Describe the procedure for filing a bankruptcy petition
What will be an ideal response?
1. Voluntary petition—A voluntary petition is a petition filed by the debtor. A voluntary petition can be filed by the debtor in Chapter 7 (liquidation), Chapter 11 (reorganization), Chapter 12 (family farmer or fisherman), and Chapter 13 (adjustment of debts) bankruptcy cases. The petition has to state that the debtor has debts.
2. Involuntary petition—An involuntary petition is a petition that is filed by a creditor or creditors and places the debtor into bankruptcy. An involuntary petition can be filed in Chapter 7 (liquidation) and Chapter 11 (reorganization) cases; an involuntary petition cannot be filed in Chapter 12 (family farmer or fisherman) or Chapter 13 (adjustment of debts) cases.
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