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Can Creditors Initiate Bankruptcy Proceedings Against a Borrower Who Defaults on a Loan?

Creditors cannot typically force consumer bankruptcies. However, they can take action against businesses in Oklahoma by filing an involuntary petition for bankruptcy. Involuntary bankruptcy actions work differently from those initiated by the debtors themselves. According to tips offered by the United States Department of Justice, creditors can file only under Chapter 7 or Chapter 11 […]


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