Re: need to know

Posted by JJ on August 24, 2001 at 12:04:56:

In Reply to: need to know posted by emily on August 23, 2001 at 11:04:00:

There is such a thing as involuntary bk but, it is very rare. Usually, a financial institution who is owed a signficant amount of money and the debtor is in default. They know the debtor has a lot of assets and they believe he/she may be placing the asets where they can't easily be recovered. For example, the dice table in Vegas or, they believe the debtor may move to Fl. or Tx and buy a mulitmillion dolar home and then file bk themselves and shield their assets from creditors.
An involuntary bk will come with an automatic stay. It'll freeze things in place until the creditor can get to a 341 meeting and quizz the debtor about their finances.

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