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10 June 2024 / Garry A. Masterson

Attorney Garry Masterson Featured in American Bankruptcy Institute's ABI Journal

Topics: Bankruptcy

CLEVELAND - Weltman, Weinberg & Reis Co., LPA, a full-service creditors' rights law firm with over 93 years of client service, is pleased to announce that attorney Garry Masterson was recently published in the American Bankruptcy Institute’s ABI Journal June 2024 issue with an article titled “Late-Allowed Vehicle Claims: Striving for a More Just Result”.
 
“Whether you are a judge, chapter 13 trustee, counsel, debtor, creditor or creditors’ counsel, we can all agree on the importance of a timely filed secured motor vehicle claim. While there are instances where a creditor or other interested party can seek additional time to file a late proof of claim, and those are absolutely essential to explore and exhaust, the endpoint that many discussions arrive at in the absence of such a remedy is this: What are the debtor and creditor left to do regarding the vehicle when a late claim is not allowed? How about when a late claim is not allowed and the vehicle was provided for in the previously confirmed chapter 13 plan?

Unfortunately, it is and has been the ongoing stance of many a court and chapter 13 trustee to tell the parties ‘tough luck, you can deal with the problem after discharge, potentially five years in the future.’ While nobody is imputing harmful intent to any court or chapter 13 trustee that possesses this no-exceptions stance, all of us in the bankruptcy world really need to have a frank and blunt discussion regarding whether this is really the best approach. What happens in such situations after discharge, and whom is such a practice really serving best? One can confidently say neither the subject debtor nor the creditor are being put in an appropriate position when this predominant out-come is realized.”

Read the full article by clicking here. If you have additional questions about this topic or want to learn more about Weltman’s bankruptcy recovery solutions, feel free to contact Garry at any time.

This blog is not a solicitation for business, and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.

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Garry A. Masterson

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