Banckrupty

Debt obligations that are not backed by pledged collateral or security agreement. Unsecured debts may include credit cards, hospital bills, signature loans, etc. If you default on the loan, the lending institution will sell the debt to a 3rd-party debt collector.

I do not think that the petition for involuntary bankruptcy should be granted for the fact that with chapter 7 involuntary bankruptcy requires When a debtor has 12 or more creditors, an involuntary petition requires the participation of at least 3 creditors who hold unsecured claims which aggregate at least $10,000, and which are not subject to a bona fide dispute. In a case where the debtor has fewer than 12 creditors, one creditor may initiate an involuntary petition, but the creditor must have an unsecured claim of at least $10,000, which is not subject to a bona fide dispute. A "bona fide dispute" may involve a reasonable issue of whether the debtor is liable on the debt, probably more than a subjective belief by the debtor. When Creditors holding claims against a debtor may under certain circumstances, initiate a Chapter 7 or Chapter 11 case by filing an involuntary petition against the debtor. Creditors, as a group, may sometimes gain by causing an involuntary filing. Where the debtor is dissipating assets, an involuntary bankruptcy may prevent further losses. In some situations, it may be possible for the trustee to recover "avoidable transfers" which occurred within 90 days prior to the filing of an involuntary petition. For "insiders" who receive preferential transfers, and for fraudulent conveyances, this period may be extended to one year.

It seems that Mr. Friese has a good pay back plan set; I do not see a reason that he would not be able to be confirmed for the reorganization. A Plan of Reorganization is a very important concept in a Chapter 11 Bankruptcy. During the first 120 day period, the debtor in possession may have the exclusive right to