Posted On: 10/23/2014 9:09:50 AM
Post# of 11107
Since our resident "doom and gloom" blowhard on the other board feels the need to talk about "involuntary bankruptcy", I thought I'd provide an unbiased link to help folks understand how the process works:
http://bankruptcy.cooley.com/2012/05/articles...y-process/
Bottom line: This kind of action is considered "extraordinary", as there is a lot of risk on the creditor's side (both financial and civil) in pursuing this option. If it were to be pursued (and that's a BIG if, in my opinion), the company has legal measures it can apply towards fighting it. And, as we all know, litigation can carry on for weeks and months.
The aforementioned blowhard is NOT an attorney; therefore, any legal pablum that he spews should be taken with a grain of salt.
http://bankruptcy.cooley.com/2012/05/articles...y-process/
Bottom line: This kind of action is considered "extraordinary", as there is a lot of risk on the creditor's side (both financial and civil) in pursuing this option. If it were to be pursued (and that's a BIG if, in my opinion), the company has legal measures it can apply towards fighting it. And, as we all know, litigation can carry on for weeks and months.
The aforementioned blowhard is NOT an attorney; therefore, any legal pablum that he spews should be taken with a grain of salt.
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