Legal Question in Bankruptcy in California
Threaten Bankruptcy to hold off a creditor
Is it illegal to threaten to file for Bankruptcy if a creditor takes action such a suing me? Can I tell a creditor that they might force me into bankruptcy if they sue me?
2 Answers from Attorneys
Re: Threaten Bankruptcy to hold off a creditor
Of course not - it's a free country.
Re: Threaten Bankruptcy to hold off a creditor
Absolutely not. This is what debtors commonly do. Sometimes it might give you a bargaining strength in negotiating with a creditor since if you're serious about filing for bankruptcy, you have a nothing-to- lose attitude. If the debt is unsecured, it would be completely discharged in a Chapter 7 bankruptcy if you have no assets.
Please contact me if you'd like more information, [email protected]
Larry L. Doan, Eq.
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