Involuntary Bankruptcy Lawyers in Hartford
Representing Creditors Throughout Connecticut
As a creditor, you have several collections methods at your disposal. Ultimately, however, the standard collection actions—phone calls, letters, and even lawsuits—won’t necessarily force a borrower to send you what they owe. At Boatman Law, we can help you employ a final strategy: involuntary bankruptcy. If you believe an individual or business is choosing not to repay their debt even though they have the means to do so, involuntary bankruptcy may settle this issue once and for all.
An involuntary bankruptcy case may only be brought under Chapters 7 or 11 of the Bankruptcy Code. It is typically more successful against business entities, which may have high-value assets. An involuntary bankruptcy case may be appropriate as to a person or entity with significant wealth or assets beyond what a debtor may protect through the bankruptcy process.
Filing an Involuntary Bankruptcy Petition
While voluntary bankruptcy would require the borrower to file a petition with the appropriate court, involuntary bankruptcy begins when a creditor petitions the court to initiate bankruptcy.
The involuntary bankruptcy may be approved by the court if:
- You have a valid claim against the borrower;
- Your claim is not contingent as to liability or involved in a bona fide dispute;
- The borrower owes $16,750 or more;
- They are NOT making required payments; AND
- They are NOT a bank, nonprofit, insurance company, credit union, married couple, or farmer/fisherman.
If the borrower has 12 or more creditors, you will need to file the petition with at least two of the other creditors. Otherwise, you can file this petition yourself.
The Involuntary Bankruptcy Process
Once you file the petition, the borrower will receive the notice informing them of the case, and they will have 21 days to respond. If they contest (object to) the case, the court will set a hearing and determine whether or not the bankruptcy should move forward. If the judge rules in your favor, the bankruptcy will commence. If the judge rules in the borrower’s favor, however, the case will be dismissed, and you may need to pay the borrower’s court costs and fees. We can provide the knowledgeable counsel and skilled representation needed to minimize the risk of this outcome.
The court may issue an order of relief (which commences the bankruptcy) if:
- The borrower fails to respond; and/or
- The court determines that the involuntary bankruptcy is warranted.
The borrower may, however, be able to convert the case into a voluntary bankruptcy. For example, they might benefit more from a Chapter 13 bankruptcy than a Chapter 7 or 11, which are the only options for involuntary bankruptcies. When you bring your case to Boatman Law, we can help you anticipate what the borrower may choose to do. You can trust us to thoroughly assess your case, advance your interests wherever possible, and develop an effective strategy for your situation.
Call (860) 200-2260 or contact us online if you are interested in filing an involuntary bankruptcy petition on a borrower’s behalf. We look forward to putting our decades of experience to work for you.
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