file a lawsuit or collect after obtaining a court judgment. Pickens, Barnes & Abernathy represents commercial and retail clients in the following:
- Commercial collections — collection of commercial debt, secured and unsecured, for small and large businesses, contractors, subcontractors, banks, lenders, commercial landlords and equipment lessors
- Retail collections — collection of consumer debt, secured and unsecured, for banks, savings and loans, credit unions and other lenders
- Construction collections — filing and enforcement of mechanic’s lien claims, and labor and material payment bond claims
- Replevins — repossession and recovery of collateral from defaulting debtors for lessors and other secured creditors
- Litigation — prosecution of debt-collection civil actions in state and federal courts and before alternative dispute resolution forums (arbitration, mediation), and defense against debtor counterclaims