Shifting the Power Dynamic: A Baltimore Creditors’ Rights Lawyer Shows Financial Institutions How to Regain the Upper Hand with Debtors
Today’s politics and news reports tend to paint the economic recession in a mostly one-sided way, and the story is that creditors have debtors in an iron-fisted grip. If one were to subscribe to this popular viewpoint—as most people do—it would be seem as though creditors hold the power in the creditor/borrower relationship.
Reality, however, can be very different. The creditor surprisingly has little to no leverage over the borrower. In fact, the borrower most often aggregates power to himself, deciding when (and if) debts will be repaid, and in what amount.
Creditors and financial institutions become worried that they lose all rights to their claims against a debtor when the debtor declares bankruptcy or seeks to discharge the debt. This is not the case, however, as creditors retain many rights in these situations. These rights include sharing in any distribution from the bankruptcy, and being heard by the court when it comes to the debtor’s bankruptcy plan. Many times debtors fail to accurately and completely list their assets and income, and in those situations their very discharge becomes at risk.
Maryland creditors’ rights lawyer Ron Drescher, of Baltimore and Wilmington’s Drescher & Associates, has penned a guide for creditors entitled Maintain the Pressure & Get Paid. In this free download, Mr. Drescher shows creditors how to reclaim their power and motivate their borrowers to make payments.
Many lawyers operate with a black and white, all-or-nothing perspective on Maryland creditors’ rights cases. Ron Drescher finds unique approaches to the best methods to incentivize debtors, as well as focusing on identifying the priorities of the financial institution. Are timely payments more important than receiving the full amount? Is a settlement preferable to a long legal battle? Many creditors don’t truly assess their situation, and spend more money than necessary over the long run trying to “win” a case.
If you are a creditor that is looking to take control of a difficult situation, look no further than this guide. With over twenty-five years of experience helping parties on both sides of the lender/borrower equation, Ron Drescher’s reputation as a creative problem-solver has earned his clients successful solutions and settlements to seemingly impossible cases.
If you are a creditor with difficult debtors in Pennsylvania, Maryland, Virginia, or Delaware, call Drescher & Associates today at 410.484.9000 to learn more about your options.