Bankruptcy protection provides a powerful national (even international) forum for the protection of individuals and entities with creditor issues. The Bankruptcy Code establishes significant statutory and court procedural requirements, restrictions, rights and powers for a debtor once a Bankruptcy petition is filed.
At the same time, the Bankruptcy Code establishes a veritable thicket of complex obligations, rights, responsibilities and potential risks for the unwary who have, or even have had in the past, a relationship with a bankruptcy debtor. This is so not only where the debtor owes money, but includes virtually every other business relationship imaginable. Landlord or tenant, equipment lessor or lessee, contract party, secured creditor, mortgagee, intellectual property licensor or licensee, money owed, employee or employer, vendor, shipper, contactor, subcontractor, or material man – all can be implicated in a bankruptcy case. Many of the creditor’s rights and protections must be timely and properly raised to be enforced. The lack of diligent action can lose, or severely diminish, the creditor’s rights and potential recoveries in a bankruptcy situation. Our firm is very well positioned to advise those who must deal with a bankruptcy debtor and help identify and enforce their rights. We practice in all the state and federal courts of Ohio, as well nationally in bankruptcy matters as our clients’ circumstances may require.