What is Involuntary Bankruptcy?
A San Jose attorney explains involuntary bankruptcy
An Involuntary Bankruptcy, by definition, occurs when the filing of the bankruptcy is initiated by the creditor to whom the debt(s) is owed. The creditors are allowed to file a petition for bankruptcy, thus initiating the involuntary bankruptcy process, with the end goal of recouping the debt or a portion of the debt that is owed them. An involuntary bankruptcy can also result in a restructure of that debt, which means the debt is restructured and paid off, sometimes via a payment plan.
The involuntary bankruptcy differs from a regular bankruptcy filing in that typically bankruptcy is filed by the debtor.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
