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Bankruptcy Petition

A bankruptcy petition is one of the first steps in formally filing for bankruptcy. A bankruptcy petition is a legal document which is filed in court. It is essentially an application to file bankruptcy, and this form is filed when a debtor becomes unable to pay his or her debts. A bankruptcy petition lists all of the debtor's assets, liabilities, and debts. Once approved by the court, the bankruptcy process begins. The debtor's assets are then liquidated and sold off. The proceeds from the debtor's liquidated assets are then distributed among the debtor's creditors to pay off his or her debts. There are two types of bankruptcy petitions: voluntary bankruptcy petitions, which are filed by debtors, and involuntary bankruptcy petitions, which are filed by creditors.

Fast Facts

  • In 2003, there were a total of 1,611,268 bankruptcy filings in the United States.
  • 80% of all bankruptcy filings in the state of New York in August 2009 were Chapter 7 filings.

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Articles

Results 1-5 of 594 for "bankruptcy petition"

  • How a Bankruptcy Petition Works

    A bankruptcy is a way in which a person or business who is unable to pay their debt off can either be cleared ...
    • Site: lawfirms.com

  • How to File an Emergency Bankruptcy Petition

    Making the decision to file bankruptcy is often difficult for people because people often feel a religious and...
    • Site: bankruptcylawfirms.com
    • 3 of 3 user(s) found this useful

  • Why a Bankruptcy Petition May Be Denied

    A bankruptcy petition can be denied by the court for various reasons.  Initially, the court may deny the petit...
    • Site: bankruptcylawfirms.com
    • 1 of 1 user(s) found this useful

  • How to Fill Out Bankruptcy Forms

    Completing all the required paperwork to initiate a bankruptcy case can be difficult. Ultimately, you are high...
    • Site: bankruptcylawfirms.com
    • 1 of 1 user(s) found this useful

  • Steps to Completing the Bankruptcy Petition

    The Bankruptcy Code imposes a duty of completeness and accuracy on debtors in filling out the bankruptcy petit...
    • Site: thebankruptcysite.org

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