Takoma Park, MD asked in Bankruptcy for Maryland

Q: Can I be forced into involuntary bankruptcy if I have no assets?

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1 Lawyer Answer
Lawrence F. Regan
Lawrence F. Regan
  • Bankruptcy Lawyer
  • Silver Spring, MD
  • Licensed in Maryland

A: Yes. All that is required is that you be insolvent. Just because you have no assets does not mean there are no assets recoverable from third parties due to fraudulent conveyances or preferential payments to individual creditors. This kind of thing occurred when investors were actually paid by Bernie Madoff had their money "clawed back."

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