Watch this video about using cash collateral without court approval in Georgia. Then call Hall & Navarro right away for a consultation.
Can the debtor use cash collateral without court approval?
One of the big issues our clients always ask us is what they can use to fund their operation. Of course, cash is considered cash collateral in a bankruptcy, and to use cash collateral in a bankruptcy, you have to have one of two options. One, the creditor approves for you to use it, and of course, if you have permission, the creditor gives you permission. You can use cash collateral. Cash collateral is defined as proceeds from the sale of crops, from the sale of equipment, etc., or if the creditor will not give you permission, you can ask the court to grant you permission to use cash collateral. A court will do that if you can show to the court that the creditor has adequate protection in other assets or other means to get paid. Again, if you have any questions concerning the use of cash collateral, please give our office a call.
Are you or a loved one in the process of filing for bankruptcy in Statesboro, Springfield, or Swainsboro and have questions about using cash collateral without court approval in Georgia? Contact the experienced Georgia bankruptcy attorneys at Hall & Navarro today for a consultation and case evaluation. We can help get your life back on track.