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Involuntary Bankruptcy Petitions in Chicago, Illinois, Wisconsin

Three creditors with undisputed, liquidated claims in excess of about $15,000 can file a petition to force a debtor into bankruptcy.  This process is not particularly expensive and allows the creditors to force the debtor into a “collective proceeding” for the benefit of all creditors instead of fighting each other over limited resources. The trustee also has important powers and rights allowing for recovery in many instances where normal creditors rights would not be effective.  Creditors must exercise care in filing an involuntary bankruptcy case.  If the relief is denied, they may be required to pay substantial damages and attorneys fees.  Click here to see a case study illustrating how Lakelaw handles involuntary bankruptcy cases (Link here to case study about involuntary bankruptcy above)

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