Secured lenders, such as banks, finance companies and private lenders, are frequently faced with a bankruptcy case filed on the eve of foreclosure or other collection activity, in order to stop collection. Also, Chapter 11 or 13 debtors sometimes seek to “strip down” the amount of the secured debt to the value of the collateral, so as to reduce the amount that has to be repaid. In either of these situations, and others, a secured lender needs bankruptcy counsel to protect its rights in the case.
Since 1982, James Olson has been representing national and local banks, leasing companies, finance companies, municipalities and private lenders that have extended credit on a secured basis. The collateral involved in these matters has included manufactured housing, water craft, office equipment, vehicles, real estate, a fiber extraction plant, a cogeneration facility, a hospital and other property.
Mr. Olson regularly seeks relief from the automatic stay on behalf of secured creditors seeking to recover the collateral securing a debt. He has also successfully prevented Chapter 11 debtors from reducing or eliminating liens on collateral.