Involuntary Bankruptcy for Dead-Beat Businesses
At Hammerhead Debt, we utilize many unique tools as part of our hammerhead attack recovery process. One of the most unique is a rarely used provision in the Federal Bankruptcy code: Involuntary Bankruptcy. The Involuntary Bankruptcy provision is located at 11 U.S.C., Section 303 of the Federal Bankruptcy Code. If you would like to read some of the actual law regarding the Involuntary Bankruptcy provision, please visit the Federal Courts website at http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter11.aspx,
then do a search for “Section 303.”
As discussed on our hammerhead attack website page, filing Involuntary Bankruptcy is very expensive. The court costs by themselves are reasonable; however, the attorney’s fees are what become unreasonable. A typical business bankruptcy filing will cost anywhere from $10,000 to $50,000, and which end of the range you fall in is usually dependent on two things: the size of the city your business is located in, and the competing bill rates amongst the larger law firms in town.
Part of our hammerhead attack process is our ability to attack the status quo of traditional business processes from a different angle. In this instance, we utilize assets provided to us by our venture capital management company, Z-Acquisition Group. They specialize in working in the distressed marketplace segment of the venture capital industry. They not only give us access to capital, but also to their low cost business bankruptcy attorney network. And so, where filing involuntary bankruptcy proceedings against a deadbeat business is not tenable for a typical commercial collection agency, it is a very viable hammer for us.
If you have questions about our program, or you would like to receive a proposal of our rates, please click here (Hammerhead Rates – Hammerhead Debt) to go to our Contact Us page.