Help with Checklist for BK 13 Filing

[Andy Mirza]

I'm looking for help from the crowd on this one.

I'm putting together a blog post with a checklist that a creditor/lender should follow in case their borrower files a Chapter 13 bankruptcy petition. The purpose is to provide some guidance to investors that aren't familiar with that situation and are looking for help on what to do. If you google "bankruptcy," the things that pop up are for debtors and debtor attorneys. It's hard to find info for creditors.

I've got some experience with BK's but I'm sure there are a lot of folks out there with more experience than me. Also, there are so many different variations, especially in how BK judges rule, that I'm sure others out there will have helpful experiences.

So far, here's my Chapter 13 Bankruptcy Checklist:

1. Monitor the BK in PACER (Not checking PACER is like flying blind; you need to see what's been filed and when the relevant dates are)

2. Postpone or Cancel the Trustee or Sheriff's Sale

3. Find an Attorney to Represent You

4. Wait to see what the debtor files (is the Debtor making a genuine or a bad faith filing?)

5. Determine your strategy (are you trying to liquidate ASAP like I typically do? Or maybe it's the same to you whether you liquidate or collect payments over time)

6. File a Proof of Claim

7. Take Action if your strategy dictates:

       a. Object to Plan (has anyone objected to a plan and had the BK dismissed? I haven't)

       b. Motion for Relief

       c. Attend the Meeting of Creditors (has this worked for anyone?)

8. Continue to Monitor the BK in PACER at least once a month

Please provide comments, constructive criticism, additions, suggestions :)