No. Apart from the Creditor’s Bankruptcy Petition (authorized action commenced by creditors), debtors may institute bankruptcy petitions against themselves (i.e. Debtor’s Bankruptcy Petition).
chapter 11 bankruptcy protection
What can somebody do when he hits a tough stretch and faces monetary trouble? In case you have a secured debt (a debt where the creditor has a lien on your property), bankruptcy can eliminate your obligation to pay the debt, nevertheless it won’t take the lien off the property—the creditor will nonetheless be capable to recuperate the collateral.
In line with , Chapter 7 bankruptcy is mostly fairly quick and closes in a couple of months. Robert Julian, a lawyer for the wildfire victims, said in bankruptcy court on Tuesday that PG&E’s settlement with the insurance coverage-claims holders had turn out to be the elephant in the room” in the bankruptcy.
Legal professionals for insurance coverage collectors have mentioned their purchasers have … Read the rest