The paper describes the legal position of creditors in the bankruptcy proceedings. The Bankruptcy Act regulates the conditions for the opening of bankruptcy proceedings, bankruptcy proceedings, the position of creditors in the process, the bankruptcy plan, personal administration of the debtor incapable to pay and conditions and the effects of releasing the debtor from remaining obligations. The main objective of bankruptcy proceedings is the total satisfaction of creditors of the debtor, the liquidation of its assets and distribution of the same among the creditors in proportion to size and the order of their claims as specified in the Bankruptcy Act. It is also the goal of the bankruptcy proceedings maximum settlement of creditors, and then ensure further normal operating conditions for borrowers. Starting and opening of bankruptcy proceedings should be used in favor of the creditors and of the debtor, but in many cases the bankruptcy process started too late, at the time when the borrower no longer has any assets. To this day, on the market continue to operate a number of entities over which is long overdue to open bankruptcy proceedings. It is in the best interest of every creditor if suspects that because of over-indebtedness or other reasons the borrower will not be able to settle the claim, as soon as possible submit to the Commercial Court competent according to the seat of debtor, the proposal to open bankruptcy proceedings. The lender in that case must make probable existence of their claims and some of the reasons for bankruptcy proceeding.