By Scott Riddle Posted in Chapter 7Although this and virtually all other consumer Bankruptcy blogs discuss Bankruptcy cases that are voluntarily filed by individuals, occasionally someone asks whether they can be forced into Bankruptcy by a creditor or another party. The answer is yes, it is theoretically possible, but very rare in practice. The process is called an “Involuntary Bankruptcy Petition”… Continue Reading
By Scott Riddle Posted in Bankruptcy Basics,Chapter 11,Chapter 13,Chapter 7An “Adversary Proceeding” is a separate lawsuit filed within a Bankruptcy case and, like most other lawsuits, it is initiated by one party filing a “Complaint” against another party. The Adversary Proceeding has a separate case number and the pleadings in the proceeding are maintained separately from the main Bankruptcy case. Also like most other… Continue Reading
By Scott Riddle Posted in Chapter 7Preferential transfers, in plain language, are payments to certain creditors that allow those creditors to receive a greater benefit that creditors who were not paid. For example, if a person owes money to several creditors, such as credit cards, medical bills, and personal loans, and makes a payment only to the hospital to pay… Continue Reading
