The Truth About Creditors In a Bankruptcy

Episode Summary

In this episode of Through the Looking Glass with Barry Levine, host Katie Roberts and bankruptcy attorney Barry Levine pull back the curtain on how creditors operate in Chapter 7 and Chapter 13 bankruptcy cases. Barry shares unfiltered insights into why creditors rarely interfere in bankruptcy proceedings, how debt collection tactics change pre- and post-filing, and the reality of debt-buying as a gamble. He also discusses creditor monitoring, asset cases, and the factors influencing creditor objections. This candid conversation sheds light on the myths and realities of debt, bankruptcy, and financial survival.

Timestamps

00:00 – Welcome to Bankruptcy Through the Looking Glass with Barry Levine 00:05 – Introduction with Katie Roberts and Barry Levine 00:23 – How involved are creditors in Chapter 7 and Chapter 13 bankruptcies? 00:34 – Why creditors rarely show up in bankruptcy cases 04:06 – The business of debt-buying and collection tactics 05:12 – Do creditors monitor bankruptcy cases? 06:26 – Can creditors challenge a bankruptcy filing? 08:12 – The long game of minimum payments and debt persistence 10:39 – What happens when creditors don’t file a claim? 11:53 – How creditors decide whether to challenge a bankruptcy 14:53 – Are most bankruptcy cases involving big financial institutions or small businesses? 16:24 – Closing thoughts and where to connect with Barry Levine

About the Show

Through the Looking Glass with Barry Levine offers a no-nonsense perspective on bankruptcy law, debt relief, and financial strategies. Hosted by Katie Roberts and featuring veteran bankruptcy attorney Barry Levine, the show breaks down complex legal concepts with real-world examples and sharp insights. Whether you're facing financial challenges, considering bankruptcy, or just curious about how the system works, this podcast delivers valuable knowledge with a dose of humor and candor.