“In the event of a defaulted loan or account, we advise the client on the various methods to collect on the debt and help develop a strategy for doing so expeditiously.”
A borrower’s default or bankruptcy filing can have a significant effect on the profitability of a lender or company that provides goods or services on credit. In a default situation, a lender or creditor is often forced to initiate legal measures to collect on its account. At McGrath North, we offer strategies that maximize collection while minimizing the expense for our clients. We offer our clients alternatives for collection and protection of rights, including loan workouts, non-judicial and judicial foreclosures of liens, UCC sales, lawsuits, bankruptcy representation, including obtaining relief from the automatic stay, litigating claims, evaluating and litigating plan confirmation, and initiating involuntary bankruptcies. We also defend creditors in courts throughout the country against claims asserted by debtors and trustees in bankruptcy, such as preferential-transfer and fraudulent-transfer claims. After explaining the various alternatives available to our clients, we pursue their preferred approach to collecting the amounts owed or defending claims against them.
If you are considering seeking advice from counsel, here is what we suggest you keep in mind:
- Establish whether your legal counsel has significant expertise in creditors’ rights, debt collection, foreclosure and litigation.
- Carefully consider all available collection remedies.
- Insist that your legal counsel understands your interests and is ready to execute your preferred course of action.