Petition in Bankruptcy
PETITION IN BANKRUPTCY
A document filed in a specialized federal court to commence a proceeding to provide a means by which a debtor who is unwilling or financially unable to pay personal debts will satisfy the claims of his or her creditors as they come due.
There are two types of petitions in bankruptcy cases. A voluntary petition is filed by a debtor who wants to make arrangements for the payment of debts and be relieved of liability for them. An involuntary petition is filed by a statutorily prescribed number of creditors whose aggregate sum of claims exceed a specific amount.
A petition in bankruptcy lists the debtor's assets, liabilities, and debts so that a realistic arrangement for the payment of creditors can be devised.
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Bankruptcy , Bankruptcy is the legal process by which individuals or businesses declare their inability to pay their bills and are excused from paying all or part… File , file1 / fīl/ • n. a folder or box for holding loose papers that are typically arranged in a particular order for easy reference: a file of correspond… Social Sciences and the Law , debt / det/ • n. something that is owed or due: I paid off my debts | a way to reduce Third World debt. ∎ the state of owing money: heavily in debt.… National Debt , National Debt
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A national debt is generated when a government runs a budget deficit for consecutive fiscal years; hence its expenditures… Public Debt , public debt, indebtedness of a central government expressed in money terms, often referred to as national debt. The debt is computed differently by n… Debtor , Skip to main content
Debtor
debtor •abetter, begetter, better, bettor, biretta, bruschetta, carburettor (US carburetor), debtor, feta, fetter, forget…
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Petition in Bankruptcy