Does JM Partners purchase claims before they have been allowed in a Bankruptcy Case?
Yes. As noted above, you cannot sell us a claim you simply made up, or inflated the value of. An “allowed claim” is a claim for a legitimate debt which has been accepted as such by the Trustee. If your claim is allowed and you sell it to us, then once we have paid you for the rights, you are free and clear of the case no matter what happens, and there is no further recourse against you of the funds you receive from us.
Do I need a legal representation to sell my bankruptcy claim?
No. You are of course welcome to seek advice of counsel – and to be sure, we are actually quite happy to work with your attorney on the matter if you wish (with you paying your legal bill, of course). However, there is nothing in the process that requires you to have an attorney, so its up to you to decide if you wish to pay a legal bill.
Can I accept an expired purchase offer?
As a general rule, no. This is because the expiration of the offer typically means that a new valuation must be done to insure the offer could still be supported. Since all the other creditors would have decided yes or not by the deadline, the economics do not work to reopen a valuation process for a single claim. That said, you are welcome to inquire at any time – and its possible that a quick review of the docket might reveal enough information to us to allow us to say with certainty that we could, in fact, still move forward. In most situations that is not the case – but if you missed the boat the first time, we certainly are still willing to at least look and let you know if we can extend it.
Are offers from JM Partners negotiable?
No. The valuation process is complex – and there is a risk component, with no guarantee to us that we will receive more than we pay you. Thus, offers are made to all creditors across a given priority class based on the in-depth valuation, and if we paid more than we offered, we would be increasing our risk greatly.
What processes are involved in selling a Bankruptcy Claim?
Once you review the draft documents discussed immediately above, if you then sign and return them to us (along with the evidence items which will be described therein, and provide your ID to confirm you are the right party), we immediately close, and are willing (and actually prefer) to send your payment via wire immediately. If you choose not to accept a wire, then a corporate check is issued and mailed that same day we receive the original package back from you. As an aside, we can email the package to you for review, printing and signature on your end, saving time in mailing – but you have to return original executed and notarized items to us, so that will add time based on your choice of deliver method.
What is Debt Consultation?
Debt consultation takes place when a business owner, facing financial hardship,
seeks the financial advice of an unaffected third party. JM Partners offers this
service and has helped many business owners recover from situations that
otherwise may have resulted in bankruptcy. From dealing with creditors to
creating a plan for restructuring your debt, JM Partners’ expert advice could be
the key to your business’s recovery.
Does JM Partners deal in Chapter 11 Bankruptcy Cases?
Yes. Though the majority of our purchases are made within Chapter 7 contexts,
we also buy assets in Chapter 11 cases.
Does JM Partners deal in Chapter 7 Bankruptcy Cases?
Yes. A significant portion of the assets we purchase are from Chapter 7
What kinds of assets does JM Partners purchase?
Virtually all assets are of interest to JM Partners. Our transactions include everything from Real Estate to financial instruments such as Notes, Mortgages, and Receivables, Judgments and other illiquid assets such as Annuities, Limited Partnerships and REITs. The forgoing are simply examples of typical transactions, but we are actively interested in any asset that you might wish to monetize.
If the claim I sold to JM Partners doesn’t pay in the end, do I have to refund the purchase proceeds?
No. JM Partners assumes all responsibility for the ultimate outcome of all legally valid claims we purchase (both bankruptcy claims and unclaimed funds accounts). Obviously, you cannot sell us a claim you simply made up, or inflated the value of. However, if your claim is legitimate – meaning simply that it is an allowable claim, regardless of whether or not it would merit an actual distribution from the case - then once we have paid you for the rights, you are free and clear of the case no matter what happens, and there is no further recourse against you of the funds you receive from us.
How do I sell a Bankruptcy Claim?
If you wish to sell a bankruptcy claim, please contact us directly to discuss the details of your case, making sure to supply your full name (company and your corporate title, if a business account), address and phone #, along with the JMP Offer # that was listed on the document you received from us. In most cases, we can and will then reply back with actual draft documents for you to review and make a final decision, with no obligation on your part to move forward.
Why should I sell my bankruptcy claim?
If you are a creditor, especially an unsecured creditor, you may be better off selling the claim rather than waiting out the court process only to receive pennies on the dollar, if anything at all. Your goal as a creditor is simple - get as much payment as possible for your claim, as quickly as you can get it. JM Partners offers an avenue that may be the key to achieving that goal.
Do I need legal representation to sell my Unclaimed Funds rights?
No. JM Partners handles all necessary documentation and legal approvals for the transfer of your claim’s ownership. All you have to do is accept the offer, execute the various documents the court requires (we will prepare those immediately after your acceptance), and we do the rest.
Why should I sell my rights instead of just claiming the funds myself?
Full recovery of unclaimed funds takes quite a bit of time and will cost money. Legal representation is often required in order for your claim to be released and court processes can take upwards of a full year. Many of our clients do the math and find that it benefits them most to simply sell the claim for immediate cash and let us deal with the rest. Many others attempt the process on their own and ultimately give up and call us. You can save yourself the time, money and aggravation and simply sell the account to us for instant cash today, and move on to better things with the cash-in- hand, and let us take on the burden of recovery.
How can JM Partners help me recover Unclaimed Funds?
JM Partners deals largely in Unclaimed Funds purchases. We offer fast cash
payouts with minimal red-tape, in exchange for the rights to your unclaimed funds
If I had rights to Unclaimed Funds, wouldn’t I know it?
Not necessarily. Many of our clients are unaware of their rights to unclaimed
funds, having forgotten about their involvement or assuming payment was never
made. If you have been involved in a Bankruptcy case (as creditor or debtor), if
you had any kind of involvement in a family estate, or if you have had something
as simple as a change of address, it’s possible that you could be the owner of an
Unclaimed Funds account.
What are Unclaimed Funds?
Unclaimed funds are usually the result of failed payment attempts of one kind or
another. For example, if you were a creditor in a bankruptcy case and the trustee
was unable to locate you to deliver your disbursement, that money is moved to
an interest-free, dormant account held by a government entity until such time as
it is recovered.
I want to see the process and forms involved with no obligation. How do I get started?
We are happy to prepare the actual forms necessary for the transaction, and supply them to you for your review and consideration with no obligation whatsoever on your part. Please simply use the contact us page and fill in all the blanks (we have to have all the information in order to prepare the actual forms for your particular account). If after your review you decide to proceed, then you will have everything in hand, and all instructions, and can easily complete the task in a few short minutes. If you decide not to proceed then you may simply destroy the forms and we will retain no information and not follow up with you further.
Why did I get a letter from JM Partners, LLC?
JM Partners may have contacted you regarding your ownership of a bankruptcy claim, an unclaimed funds account, or regarding your involvement with a distressed asset(s). Such a letter likely included an offer to purchase these claims or assets.