Workout, Bankruptcy, Foreclosure & Collections Practice Profile

KRASOW, GARLICK & HADLEY, LLC has an extensive workout, foreclosure and collection practice. We also represent creditors in federal bankruptcy proceedings, in both the negotiation and settlement of claims and in adversary proceedings.

Our clients range from state-chartered and national banks and non-bank lenders to business entities seeking to collect commercial and consumer debts. We have also represented government and quasi-government agencies in the prosecution of complex foreclosures and collections.

Our attorneys, with legal assistant support, pursue aggressive pre- and post-judgment strategies in debt collection and workout matters.

Our workout, foreclosure and bankruptcy practice has included the following:

• Obtaining a rent receiver in a foreclosure case to oversee a lead paint abatement program, the first case of its type in a Connecticut State Court.

• Negotiating a settlement of a dischargeability claim in the U.S. Bankruptcy Court relating to the assumption of marital debts following a divorce.

• Managing and overseeing approximately 140 Federal Court actions filed on behalf of a Receiver of a failed bank and negotiating the multi-million dollar workout of nearly 80% of those actions with the defendants and their counsel, without extended Court intervention.

• Negotiating and documenting bulk sales of notes and mortgages in complex workout transactions.

• Representing lenders, on a continuing basis, in connection with complex workouts of their delinquent debt portfolios.

While we vigorously represent our clients, we are mindful that the objective of keeping legal expenses within a specified budget is of paramount concern. We strive to keep our clients involved and informed at every stage of our involvement, and copies of all court pleadings filed or received are simultaneously provided to the clients, together with regular status reports.

To assist our clients and the public in better understanding our role in the collection and foreclosure process, we often conduct seminars for lenders and trade groups, including the Connecticut Mortgage Banker=s Association, The Greater Hartford Association of Realtors and various committees of the Connecticut Bar Association. The attorneys who practice in this area frequently participate in and attend continuing legal education programs to maintain an awareness of the latest developments in pertinent areas of the law.

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