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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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