North Scituate, RI asked in Bankruptcy for Rhode Island

Q: A firm that went bankrupt owes me money. I am not a secured lender, but a subcontractor. The amount is $12,000

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1 Lawyer Answer
Andrew Bresalier
Andrew Bresalier

A: A: Unless there is unexempt property, usually a Creditor does not receive payment. Even when something is unexempt and administered, Creditors generally only get pennies on the dollar. Unless you can show some fraud in the granting of the loan and have your loan declared nondischargable, the most you can do is file a Proof of Claim and pray. As subcontractor you will be treated as a Schedule F – Unsecured / Non-Preferred Credit, which places you at the bottom of the list to be paid.

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