Some Southaven residents might assume that only those with relatively low incomes struggle with overwhelming debt. What is actually the case with personal debt, though, is that sometimes even a high income can't compete with staggering amounts of debt. Recently, a multi-millionaire from Columbus became involved in a Chapter 7 bankruptcy case in an ongoing dispute with his creditors.
Most individuals filing for Chapter 7 do so voluntarily - that is, they choose to file for bankruptcy for any number of valid reasons. However, it is also possible for creditors to file a petition for involuntary bankruptcy of a debtor in certain situations. A skilled bankruptcy attorney can help individuals and business owners learn more about voluntary and involuntary bankruptcy petitions. In this case, the entrepreneur's four creditors filed the petition last September, and the businessman must appear in federal court June 3.