Why Involuntary Bankruptcy Cases are Rare in Personal Bankruptcy

Personal Bankruptcy Wylie TXAlmost all personal bankruptcy cases in Wylie, TX are considered voluntary, or when the debtor decides to file for bankruptcy on their own. An involuntary bankruptcy case is when the creditor decides to file a bankruptcy case against a consumer.
Here are the reasons why these cases are so rare:

  • It is difficult for a creditor to meet the criteria to be eligible to file.
  • Because of bankruptcy protections for consumers, creditors fare worse than debtors.
  • If the court dismisses the case, the creditor may be responsible for attorneys’ fees, costs, and compensatory and punitive damages.

Get all of your bankruptcy questions answered by the experts at Collins & Arnove. Call today at (972)516-4255 to schedule a consultation or visit us online at http://www.ntb.wpmudev.host/.

Collins & Arnove | Personal Bankruptcy Wylie TX | 972-516-4255