Involuntary Bankruptcy Filing a Rarely Used Collection Mechanism

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June 12, 2013
William Hackney
Chicago Daily Law Bulletin

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William Hackney, member of the firm's Financial Services Group, discusses solemnly used provisions of the Bankruptcy Code in the June 12, 2013 version of the Chicago Daily Law Bulletin. The article describes how such forgotten provisions can actually prove to be incredibly useful if given the chance. Such provisions, like Section 303, can allow creditors to force a wayward debtor into bankruptcy. William describes how many of his clients have no knowledge of Section 303, even when it can be so effective in bankruptcy cases.

The article notes, however, that creditors who attempt to utilize Section 303 can bring upon themselves severe consequences if the cases are not brought properly, or brought for improper purposes, to Bankruptcy Court.

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