Involuntary Bankruptcy

Bankruptcy is a situation that makes you feel like you want to take underground cover so as to save your face from embarrassment. It can be humiliating to be categorized as a person or a company that has more liabilities than assets. What makes it worse is to be sued over the same by your creditors. This is known as involuntary bankruptcy. This is because you are forced to declare insolvency without first being given the opportunity to look at other possibilities of settling the debts.

You need to understand what follows next after your creditors have filed a petition against you. Get to understand that there are different chapters of the bankruptcy law that they can file the case. In most cases they will prefer to file under chapter 7 or 11. Chapter 7 is more preferred because it authorizes you as the debtor to get a trustee who will liquidate all your assets and use the proceeds to settle the debts.

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If you happen to have very many creditors, only three of them will be allowed to participate in the petition. These three must be holding unsecured claims against you. There is a given amount of money that the claims should amount to, but with the changing bankruptcy laws, you need to keep yourself updated. Currently, the amount must be at least $10,000.

However, note that it is possible for the debtor to file an opposition against the involuntary insolvency. This may take a while to go through because the debtor will need to fully prove that he is in a position to clear his debts. He must be able to demonstrate how he will do so. For you to be successful in filing an opposition, you need to hire an attorney.

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