Is Involuntary Bankruptcy Possible?
Involuntary bankruptcy occurs when creditors join together to petition the courts to move towards bankruptcy proceedings on behalf of a debtor. While this may occur more commonly for businesses, individuals are occasionally put through the bankruptcy process involuntarily. If this does happen to an individual, it’s usually because that individual is wealthy enough to offer the creditors some benefit to potentially having their debt discharged. Even in those situations, this scenario is particularly uncommon.
When you are facing mounting debt and possibly bankruptcy, it is important to get any of your questions or concerns addressed first. To learn more about bankruptcy as a debt solution and how it may work in your case, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, today at (239) 237-0675.
How Does Involuntary Bankruptcy Work?
Although fairly rare, involuntary bankruptcy is still possible for individuals. When these cases are filed, they typically follow this process:
- The creditors petition for the courts to move forward with a bankruptcy case
- A debtor is given up to 20 days to respond to this petition
- If the debtor says nothing, the bankruptcy will proceed
- If the debtor challenges the proceedings, a hearing will be scheduled to determine whether the case will move forward
Under the extremely uncommon condition that a debtor is moved through the bankruptcy process involuntarily, they may want to immediately contact a legal advisor to discuss what options may be available to them under these unexpected circumstances.
If you have had bankruptcy filed for you or your business by creditors, we can help you understand this process and move through it as easily as possible or fight this action. For more information about our full range of legal services if you’re facing bankruptcy, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.