We Handle All Issues Related To Creditors’ Rights
Our attorneys at Mitchell Pollack & Associates PLLC have experience asserting and enforcing the rights of creditors in loan transactions, sales or lease agreements, or any other defaulted debt. Our understanding of the law of debtor-creditor relations, together with our experience with credit transactions, can help you avoid difficulty with nonperforming loans by protecting your interests on the front end. We make sure that the debtor is authorized to convey a mortgage or security interest, and that collateral schedules are accurate and regularly updated under the terms of the loan agreement.
If a borrower’s business takes a turn for the worse, your exposure to loss can be reduced through a cross-default clause, a right to accelerate performance, or a contractual right to demand further security. The sensible use of rights against third parties, such as guarantors, co-makers or affiliates, can also help protect your rights as a creditor if default is imminent or has already occurred.
We Consider Every Option
There are options even if your borrower threatens to file for bankruptcy protection. Our attorneys are skilled with troubled loan workouts that can help secure your position. When necessary, our knowledge of the laws regarding defaulted loans can help maximize the value to the creditor of collections litigation, repossession, foreclosure and liquidation, both against the original debtor and any third parties who might be held liable for the default.
If your debtor does wind up in bankruptcy, our knowledge of both the law and the procedure in bankruptcy court can help preserve and realize your right to payment, especially if your collateral position remains sound.
Meet With The Experienced Team At Mitchell Pollack & Associates PLLC
With significant trial experience, we are able to represent our clients in commercial litigation if that is the best option for you. To learn more about our services or to schedule a consultation with an attorney, send an email or call 914-610-3418.