The 4 Big Advantages of Selling Your Bankruptcy Claim

Sometimes as a creditor, you may find yourself in an unfortunate position where you are stuck with unpaid bills after you have managed to provide services or products and delivered them on time to a certain debtor. When you find yourself in this situation and you are backed into a corner then you only have one option, and that is to file a bankruptcy claim in order to recover all your losses. However, the problem with these claims is that they could take years in court which is a very long time to wait.

Although filing a bankruptcy claim may be your first action, it is definitely not your last. You can be in control of the outcome and have the chance to recover your money by selling your claim. Keep reading to learn about the biggest advantages of selling your bankruptcy claim.

1. Recover Losses Sooner

When you file a bankruptcy claim, you expect, or at least hope, to get compensated right away. However, that is not how this process works, as you are going to have to wait for a very long time until the court can confirm the debtor’s plan of reorganization. Moreover, you will also have to wait for the payments to be approved and issued afterward under the same plan. The long wait is a huge problem that many creditors have to go through in order to recover the money that is owed to them. That being said, if you want to recover your losses sooner then you can file a bankruptcy claim, as this way you will be in control of the outcome because it will be solely your decision. Moreover, you can do it whenever you feel like the timing is right for you without having to wait for any plans or approvals from the court.

2. Going Back to Normal

Normally you want to get this case over with so you can recover the money that the debtor owes you as soon as possible. Not only that, but recovering the money early is also important to be able to pay for your business expenses, employees, and bills. These should be attended to sooner to avoid further compromises and this is why selling your bankruptcy claim to trade claim buyers is your only and best option since time is of the essence here. Finding a claim buyer may take time though, but not as long as the time the court takes to make a decision. However, once you find a buyer and you make an agreement with them, you will then be able to recover your losses and receive your payment in no time.

3. Easy and Safe

As a matter of fact, selling a bankruptcy claim is a lot easier than you may think, it is a lot like selling an item online because you can actually sell the claim online! Back in the day, this process was a lot more complicated than it is now as it was done using pens, paper, and emails or faxes. Luckily, modern technology has managed to make this process a lot easier, and now bankruptcy claim trading has become very popular. Many people have actually tried it and can testify that it is secure and legitimate. This is due to the fact that law firms usually make sure that when a claim is successfully sold, the creditor’s money is transferred to them legally and safely and that both sides, the creditor and the buyer, are protected.

Selling bankruptcy claims online is so popular that it has become a market where you can reach buyers easily. In addition to that, the technology that is driving the online market allows for a more secure and fast process.

4. It Won’t Cost You a Dime

The best thing about selling your bankruptcy claim is that it won’t cost you a dime, as the buyer will have to pay for all the transactions. However, since you are going to deal with contracts and transactions, you may need to consult a lawyer to review all the documents. This will be the only cost that you will have to pay as a creditor but it is a lot more convenient and cheaper than hiring a lawyer for a debtor’s bankruptcy case. 

Courts take a lot of time and money that you probably don’t have, so instead of waiting months or even years till you get paid the money that is owed to you, you can find other options. Selling your bankruptcy claim is legal, secure, and a lot easier than having to wait for ages to get your money. Don’t be reluctant since this process will help you to recover your losses sooner, get back to normal, and it is also easy, safe, and won’t cost you a dime. So go online now, find a buyer, and make sure to consult a lawyer in the process.