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Creditors Rights: What Do You Do If Someone Owes You Money? | Harold Israel | #48
Creditors Rights: What Do You Do If Someone Owes You Money? What do you do when someone owes your business a lot of money? Our guest on this episode of the Inside BS Show is Harold Israel, a Bankruptcy and Creditors' Rights attorney from Chicago. On today's show Dave Lorenzo interviews Harold about the options creditors have when people owe them money. Join us for this terrific episode of the Inside BS Show. Chapters:
00:00 Introduction to What Do You Do If Someone Owes You Money
01:01 Dave and Harold's Delivering Newspaper background
02:31 Why is it a terrible move when Entrepreneurs are not answering their phones when creditors are calling?
03:54 Why do creditors want to avoid litigation?
07:35 Addressing the stigma of bankruptcy. Why it exist?
09:31 - What are the differences between Chapter 7, Chapter 11, and Chapter 13 in layman's terms?
13:18 What is judgment proof? Does that exist?
14:22 - Why do bankruptcy attorneys negotiate with creditors?
17:40 A case study by Harold where somebody or a business is in bad shape filing bankruptcy protection.
21:17 What worst mistake people shouldn't do when they start to fall behind on their bills?
28:47 How did Harold grow his business?
30:43 What led Harold to this particular practice?
31:38 What is the role of a trustee? What to do and how to interact with a bankruptcy trustee?
33:20 Can people close their business and tell creditors that they don't have assets and can't afford a lawyer?
35:29 Harold's competitive advantage
Harold Israel
Partner
Levenfeld Pearlstein, LLC
(312 ) 476.7573
[email protected]
https://www.lplegal.com/our-talent/ha...
About Harold Israel
Harold D. Israel is a partner in the Financial Services & Restructuring Practice Group. He assists clients in achieving outstanding results in a practical, responsive and cost-effective manner. Harold represents debtors, asset purchasers, secured lenders, creditors and official creditor committees in workouts (in- and out-of-court) and reorganizations throughout the country. Harold brings compassion and understanding to what usually is a very stressful period for all involved.
Additionally, he represents lenders and equity sponsors in asset-based lending, foreclosure, and debtor-in-possession financing transactions. Harold also assists not-for-profit organizations in drafting corporate governance documents.
Now with 25 years of experience, Harold first started his legal career as a law clerk to the Honorable John D. Schwartz, Chief Judge, United States Bankruptcy Court for the Northern District of Illinois. He is a Certified Public Accountant.
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Dave Lorenzo
Revenue Growth Expert
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Miami, FL: (786) 436-1986
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