Lafayette, Indiana Bankruptcy Attorney Helping You File Chapter 7 and Chapter 13 Bankruptcy
Usually in these cases, the creditor is often aware of the business owner’s questionable decisions and therefore they have the legal grounds necessary to object to the discharge of their debts.
While we mentioned the reasons above why a creditor might try to attack a former business owner, it still does not occur as frequently as you might think. You might ask why? Here are some reasons:
In conclusion, there are two opposing tendencies in a closed-business bankruptcy. Challenges to discharge are more likely in the case of close relationships between creditor and debtor. However, these challenges are usually still rare because of the narrow legal grounds it takes to raise an objection. An astute bankruptcy attorney will advise you on this, prepare your bankruptcy paperwork to discourage these types of objections and will help derail any objections if any are brought up.
Brad A. Woolley is an Indiana Bankruptcy Lawyer that has been practicing consumer bankruptcy law since 1990. Initially, Mr. Woolley was a criminal defense attorney, but he saw the light in late 1990. That is when his law practice went to 99% bankruptcy representation.