Creditors Rights: What Do You Do If Someone Owes You Money? | Harold Israel | #48

by | Apr 13, 2022 | Bankruptcy, Creditor

Audio Podcast

Creditors Rights: What Do You Do If Someone Owes You Money? | Harold Israel | #48

by Dave Lorenzo

Creditors Rights: What Do You Do If Someone Owes You Money?

What do you do when someone owes your business a lot of money? Our guest on this episode of the Inside BS Show is Harold Israel, a Bankruptcy and Creditors’ Rights attorney from Chicago. On today’s show Dave Lorenzo interviews Harold about the options creditors have when people owe them money.

Join us for this terrific episode of the Inside BS Show.


00:00 – Introduction
01:01 – Harold’s Background Delivering Newspapers
02:31 – Why You Should Answer the Phone When creditors Call
03:54 – Why do creditors want to avoid litigation?
07:35 – Addressing the stigma of bankruptcy. 
09:31 – What are the differences between Chapter 7, Chapter 11, and Chapter 13 in layman’s terms?
13:18 – What is “judgment-proof?” Does that exist? 
14:22 – How do bankruptcy attorneys negotiate with creditors?
17:40 – A Bankruptcy Case Study.
21:17 – What worst mistake people make when they start to fall behind on their bills?
28:47 – How does Harold grow his business?
30:43 – What led Harold to this particular practice?
31:38 – What is the role of a trustee?
33:20 – Can people close their business and walk away?
35:29 – What is Harold’s competitive advantage?

Harold Israel

Partner Levenfeld Pearlstein, LLC

(312 ) 476.7573


About Harold Israel:

Harold D. Israel is a partner in the Financial Services & Restructuring Practice Group. He assists clients in achieving outstanding results in a practical, responsive and cost-effective manner. Harold represents debtors, asset purchasers, secured lenders, creditors and official creditor committees in workouts (in- and out-of-court) and reorganizations throughout the country. Harold brings compassion and understanding to what usually is a very stressful period for all involved. Additionally, he represents lenders and equity sponsors in asset-based lending, foreclosure, and debtor-in-possession financing transactions. Harold also assists not-for-profit organizations in drafting corporate governance documents.

Now with 25 years of experience, Harold first started his legal career as a law clerk to the Honorable John D. Schwartz, Chief Judge, United States Bankruptcy Court for the Northern District of Illinois. He is a Certified Public Accountant.

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