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The three most common defenses are found in Section 547(c) of the Bankruptcy Code and are commonly referred to as: (1) the ?contemporaneous exchange for new value? defense; (2) the ?subsequent new value? defense; and (3) the ?ordinary course of business? defense.

That said, a significant number of people who file for bankruptcy may never get to that point, failing in the initial stages of filing. Their case may be dismissed because they don't qualify, they haven't filed properly, they haven't completed courses, haven't paid fees, or have not been honest with their application.

The procedure to oppose a bankruptcy petition is to file a witness statement in opposition in court not less than five business days before the date of the hearing of the petition (rule 4.18(1), Insolvency Rules).

An individual may represent him or herself in bankruptcy court without an attorney. But a corporate entity or partnership may not appear in bankruptcy court without an attorney, and if a corporate entity or partnership attempts to file a bankruptcy case without an attorney, the case may be dismissed.

You can only file for bankruptcy once every 8 years. Before filing for Chapter 7, at least one of these should be true: You have a lot of debt and income and/or assets a creditor could take. You lost your driver license after being in an accident while uninsured.

Other options available to you negotiating a settlement with the creditor who has presented the Bankruptcy Petition, for example by proposing instalment payments; agreeing to provide a charge over a property; arranging payment via a third party; entering in to an Individual voluntary Arrangement (IVA).