In the course of bankruptcy proceedings, creditors may attempt to press certain opportunities to intensify debt repayment. Although these tactics can seem like harsh burdens upon the debtor in particular instances, these actions are tied to creditor's rights. Where debtors are guaranteed specific rights and protections in different states, namely legal defense from creditor harassment, creditors are offered similar legal opportunities to benefit their end of a bankruptcy.
Perhaps one of the most feared rights, which often draws strong defense from debtors, is a creditor's ability to ask the court to force foreclosure or seize a property. With home ownership being such a large investment and so important to many Americans, this action can be particularly devastating for many debtors looking to stabilize their family in a home. Considering the value of land and buildings, this can prove to take an especially heavy toll on a debtor.
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In addition to forcing a foreclosure or requiring seizure of a certain property, creditors may request that the court garnish wages to help back by outstanding debts. Wage garnishment, which takes money from a debtor's pay check before they can reach it, can potentially destabilize savings plans established during the financial rebuilding process that comes along with the conclusion of bankruptcy proceedings.
Although most creditor rights focus on regaining debt funds, creditors are also often responsible for investigating potentially fraudulent purchases or gifts that could violate bankruptcy law regarding eligibility. Considering the seriousness of bankruptcy and how directly it can affect the future of anyone's personal finances, receiving a gift that breaks bankruptcy law is taken with a great deal of gravity among creditors, and is persecuted as such.
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