If you own a business that provides money to customers, it is vital that you are paid back fairly and on time. If someone owes you money and is unable or refusing to pay, an Altus banking lawyer might be able to help. Having an experienced attorney managing your case could help get you the money that you are duly owed, even when a debtor defaults on what they owe or files for bankruptcy.

Banks, credit unions, mortgage lenders, and other banking institutions have rights as creditors to recover the money they are owed. From asset recovery to debtor settlements, an Altus banking lawyer could help you make the best plan for a positive outcome.

Creditors’ Rights

Creditors are entitled to be paid the amount they are owed but they often face difficulty in getting a debtor to pay. There are several routes in the legal system designed to protect the creditors’ rights. These options include:

  • Collection during bankruptcy proceedings
  • Foreclosure
  • Mechanics liens
  • Judgments against a debtor
  • Loan closing
  • Real estate title examination
  • Receivership
  • Replevin of personal property

These rights can be protected with the help of a banking lawyer in Altus. In some cases, a settlement is made out of court; and in other cases, a court judgment is required.

Secured and Unsecured Claims

In most creditor/debtor relationships, a claim will be considered either secured or unsecured. Depending on the nature of the debt, there may be more extensive legal action that a creditor can take. An Altus creditor lawyer has the experience and knowledge to determine which course of action is most likely to result in getting you paid.

Secured Debt

Secured debt refers to a debt that holds collateral. This means that before the funds exchanged hands, the debtor and lender agreed that if the loan were to default, then the lender would have the right to seize a certain piece of the debtor’s property as compensation. Secured debt includes things like mortgages in which the property may be seized and foreclosed upon, mechanics liens against a property upon which work is completed but not paid for, or loans against a vehicle or valuable property title. In a court case, the judgment may determine that the best way for the creditor to be compensated is by seizing the tangible property, or they may determine that a long-term payment plan for the equivalent amount over a period of time is more appropriate.

Unsecured Debt

Unsecured debt is considered a lesser priority in cases that involve both secured and unsecured claims. Credit cards, medical bills, and the majority of other types of money owed are unsecured claims. In a situation like bankruptcy, a secure debt will be settled first, and then whatever remains will apply to unsecured debt. Because there is no collateral with unsecured debt, it may be harder to recoup the unpaid amount.

Contact an Altus Banking Attorney Today

Banking law can be complex and having a qualified attorney on your case could make a world of difference. Altus banking lawyers have experience in asset recovery, loan handling and collection, property liens, and most other areas of financial law. We could help your banking or lending institution, whether big or small, get paid what is owed to it, and defend your rights as a creditor. Our lawyers take cases from lenders, banks, credit unions, or any other related institutions throughout Southwest Oklahoma. Call us today for a free consultation.