Bankruptcy Guide for Credit Unions

Keep your losses to a minimum with specific guidance just for credit unions. Bankruptcy Guide for Credit Unions explains all the legal issues and procedures in a bankruptcy proceeding. It gives you checklists of the actions you need to take, gives you all the forms you need with explanations on how to use them, and gives you sample letters and documents you can easily adapt to specific cases. Step-by-step, the guide shows you how to protect your position:

•  Preventive actions: take certain steps early to identify and address problem loans and members with credit problems. Early intervention can prevent a bankruptcy filing later. The guide includes checklists of actions that should be taken when the bank learns of its borrower's filing.
•  Minimize and prevent loss: make sure your loans are properly documented and secured up front, and know the steps you need to take to ensure your credit union gets its fair share of the bankruptcy estate proceedings.
•  Avoid legal pitfalls: learn about actions that must not be taken against a borrower who has filed for bankruptcy.
•  Know what to do in court: while working with your attorney, you'll keep costs down and get better results if you know the steps that need to be taken, when to take them, and what you should never do.
•  Tips from relevant case law: see how the courts are interpreting legal issues related to bankruptcy filings--we give you information and guidance, in nontechnical language, using actual bankruptcy cases that provide examples of what a lender should do to better protect its interests during the case.