Legal Question in Bankruptcy in Illinois

Involuntary Bankruptcy

I am trying to force a corporation into

bankruptcy and I understand that 3 creditors

can force that to happen.

Can you provide me with the details of what

would be required (judgements against the

corporation, amount of judgements, etc.)that

would be needed to take this action and the

approximate cost involved.

I am located in Illinois. The corporation is

located in Michigan. I am one of the creditors

and two other creditors are located in Michigan.


Asked on 8/19/02, 8:03 am

1 Answer from Attorneys
John Bator Bator Redman & Shive

Re: Involuntary Bankruptcy

Involuntary bankruptcies are rare because they are difficult to accomplish and expensive. You need three creditors whose unsecured claims total more than $10775.00-the claims must not be contingent or subject to a bona-fide dispute.

Your case would be filed in Michigan where the debtor corp is organized or has the majority of its assets or its principal place of business.

You will need experienced counsel-this is not something easily done-careful thought must be given to the startegy and desired outcome

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Answered on 8/19/02, 9:58 am


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