Cohen and somebody threatening...

[Tartbird]

I have a question. We have a "lawyer" that called about three times, sounds very bored with it all. The last time he called he said he would not call again. But the jist of what he says is that Advanta bank will force a bankrupcy if we don't try to settle with them.

We plan on filing BK anyway, but have been trying to stall since we own a business and don't want it to close, and we were TRYING to do a loan mod on our house that won't work out for us after all.

Why would they force us to file bankrupcy? They will get nada.

[jwmc1]

Can they say that? Sounds like one of those no-no's to me.

[Tartbird]

Can they say what?

[jwmc1]

Can they threaten to "force you into bankruptcy?" Sounds akin to threatening to sue, which is a no-no under the FDCPA (unless they are in the process of doing it). I don't know I just hate these idiots.

[frogger]

Why would they force us to file bankrupcy? They will get nada.

No one can "force" you to file bk. Only you can choose to do that.

[dscurlock]

If i was a lawyer, I surely would not be making collection calls,
and saying we will force you into BK which would be bad
business for me...

[AngelinaCatHub]

I believe in a business you can force a bankruptcy. If you look on PACER on the docket you will see "Voluntary" Yes/No. A business can be forced into a chapter 11 or 7 and liquidated. This is my understanding.

I agree, it does not sound like a real lawyer as they would write a letter. Sounds like last ditch efforts of a collector. I'll stand corrected if someone proves this in error. 'Hub

[anime-chicka]

Maybe they're hoping there'll be assetts if/when you file. Personally, whoever you were talking to doesn't know what they're talking about. It might also be a bluff to see if you'll settle with them.

[OHBOY]

There is such a 'thing' as 'INVOLUNTARY bankruptcy' when creditors take the debtor into bk. '
Debtor must meet the requirements, such as must have at least a certain amount of creditors, above a certain amount, ect., ect...... have not looked at all of the requirements for a while, so I don't know the details, but do recall reading something about it..........

[dscurlock]

Here is a little more on Involuntary BK.

http://bankruptcy.lawyers.com/Facing-Involuntary-Bankruptcy.html

from what I could read..I doubt any creditor would use this option
unless they know you have a good amount of assets that you
could turn into cash before you file as this option prevents you
from doing this once they force you into BK so you can not get
rid of everything by taking your own time in filing BK. creditors
force you into BK before you have time to dump everything.

[Tartbird]

It just is such an odd idea, force someone into bankrupcy, when they are already going to file BK.
We own a business but it is not making a profit or I wouldn't be losing my house to foreclosure. All the equipment is older and used or leased. I am pretty sure it would all be exempt and we would be a no asset case. From what I hear used restaurant equipment is a penny on the dollar. We are a Sole Prop business.

[dscurlock]

It just is such an odd idea, force someone into bankrupcy, when they are already going to file BK.
We own a business but it is not making a profit or I wouldn't be losing my house to foreclosure. All the equipment is older and used or leased. I am pretty sure it would all be exempt and we would be a no asset case. From what I hear used restaurant equipment is a penny on the dollar. We are a Sole Prop business.

This is why they would go after someone they know that has money and assets, if they know this for sure, they could force someone into bk before they have a chance to dump/transfer everything, and then file BK, they do this so they can get their share of the pie before the person gets rid of everything. If a consumer files BK, then everything is pretty much gone, if a company files BK on your behalf, then they are just stepping in before everything is gone, so they can get something.

If you do not have anything, then its nothing to worry about, it would be a gamble for them,
it sounds like this would only be done if they thought they had a sure fire win.

[Tartbird]

I just noticed down below a thing called "similar threads" and that is the "Cohen" that called me! I could barely understand the guy he sounded like he had marbles in his mouth. And it was for Advanta bank just like the links below! What a bunch of slime balls, but I must say that Youtube was FUNNY!