Not many people know what to do when they can no longer pay their debts. People get stuck with questions on what will happen. Sometimes neither the creditors nor the debtors know what their rights are. Though the credit counseling and financial education is meant to help the debtor know how to go about certain questions that they may hold, these questions may still go unanswered. The bankruptcy creditors should be aware of what is expected of them during the petition.
Apart from ceasing from any collection action against the debtor the creditors are also expected to file a claim with the court. It will also be necessary that the creditor attaches copies of any contract or judgments that prove the claims being made against the debtor. The creditor should also find out if his debts are discharged in case the file is under chapter 7. Let the him seek the guidance of an attorney on matters on discharged debts.
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The bankruptcy creditor should also find out whether they are secured. This means that they have rights over the property in case they are any non exempt assets. This way, they are in a better position to have relief from any insolvency estate that could have had an automatic stay. These people are also expected to tell anything to the trustee in case the debtor has an underlying plan that is suspicious.
It is the duty of the bankruptcy creditor to monitor the progress of the court. In the past many cases went unsolved due to the failure to comply with the courts order. In case this was to happen, the court allows anyone with proven claim to do the collection of the debt.
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